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30279 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commission/Compensation
Standard(s) Violated: Article Article 3(a); 2.1
Matter Type(s): Other
Decision Date: 03/02/2017
Summary: Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when she misrepresented her compensation method as “fee-only” on CFP Board’s “Find a CFP® professional” search tool due to the following: a) Respondent is licensed and appointed to sell insurance which entitles her to receive commissions; and b) Respondent’s related party, her employer ABC, receives or is entitled to receive commissions through divisions that sell mortgages, securities, and insurance.

30289 – Anonymous Case History
Decision: Private Censure
Keyword(s): Commission/Compensation
Standard(s) Violated: Article Article 3(a); 2.1
Decision Date: 07/01/2017
Summary:

Whether a CFP® professional (“Respondent”) violated CFP Board’s Standards of Professional Conduct when he communicated misleading information to clients or prospective clients when he misrepresented his compensation method as “fee-only” on CFP Board’s “Find a CFP® professional” search tool due to the following: a) licensed registered representatives affiliated with Firm’s brokerage department, a related party, are entitled to receive commissions for selling securities and insurance products to Firm’s clients; b) mortgage loan originators in Firm’s Mortgage Loan Department, a related party, are entitled to receive commissions for arranging mortgage loans for Firm’s clients; and c) employees of Firm receive referral fees for introducing prospective clients to Firm’s brokerage department.


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