On December 9, 2008, the three major financial planning organizations in the United States — Certified Financial Planner Board of Standards, Inc., the Financial Planning Association®, and the National Association of Personal Financial Advisors — announced that they would work together to pursue consumer protection and industry reform. This announcement culminated in the formation of the Financial Planning Coalition.
The Statement of Understanding of the Financial Planning Coalition is available here.
Members of the Financial Planning Coalition will collaborate as Congress undertakes regulatory reform to achieve the following objectives:
- Financial planning services are delivered to the public with fiduciary accountability and transparency, serving the client's best interest first and always.
- Financial planning services are specifically regulated to distinguish and differentiate professionals who have met essential requirements to practice, including, examination, education, experience and ethics as modeled and enforced by the CERTIFIED FINANCIAL PLANNER™ certification.
- The public can easily identify who is a financial planner and subject to these standards.
On April 27, 2009, the Financial Planning Coalition called for legislation
that would designate a professional oversight board for the financial planning profession. This oversight board would set competency and ethics standards for financial planners and would establish rules to promote the fiduciary standard of care when providing financial planning services. The Coalition’s proposal is outlined in its Case Statement
Investors Support Fiduciary Standard, Study Says
Sep 15, 2010
On September 15, 2010, the Financial Planning Coalition joined with AARP, CFA, IAA and NASAA to deliver a letter to the Securities and Exchange Commission (SEC), sharing the results of a new national investor survey showing that the vast majority of U.S. investors support a clear “Fiduciary Standard” for financial professionals. The survey, which makes a compelling case for imposing the Investment Advisers Act fiduciary duty on all those who give personalized investment advice about securities to retail investors, was presented to the SEC for consideration as the agency prepares the study of standards of care with regard to investment advice required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read the Coalition’s letter (PDF, 121KB)
View the investor study (PDF, 309KB)