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CFP Board in the News

CFP Board to Out Planners Who Go Bankrupt

Apr 05, 2012

Highlighting such filings should help the public make more-informed decisions when choosing a financial planner, group says

Under current rules, a CFP[® professional] who has declared bankruptcy within the last five years is be subject to an investigation and potential disciplinary action, including suspension or revocation of the CFP® designation. A CFP[® professional] candidate with a bankruptcy is barred from applying until five years after the bankruptcy.

CFP [Board] officials said there is inequity in a situation where some CFP® mark holders avoid any kind of public notice of their financial difficulties, while CFP[® professional] applicants have to wait several more years before they can join the organization.

"We needed to come up with a procedure that is more fair to these two groups of people and provides more information to the public," Michael Shaw, the CFP Board's managing director for professional standards and legal, told reporters on a conference call. Read more >

Investment News
Mark Schoeff Jr.
April 5, 2012

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CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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