Public Policy

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Financial Planning Coalition

Financial Planning CoalitionOn 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.

Coalition Activity

Financial Planning Coalition Letter to SEC Addresses Impact of Applying Advisers Act to Brokerage Activity

Nov 30, 2010
On November 30, 2010, the Financial Planning Coalition sent a letter to the Securities and Exchange Commission (SEC), responding to comments provided by the Securities Industry and Financial Markets Association (SIFMA) that set out to assess the impact of applying the Advisers Act to all brokerage activity, and urging the SEC to adopt a strong and uniform fiduciary standard for both broker-dealers and investment advisers when making personalized recommendations to retail customers.

Read the Coalition’s letter (PDF, 79KB)

 

Financial Planning Coalition

CFP Board, the Financial Planning Association®, and the National Association of Personal Financial Advisors are working together as the Financial Planning Coalition to pursue consumer protection and industry reform.

Learn more 

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