News & Events

MAXXCAT_START

CFP Board in the News

FINRA comes up with cost projections for its SRO and the CFP Board blasts them

May 14, 2012

FINRA is still angry that Boston Consulting Group did not consult them and says they created numbers "out of thin air"

At the end of April, FINRA issued a two-page report, complete with numbers, arguing that its startup costs would be only one-tenth of what BCG's report stated, and that continuing costs would amount to less than half of BCG's projected figures.

BCG, in turn, released its own review of the FINRA calculations soon after, pointing out discrepancies with the BCG estimates and potential omissions. The CFP Board, one of the groups that funded the BCG study and review, contends FINRA's numbers were inaccurate and didn't include all costs.

FINRA, in turn, is taking strong issue with that contention, saying BCG doesn't know what it's talking about and has no understanding of the workings of a nationwide examination program. "They are inventing the numbers out of thin air," says Nancy Condon, FINRA spokesperson.

"The organization that appears to be pulling numbers out of thin air is FINRA," responds Marilyn Mohrman-Gillis, managing director of public policy and communications for the Certified Financial Planner Board of Standards Inc., one of the groups that funded the BCG study, pointing to the in-depth analysis and statement of assumptions in the 20-page BCG cost review compared with the short two-page report FINRA released on its costs. Read more >

RIA Biz
Kelly O'Mara
May 14, 2012

Speaker's Bureau
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.
Let's Make A Plan
Don't address your finances individually. Pull your finances together with the help of a CFP® professional.