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CFP Board Announces "task Force on Continuing Education and Competency" at Senate Hearing

Sep 05, 2007

DENVER, September 5, 2007 - CFP Board, the professional regulatory organization for OVER 55,000 professionals in the U.S. who hold CERTIFIED FINANCIAL PLANNER™ certification, today re-affirmed its strong support for the protection of consumers through curbs on the recent proliferation of questionable financial designations at a hearing today before the Senate Special Committee on Aging. Kevin R. Keller, CFP Board’s chief executive officer, formally unveiled the details of the Task Force on Continuing Education and Competency, the purpose of which is to undertake a comprehensive review of CFP Board’s continuing education (CE) standards and the enforcement of standards related to CE courses currently registered with CFP Board. A copy of Mr. Keller’s Statement can be found here.

The Senate hearing, which addressed the topic of “Advising Seniors About Their Money: Who Is Qualified - and Who Is Not?”, explored the marketing tactics used by individuals with questionable financial designations whose purpose is to mislead elderly Americans into purchasing unwise or inappropriate investments. CFP Board, which has established the most rigorous standards in the financial planning profession, has a mission to safeguard the integrity of the CFP® marks for the benefit of the public. To further that mission, CFP Board has appointed a task force to ensure that the CE requirements for CFP® certification promote ongoing professional competency for financial planning professionals and that CE courses registered with CFP Board are not used in ways that might cause confusion for the public, especially our elderly citizens.

“CFP Board's Task Force on Continuing Education and Competency is the first of its kind in the financial services industry,” said Keller. “Working in partnership with the Committee on Aging, CFP Board is committed to doing everything in its power to ensure that America's senior citizens have access to the most competent financial planning advice possible, and I am grateful to the members of the Task Force for their dedication to this important endeavor.”

The Task Force's mission is three-fold: 1) To determine if the CE requirements for CFP® certification adequately encourage the availability of quality financial planning training and professional development opportunities appropriate for CFP Board's high standards; 2) To review the marketing and end use of CE courses registered with CFP Board, with special attention given to those CE courses connected with credential-granting programs; and 3) To recommend any changes to CFP Board's continuing education requirements that might be necessary to better protect the public interest and minimize public confusion about credentials other than CFP® certification.

The Task Force will be chaired by Dan Candura, CFP®, a current member of the Board of Directors and the former Chair of CFP Board's Board of Professional Review. Additional members include Alan Goldfarb, CFP®, Board of Directors member and the 2006 Chair of CFP Board's Board of Professional Review; Terry L. Lister, JD, an incoming member of CFP Board's Board of Directors; and Charles D. Robinson, CFP®, also an incoming member of CFP Board's Board of Directors.

The mission of Certified Financial Planner Board of Standards, Inc. is to help people benefit from competent, professional and ethical financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 55,000 individuals to use these marks in the United States.

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Bill Rigler
The Global Consulting Group
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E: brigler@hfgcg.com

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