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CFP Board

June 27, 2013

In This Issue:


CFP Board and Investor/Adviser Groups Voice Opposition to Weakened Fiduciary Standard

On June 4, 2013, CFP Board and a broad-based coalition of organizations sent a letter to Securities and Exchange Commission (SEC) Chair Mary Jo White urging the agency to establish a uniform fiduciary standard for broker-dealers and investment advisers that is at least as strong as the existing standard for investment advisers and asserted vigorous opposition to any rule that would weaken investor protections.

The group – which also includes AARP, American Institute of Certified Public Accountants, Consumer Federation of America, Financial Planning Association, Fund Democracy, Investment Adviser Association, National Association of Personal Financial Advisors and the North American Securities Administrators Association – comprises like-minded organizations advocating for the extension of a client-first fiduciary standard to broker-dealers providing personalized investment advice to retail customers.

The letter outlines the group’s concerns that the SEC’s March Request for Information (RFI) signals that the SEC may be backing away from requiring a fiduciary standard for broker-dealers that is “no less stringent” than the one under which registered investment advisers currently operate.

Section 913 of Dodd-Frank required SEC staff to analyze standards of care applicable to investment advisers and broker- dealers and it recommended that the standard of care should be what is in the best interests of the consumer without regard to business model.

“The assumptions contained in the RFI fail to include key elements of the fiduciary standard such as the obligation to act in the best interest of the customer. If the fiduciary duty is based on the RFI assumptions, it would be weaker than that originally set forth in the Section 913 Study and far less stringent than that currently imposed under the Advisers Act,” stated the group in its jointly signed letter. “If the SEC were to adopt this approach, we fear that it would significantly weaken the fiduciary standard for SEC-registered investment advisers, while adding few new protections for investors who rely on broker-dealers for investment advice. This approach would have negative consequences for investors and is one we would vigorously oppose.”

“Let’s Talk Planning” Blog: Financial Planning Is for Everyone

The new "Let's Talk Planning" blog on CFP Board's consumer website, www.letsmakeaplan.org, features weekly messages from CFP Board’s Consumer Advocate, Eleanor Blayney, CFP®, reinforcing that financial planning is for everyone and CFP® professionals are available to help people bring their finances together.

During June, blog posts have addressed:

  • Paying down student loan debt
  • Recognizing the subtle signs of financial elder abuse
  • Financial conversations couples should have before marriage
  • Things to think about when choosing a financial advisor

Visit the blog >
Subscribe to the blog >

New “Chess” Print Advertisement from Public Awareness Campaign

Our “Chess” print advertisement joins three existing print ads that have been featured in popular print publications including Money, Fortune, Time, National Geographic, Golf and Real Simple.

When All Your Finances
Are Working Together, It's Easier to
Start Planning a Few Moves Ahead

Customizable versions of the “Chess” ad and our other print ads are available to CFP® professionals, so they can personalize and place in local or national publications, such as community newspapers, business journals, city magazines, forum newsletters or national magazines.

Find the customizable print advertisements and other resources in our Public Awareness Campaign Toolkit

  CFP Board Chess Print Ad

CFP Board Disciplinary Actions

CFP Board recently announced the public disciplinary actions listed below. Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation of an individual's right to use the CFP® certification marks, suspension of the right to use the CFP® certification marks for up to five years, and letters of admonition. The basis for each decision can be found in a Disciplinary Action Report on CFP Board’s website, and the public may check on an individual’s disciplinary history and certification status with CFP Board at www.CFP.net/verify.

STATE

NAME

LOCATION

DISCIPLINE

Arkansas

Robert Bragg

Hot Springs Village

Revocation

California

Jack A. Harriman

Monrovia

Revocation

California

Michael B. Mulvihill

San Jose

Suspension

California

Douglas K. Shannep

San Diego

Suspension

California

Jerod A. Wurm

Roseville

Suspension

Connecticut

Noah L. Myers

Lyme

Interim Suspension

Florida

Diane L. Barriga

Parkland

Revocation

Florida

Adam S. Deane

Naples

Suspension

Florida

Riad Shanawany

Tamarac

Suspension

Florida

William G. Whitcomb

Fort Myers

Interim Suspension

Florida

Bruce E. Winter

Boca Raton

Suspension

Georgia

Lisa R. Boone, CFP®

Atlanta

Letter of Admonition

Iowa

Stephen William Connolly

Earlham

Revocation

Kentucky

Alfred D. Holland

Nancy

Suspension

New Jersey

Dennis S. Lerner

Edgewater

Interim Suspension

New York

Dennis O. Beadle, CFP®

New York

Letter of Admonition

New York

Raymond Martin

Saratoga Springs

Suspension

New York

Alan A. Miosi

Buffalo

Revocation

New York

Ronald S. Reale

Jericho

Suspension

New York

Brian Taggart, CFP®

Saint James

Letter of Admonition

New York

Stephen F. Tripodi

Williamsville

Suspension

New York

Joseph P. Zicari

Rochester

Revocation

Texas

Robert Carpenter

Wylie

Revocation

Texas

Kenneth W. Dresel

Midland

Suspension

Texas

Alan Goldfarb, CFP®

Dallas

Letter of Admonition

Texas

M.F. “Mickey” Long

Plano

Suspension

Virginia

Robert Yeh, CFP®

Virginia Beach

Letter of Admonition

Read the full news release announcing these disciplinary actions >

Upcoming CFP Board Events

  • July 12: Business Update Webinar
    Join CFP Board’s leadership for the latest updates on CFP Board’s activities, including the results achieved during the first two years of CFP Board’s Public Awareness Campaign, and a new initiative to increase the number of women entering the growing financial planning profession, including the number of women CFP® professionals.
     
  • July 19-20: CFP® Certification Examination (registration ended June 11)
     
  • July 31: Webinar - How to Avoid Misleading Compensation Disclosures [Please note that this webinar has been rescheduled to August 7, 2013]
     
  • August 8-9: CFP Board Registered Program Conference, Washington, DC
    This annual gathering of educators from colleges and universities that offer CFP Board-Registered Programs – coursework to meet the education requirement for initial certification – provides program directors and faculty the opportunity to learn from colleagues about innovative trends in student learning and retention. This year’s conference theme is "Pathway to CFP® Certification: Building Theory, Enriching Practice."
     
  • November 15-16: CFP® Certification Examination (registration deadline October 8)
     

Publications from CFP Board

CFP 

Board Publications  

CFP Board's Financial Planning Competency Handbook represents the work of 22 contributors and reviewers who shared their scholarship and practice experience for the book. It is intended as a resource for practice, as well as faculty and students. We have been very pleased with the comments and interest from CFP® professionals.

CFP Board has also developed publications that you can distribute to help consumers learn more about the basics of financial planning and the benefits of choosing a CERTIFIED FINANCIAL PLANNER™ practitioner.  Consumer publications include Financial Self-Defense for Seniors, which helps seniors and their families guard against such abuse, and the Consumer Guide to Financial Planning, which provides tips to get the most out of working with a personal financial planner.

Learn more and order copies today >

 

CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS, INC.
mail@cfpboard.org
P 800-487-1497 • F 202-379-2299 • CFP.NET
1425 K STREET, NW #500 • WASHINGTON, DC 20005
 
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Let's make a plan.


Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements.