CFP Board’s 2008 Program Directors’ Conference brought together representatives of more than 60 CFP Board-Registered Programs from across the country for an exchange of ideas and best practices for personal financial planning education programs. The Conference took place at the historic Mayflower Hotel in Washington, DC.

Attendees were welcomed by David G. Strege, CFP®, CFA®, 2008 Chair of CFP Board’s Board of Directors, and Kevin R. Keller, CAE, CFP Board’s CEO. Strege reviewed CFP Board’s mission and strategic plan, highlighting the importance of partnerships with financial planning educators. Keller reviewed some of the accomplishments made over the past year in support of the education component of CFP® certification – the hiring of Carol Lee Roberts, CFP® as Managing Director of Education and Examinations, the hiring of additional staff to support registered programs, including Frank Bergmeister, CFP®, Director of Education, and Christine Riggen, Registered Program Manager, and the establishment of a Council on Education – and highlighted key areas in which CFP Board expects to make progress over the coming year:

• Establishing additional venues for Registered Programs to share and discuss best practices;
• Supporting the marketing initiatives of Registered Programs; and
• Improving CFP Board’s support of the “pipeline” of potential CFP® certificants.

Additional sessions provided attendees with opportunities to engage in discussion with representatives of CFP Board’s Education, Legal, Marketing and Professional Review departments to share thoughts on reaching those objectives.

This year’s Conference featured keynote speaker Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, CWPP™, Director of Financial Planning for Pinnacle Advisory Group and publisher of The Kitces Report. Kitces’ presentation focused on improving the path from the classroom to the practice of financial planning, highlighting the important role Registered Programs play in preparing students with accurate and reasonable expectations and awareness of the different workplaces and roles within the financial planning profession. In addition to a provocative forecast of the future of financial planning – including a prediction that commission-based financial planning will see a resurgence as practices add more clients from the “Generation Y” demographic – Kitces described a model career path that takes new financial planners from students to financial planning practitioners through an “apprentice” system and suggested that the new generation of financial planners could benefit from such practical training as writing classes, communications classes and mock client interviews.

A follow-up session led by Kacy Gott, CFP®, Mark Kordes, CFP® and Carolynn Tomin, CFP® continued the discussion of career paths for new financial planning professionals, suggesting that Kitces’ presentation be viewed as a “challenge” for Registered Programs to implement methods that better prepare students for the financial planning workplace. The session included an overview of existing resources and practices used by Registered Programs to prepare students to enter the financial planning workplace with confidence and reasonable expectations. It concluded with an insightful review of different business models in use within the profession, with special emphasis on the team structure that has begun to evolve from the sole practitioner organization of many financial planning businesses, and with attention to the different skill sets required for success in each business environment.

Other sessions focused on a wide range of topics related to financial planning education programs and the requirements and policies of the CFP® certification program. And sessions with members of CFP Board’s Council on Examinations and Council on Education provided opportunities for Program Directors to learn more about the work of the dedicated volunteers who contribute to the development of the examination and education requirements for CFP® certification and the direction each Council is taking to ensure those requirements continue to remain rigorous and relevant to the financial planning profession.

The agenda for the Conference, including presentation materials, can be viewed by visiting www.CFP.net/conference. Thank you to all who attended and supported this event as attendees, speakers, sponsors and exhibitors. We look forward to seeing you next year!

CFP Board Welcomes New Registered Programs

During the second quarter of 2008, the thirteen financial planning education programs listed below completed the requirements to become CFP Board-Registered Programs. The addition of these new Registered Programs brings us to a total of 337 active Registered Programs at over 200 institutions.

Alabama A&M University
Family Financial Planning Program Certificate
 
Bay Path College
Professional Financial Planning Online Certificate Program
 
Bryant & Stratton University
Accelerated CFP® Certification Education Program
 
Fort Valley State University
Family Financial Planning Program Certificate
 
Minnesota State University, Mankato
Online Financial Planning Certificate Program
 
North Carolina A&T State University
Family Financial Planning Program Certificate
 
South Carolina State University
Family Financial Planning Program Certificate
 
Southern University and A&M College
Family Financial Planning Program Certificate
 
Tennessee State University
Family Financial Planning Program Certificate
 
University of Arkansas at Pine Bluff
Family Financial Planning Program Certificate
 
University of California, Los Angeles, Extension
Certificate in Personal Financial Planning: Web-delivered Program
 
University of Maryland Eastern Shore
Family Financial Planning Program Certificate
 
University of North Carolina, Charlotte
Web-delivered CERTIFIED FINANCIAL PLANNER™ Certification Program

Review of Marketing Materials

Is your CFP Board-Registered Program gearing up for a new session with fresh marketing ideas? Remember to submit a copy of all printed and Web site marketing materials for review prior to printing or posting. You can now submit electronic copies directly to trademark@CFPBoard.org, or send hard copies by fax 202-379-2299 or mail, 1425 K Street, NW, Suite 500, Washington, DC 20005, Attention: Trademark Department.

Once your materials have been received, please allow three weeks for review. If necessary, we will provide you with required edits, and at that time, we can also coordinate linkage of your Web site with CFP Board’s Web site. Our goal is to ensure that the CFP® marks are used properly and that the certification process is represented accurately.

Revised Model Curriculum Now Available

The Model Curriculum was recently revised to match CFP Board’s current 89-topic list. First released in 2004 as a collaborative effort between CFP Board and the Academy of Financial Services, the Model Curriculum for personal financial planning provides a 21-credit hour curriculum at the upper-division baccalaureate level or master’s level that covers personal financial planning topics deemed important for providing competent, ethical and comprehensive personal financial planning advice. It serves as one of many models a program might use to structure their financial planning curriculum.

Course content relies upon research conducted by CFP Board and the educational judgment of experienced university faculty. Courses are designed for completion in a 15-week period (plus final examination) and generally include suggested textbooks, readings, projects and assessment methods, among other elements of each course syllabus.

CFP Board appreciates the collaboration of AFS in the process of updating the Model Curriculum, and we thank the individuals who participated on the committee assembled by CFP Board to assist with the update. The committee was chaired by Dr. Somnath Basu of California Lutheran University and included Dr. Grace Allen, Western Carolina University, Dr. Raja Bouzouita, Central Missouri State University, Dr. Jonathan Fox, Ohio State University, Dr. John Grable, CFP®, Kansas State University, and Dr. Sharon DeVaney, Purdue University.

An overview of the Model Curriculum, course syllabi and detailed outlines are available at www.CFP.net/teamup/model_curriculum.asp for download and review.

Program Length Requirements

Earlier this year, the Council on Education endorsed an update to the Criteria for Registration of a Financial Planning Curriculum with CFP Board that brings the initial and renewal registration applications into alignment. Moving forward, all programs must be the equivalent of 15 semester credit hours (225 contact hours). Previously, initial programs could be registered at 180 contact hours, with the understanding that they meet the equivalency of 15 semester credit upon their first renewal.

Revised Standards of Professional Conduct and Related Updates to 89-Topic List

On May 31, 2007, CFP Board’s Board of Directors announced the adoption of a revised version of CFP Board’s Standards of Professional Conduct, which sets forth the ethical standards for CERTIFIED FINANCIAL PLANNER™ professionals. The revised Standards became effective July 1, 2008, with an enforcement date of January 1, 2009. The revised were first tested on the July 2008 CFP® Certification Examination. All CFP Board-Registered Programs should incorporate the revised Standards into their financial planning curriculum, as it applies to the topics listed in the 89-topic list.

While many of CFP Board's ethical standards remain unchanged in the revised Standards, the revised Standards organize those standards differently than in the past. For example, where the previous Code of Ethics and Professional Responsibility contained a section of Principles and a section of Rules, the revised Standards includes only the Principles in the Code of Ethics and Professional Responsibility and places the Rules within a new document, the Rules of Conduct. This organizational change has required minor modifications sections 2 and 3 of the 89-topic list. Those changes are displayed below:

The updated Standards of Professional Conduct and related materials are available for download and review at www.CFP.net/aboutus/Standards.

Adding New Faculty to Your Program

Have you made changes to your faculty or program staff over the summer? When adding a new faculty member or Program Director to your Registered Program, we ask that you send us a current copy of the individual's curriculum vitae to illustrate that they meet the requirements for faculty and/or Program Directors set forth in CFP Board’s Criteria for Registration of a Financial Planning Curriculum.

Registered Program faculty are required to hold: a) an appropriate graduate degree, or b) a current CFP® certification plus a bachelor's degree in a related field, or c) a current CFP® certification, a bachelor's degree, and significant experience related to the course content.

The faculty vitae may be mailed to education@CFPBoard.org or sent via mail, whichever is more convenient for you. Please indicate which course(s) the individual will teach.

Reduced Exam Fee for Registered Program Faculty

CFP Board has historically offered a reduced fee to lead faculty in CFP Board-Registered Programs who wish to take the CFP® Certification Examination. This reduced fee is now available to all Registered Program individuals who are considered faculty by the institution at the time the exam application is sent to CFP Board, subject to the following criteria:

1. Faculty will receive a half-price discount. Currently, the fee for faculty would be $295. The faculty fee will increase proportionally in the event the exam application fee increases.
2. Eligibility documentation is required from the Program Director or appropriate administrative contact.
3. The faculty member can retake the exam for the discounted fee so long as eligibility requirements are still met at the time any subsequent exam applications are received at CFP Board.
4. The discounted fee may revert back to current policies with prior notice.
5. Teaching a review course or an optional/elective course that does not cover CFP Board’s topics and is not part of the registered curriculum does not qualify. (A required capstone course would fulfill the requirement.)
6. All other exam and initial certification policies apply. They include but are not limited to the following:
   • Withdrawal of exam registration is subject to a $50 withdrawal fee.
   • The exam application fee is forfeited if the exam is not completed (medical waivers excluded).
   • Successful completion of the educational requirement must occur for testing eligibility.

International Test Site Fee Increased

CFP Board will establish international test sites for the CFP® Certification Examination on a case-by-case basis for a site fee of $1,475 in addition to the regular exam fee.

July 2008 Exam Update

Score results from the July 18-19, 2008 CFP® Certification Examination will be released to exam takers approximately eight weeks from the date of the exam. As with the results from the March 2008 exam, individuals who sat for the July exam will receive a hard copy of their score results by mail, and exam results will be available online approximately one week after the mailing.

Those who passed the exam will be asked to provide an official transcript from an accredited college or university as verification that they hold a qualified bachelor’s degree or higher degree. In addition, we will be returning to a paper resume format for the purposes of detailing the work experience requirement. Individuals have five years from the date they pass the CFP® Certification Examination to satisfy the bachelor’s degree and work experience requirements.

Institutions with students who sat for the July 2008 CFP® Certification Examination will receive individual pass/fail reports of their students’ performance on the exam approximately three weeks after score results are made available online.

March 2008 Exam Score Information

Institutions with students who sat for the March 2008 CFP® Certification Examination received individual pass/fail reports of their students’ performance on the exam, as well as a cumulative statistics report, which included data at the program, institution, and national level. All Registered Programs received the March 28-29, 2008 CFP® Certification Examination Statistics report that included national totals for that exam.

Upcoming Exam Dates and Deadlines

Students interested in sitting for the upcoming November 21-22, 2008 CFP® Certification Examination need to submit complete exam applications to CFP Board no later than 5:00 pm Eastern time on October 8, 2008. Please remind your students that CFP Board cannot accept late applications under any circumstances. A complete exam application consists of:

• Completed application form
• $595 examination fee paid in full
• Appropriate qualifying eligibility documentation (i.e., copy of the transcript, copy of designation/degree, or letter of authorization)

Students who have successfully completed coursework at two or more CFP Board-Registered Programs but have not completed, or had credits transferred to, any one entire program, may qualify to apply for the CFP® Certification Examination under the Multiple CFP Board-Registered Program status. After applying for the exam as a ‘Combo Program,’ they will be required to provide transcripts from each institution to verify completion of the education coursework requirement.

Streamline Your Students’ Exam Registrations with Electronic Graduate Lists

CFP Board-Registered Programs are strongly encouraged to provide electronic lists of their financial planning program graduates to CFP Board. The lists certify that the named students have earned the degree or certification provided by the program, serve as verification that they have met the education required to sit for the CFP® Certification Examination, and enable graduates to apply for the CFP® Certification Examination online without having to provide hardcopy documentation of their education.

We appreciate the efforts of the many registered programs that currently submit electronic graduate lists, and we will continue to facilitate this process to provide an exceptional level of service for individuals who seek CFP® certification. To request an electronic template for your program, please contact us at education@CFPBoard.org.

Please note that the process for verifying students’ education is not fully automated. Exam applications pending education verification are manually cross-checked against the eligibility list for a given institution. Therefore, students should allow 1-2 days for their education to be verified from the time they submit an exam application. Once a candidate’s exam application is complete, an automated e-mail confirmation is sent.

Encourage Students to Establish An Account with CFP Board

As the new semester begins, encourage students interested in learning more about the CFP® certification requirements to create a secure, online account with CFP Board by completing the form located at www.CFP.net/students. Creating an account will allow us to provide your students with the most current information about CFP Board policies and the process for becoming a CERTIFIED FINANCIAL PLANNER™ certificant, as well as connecting them to resources such as the monthly CFP Board Report newsletter.