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 Urges Congress to Restore Investor Confidence with Key Regulations

Mar 24, 2011

On March 24, 2011, the Financial Planning Coalition sent a letter to members of Congress strongly urging them to support moving forward with key regulations that will help restore the investor confidence in our capital markets that is critical to leading America toward recovery. The Coalition noted that the SEC is now in position to conduct a rulemaking to require that all financial advisors put their clients’ interests ahead of their own when they give personalized investment advice, an initiative the Coalition backs and considers to be a common-sense reform called for in the study.

 

Read the Coalition’s letter (PDF, 43KB)

 

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