Commission on Standards - CFP Board

About CFP Board

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Commission on Standards

In December 2015, CFP Board announced the formation of a Commission on Standards charged with reviewing and recommending to the Board of Directors proposed changes to CFP Board’s Terminology, Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards, which can be found in CFP Board’s Standards of Professional Conduct

The Commission is charged with reviewing and making recommendations that are in keeping with CFP Board’s mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning.  CFP Board began the process with a series of public forums in the first quarter of 2016, and after the proposed changes have been developed, CFP Board will solicit public comment on those proposed changes.


Scope of Review and Recommendations

The Board of Directors has charged the Commission on Standards with reviewing and making recommendations related to four sections of the Standards of Professional Conduct: the Terminology, Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.

The Commission is charged with reviewing and making recommendations that are in keeping with CFP Board’s mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning.

In developing its recommendations the Commission has been directed to consider, among other things:

  • Input from members of the public, including the CFP® professional community, as raised in public forums and in comments submitted in response to the publication of proposed changes;
  • Federal and state statutes, rules and regulations related to the provision of investment advice or the sale of insurance, securities or other financial products, such as the Investment Advisors Act of 1940, Investment Company Act of 1934, Securities and Exchange Act of 1933, Securities and Exchange Act of 1934, Employee Retirement Income Security Act, and the FINRA Rules; and
  • The ethical rules or standards of other standards setting organizations.

Process

CFP Board has established the following process to guide the Commission in conducting its work:

  1. The Commission will seek initial public comment through a series of public forums in various locations across the country during the first quarter of 2016. A list of the cities and dates can be found here.
  2. After this set of public forums, the Commission will meet to review the initial input from the public and begin the process of determining what modifications they will recommend be made to the four sections of the Standards of Professional Conduct that are under review.
  3. Once the Commission’s review concludes, it will make recommendations to the Board of Directors.
  4. The Board will finalize and publish the proposed changes, and request public comment.
  5. The Commission will then review and consider the public comments and revise its recommendations to the Board of Directors, as appropriate.  If necessary, CFP Board will submit the proposed changes for further public comment.
  6. The Board will finalize and publish the revised Standards of Professional Conduct with the date they will become effective.

Commission Members

The Commission is made up of CFP® professionals and others in the financial services industry who operate under diverse business models; regulatory experts; a consumer advocate; and a representative of the public.  

Chair
V. Raymond Ferrara, CFP®

ProVise Management Group, LLC
Clearwater, FL

Chris Beard, CFP®
Gateway Wealth Strategies
Greenville, SC

Allison Bishop
Bank of America Merrill Lynch
New York, NY

David Foegal, CFP®
Vanguard
Scottsdale, AZ

Diahann W. Lassus, CFP®
Lassus Wherley
New Providence, NJ

Linda Leitz, CFP®
It’s Not Just Money
Colorado Springs, CO

Terry Lister, JD
Edgerton & Weaver
Kansas City, MO


Sue Meisinger, JD
170 Rock Harbor Road
Orleans, MA

Matt Murphy, CFP®
Murphy Capital Advisors
Phoenix, AZ

Robert Plaze
Strook & Strook & Lavan
Washington, DC

Christopher Rand, CFP®
Fides Wealth Strategies Group
San Diego, CA

Peter Richardson, CFP®
Northwestern Mutual
Milwaukee, WI

Barbara Roper
Consumer Federation of America
Washington, DC

Jeffery Sills, CFP®
Capital One Investments
Wilmington, DE

Public Input

To assist in the Commission’s decision-making, CFP Board held public forums in the first quarter of 2016, seeking input from CFP® professionals representing various business and compensations models, financial services firms and organizations and members of the public.

Input from these events will help the Commission shape its recommendations. CFP Board will solicit public comment on those proposed changes.

Events were held at the following dates and locations.

  • January 27, 2016 – Philadelphia, PA
  • January 28, 2016 – New York, NY 
  • January 29, 2016 – Boston, MA
  • February 17, 2016 – Miami, FL 
  • February 18, 2016 – Houston, TX 
  • February 19, 2016 – Chicago, IL
  • February 24, 2016 – Los Angeles, CA
  • February 25, 2016 – San Francisco, CA
  • February 26, 2016 – Denver, CO

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.