Duty of Care Guide
A cornerstone of the Code of Ethics and Standards of Conduct is the Fiduciary Duty that applies whenever a CFP® professional is providing Financial Advice to a Client. To act as a fiduciary and, therefore, act in the best interests of the Client, a CFP® professional must fulfill the Duty of Loyalty, the Duty of Care, and the Duty to Follow Client Instructions. This guide describes the process by which a CFP® professional may satisfy the Duty of Care when providing Financial Advice that does not require Financial Planning. CFP Board has set forth the process in seven steps and compared this process to the Financial Planning process set forth in the Practice Standards.
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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.