Implications of the Code and Standards for "Fee-Only" CFP® Professionals
While a cornerstone of the new Code of Ethics and Standards of Conduct ("Code and Standards") is the requirement that all CFP® professionals act as a fiduciary at all times when providing financial advice to a client, the new Code and Standards has specific implications for ‘fee-only’ CFP® professionals. This resource provides these CFP® professionals the guidance they need to continue work on a ‘fee-only’ basis and stay in compliance with the new rules.
Highlights of this guidance document include:
- Clear, plain English definitions on what it means to be practicing as a “fee-only” CFP® professional.
- Decision trees to help CFP® professionals determine if they are providing financial advice and financial planning.
- Examples of conflicts of interest and suggestions for how to address them.
- A detailed graphic illustrating the practice standards for the financial planning process.
- Specific requirements for what information CFP® professionals must provide clients.
Access More Guidance Materials
This compliance resource is part of a full library of resources that CFP® professionals can use to comply with the Code and Standards. More guidance materials can be found in our Compliance Resources Library.