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CFP Board



August 28, 2019


In This Issue:

Board Chair Susan John, CFP® Addresses CFP Board Enforcement Activities

InvestmentNews recently featured an op-ed by CFP Board Chair Susan John, CFP®, addressing CFP Board’s enforcement activities. “It is both our ethical and competency standards that give meaning to CFP® certification, making it a preeminent financial services certification for the public, advisers and their firms,” writes John. “Make no mistake: CFP Board is committed to continuously improving to give consumers the lasting confidence that comes from receiving competent, ethical financial planning. Our Code and Standards are one step in the process; our commitment to continuously improving enforcement is the critical next step.” Read the full article >

CFP Board Disciplinary Actions

CFP Board recently announced public disciplinary actions against 12 individuals. Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation of an individual's right to use the CFP® certification marks, suspension of the right to use the CFP® certification marks for up to five years, and letters of admonition. The basis for each decision can be found in a Disciplinary Action Report on CFP Board’s website, and the public may check on an individual’s disciplinary history and certification status with CFP Board at www.CFP.net/verify.






Blanche S. Berenzweig

Las Vegas

Administrative Revocation


Walter Chao

San Mateo



Carla Chastain




Brandon Croxton


Letter of Admonition

South Carolina

Lloyd Dotson

Pawley’s Island

Administrative Revocation


Scott F. Goldman

Arlington Heights



King S. Lip

San Francisco



Aon Miller




Monica B. Phillip


Administrative Revocation


Jason Robert Piepmeier




Kitwana Thomas




Steve Weinberger

Los Angeles


Read the full news release announcing these disciplinary actions >

CFP® Certificant Connections: Webinar Sept. 17; Live Events Sept. 18-20 in Boston, Manhattan, Long Island and Philadelphia

September brings several opportunities to interact with CFP Board’s leadership and get the latest news about CFP Board’s work to uphold the CFP® certification.

On Tuesday, September 17, 2019, from 4:00 - 5:00 p.m. (Eastern Time), join Susan John, CFP®, 2019 Chair of CFP Board’s Board of Directors, Jack Brod, CFP®, 2019 Chair-Elect, and Kevin Keller, CFP Board's CEO, for a CFP® Certificant Connection Webinar, with the latest updates from CFP Board and answers to questions from the audience. Register for the Webinar>

And join us on September 18-20, 2019 for CFP® Certificant Connection Live Events in Boston, Manhattan, Long Island and Philadelphia. These private receptions and town hall-style events will be hosted by Martin Schamis, CFP®, member of CFP Board's Board of Directors, and Kevin R. Keller, CAE, CFP Board's CEO. Register for the Live Events >

Focus on Ethics: Disclosures to Clients – What and When

Under CFP Board’s new Code of Ethics and Standards of Conduct (“Code and Standards”), which takes effect on October 1, 2019, a CFP® professional has a duty to provide information to a Client. Whether information may be provided orally or must be provided in writing depends upon whether the Financial Advice that is being provided requires Financial Planning.

Section A.10.a outlines the information that CFP® professionals must provide to Clients in Financial Advice engagements:

When providing or agreeing to provide Financial Advice that does not require Financial Planning in accordance with the Practice Standards, a CFP® professional must provide the following information to the Client, prior to or at the time of the Engagement, and document that the information has been provided to the Client:
  1. A description of the services and products to be provided;
  2. How the Client pays for the products and services, and a description of the additional types of costs that the Client may incur, including product management fees, surrender charges, and sales loads;
  3. How the CFP® professional, the CFP® Professional’s Firm, and any Related Party are compensated for providing the products and services;
  4. The existence of any public discipline or bankruptcy, and the location(s), if any, of the webpages of all relevant public websites of any governmental authority, self-regulatory organization, or professional organization that sets forth the CFP® professional’s public disciplinary history or any personal bankruptcy or business bankruptcy where the CFP® professional was a Control Person;
  5. The information required under Section A.5.a. (Conflict of Interest Disclosure);
  6. The information required under Section A.9.d. (Written Notice Regarding Non-Public Personal Information);
  7. The information required under Section A.13.a.ii. (Disclosure of Economic Benefit for Referral or Engagement of Additional Persons); and
  8. Any other information about the CFP® professional or the CFP® Professional’s Firm that is Material to a Client’s decision to engage or continue to engage the CFP® professional or the CFP® Professional’s Firm.

Section A.10.b outlines the information that CFP® professionals must provide to Clients in Financial Planning engagements. That information includes the required disclosures described in Section A.10.a.i.-iv. and vi.-viii., as well the terms of the Engagement between the Client and the CFP® professional or the CFP® Professional’s Firm, including the Scope of Engagement and any limitations, the period(s) during which the services will be provided, and the Client’s responsibilities. A CFP® professional is responsible for implementing, monitoring, and updating the Financial Planning recommendation(s) unless specifically excluded from the Scope of Engagement.

Below is a diagram summarizing the categories of information that must be shared with the Client, and whether the information must be provided orally or in writing.

CFP Board has prepared a Financial Advice Engagements Disclosure Guide and a Financial Planning Engagements Disclosure Guide, both included in the “Roadmap to the New Code and Standards. These Disclosure Guides provide an easy to reference description of a CFP® professional’s Duty to Provide Information to a Client, including identification of documents that may contain the information required to be provided, and details on when the information must be provided to the Client, as well as when to update the information.

The requirement to provide information to a Client set forth in CFP Board’s Code and Standards is in addition to any requirements that apply under applicable law.

Read other articles in the “Focus on Ethics” series >

On March 29, 2018, CFP Board announced that its Board of Directors unanimously approved a new Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical standards for CFP® professionals. The new Code and Standards replaces CFP Board’s current Terminology, Code of Ethics, Rules of Conduct and Financial Planning Practice Standards, effective October 1, 2019. During the time between the announcement date and the effective date of the new Code and Standards, CFP Board will undertake a thorough process to educate and inform CFP® professionals on the new Code and Standards.

CFP Board is producing a 12-part series of brief videos outlining key details of the new Code and Standards. The latest videos address the first steps of the 7-step Financial Planning Process. View the video series > 

Public Forums on New Code and Standards in Chicago, Minneapolis, Detroit and Pittsburgh Sept. 17-19

CFP Board invites you to join us at public forums focused on educating CFP® professionals, firms and the public on the new Code of Ethics and Standards of Conduct, which takes effect October 1, 2019. Public forums will be held in Chicago, Minneapolis, Detroit and Pittsburgh on September 17-19. Learn more and register at www.CFP.net/forums.

CFP® Examination Update

The most recent administration of the CFP® Certification Examination took place during a testing window of July 9-16, 2019. The pass rate for the July 2019 administration of the exam was 62%, with 1,682 individuals receiving a passing score. View historical exam statistics at www.CFP.net/exam-statistics.

Please encourage your qualified colleagues to continue their pursuit of CFP® certification, and remind them to register for the CFP® exam early for the best date and site availability. Learn more and register at www.CFP.net/exam.

Resources for Colleagues on the Path to CFP® Certification

Growth in the number of CFP® professionals strengthens the profession and the certification. Share these resources to help a colleague along the path to CFP® certification.CFP Exam Candidate Preparation Toolkit

  • Share our Why CFP® Certification guide that outlines the reasons pursuing CFP® certification is a great career move.
  • Share the CFP® Exam Candidate Preparation Toolkit, which helps candidates develop study strategies, manage time and build support from employers and peers as they prepare for the CFP® Exam.
  • Share this video of CFP® professionals discussing the different pathways they took to gain the professional experience required for CFP® certification.
  • Refer your colleagues to CFP Board so we can introduce them to CFP® certification on your behalf.

CFP Board Career Center: Online Career Fair Sept. 26

Take advantage of opportunities for financial professionals and employers to connect online in real-time during this one day event. Learn more >

Attend the 5th Annual AAAA Conference in Detroit, Sept. 15-18

The Association of African American Financial Advisors, known as QUAD-A, invites you to attend its 5th annual AAAA VISION National Conference. The conference will be held September 15-18 at the Crown Plaza Riverfront Hotel in downtown Detroit. Conference attendees will have the opportunity to engage in inspiring interactions with other professionals in the financial services industry, as well as leading subject matter experts who share diverse perspectives on key topics that can advance your career, business, and thought leadership. CFP® professionals can also register for the CFP Board Ethics and/or the Insurance CE session which will be held on the opening day of the conference, September 15. In partnership with QUAD-A, CFP® professionals can register for AAAA VISION at a discounted rate of $299 using promo code VISION19. Learn more and Register >

  CFP Board Center for Financial Planning  
  Updates from the Center for Financial Planning:
  • Read the Center’s Latest Newsletter: Read the August edition of the Center’s newsletter containing updates on Center’s initiatives, supporters and opportunities to get involved. Read more >
  • Second Annual Diversity Summit in Washington, DC, November 13: The Center invites thought leaders within and outside the profession to register for the 2019 Diversity Summit, scheduled for November 13 at the J.W. Marriott in Washington, D.C. The Summit builds on the success of last year’s convening with a focus on accountability, highlighting what key stakeholder groups are doing to create a more inclusive profession based on Center’s research-based recommendations. The event will also include the release of a new report showcasing why a diverse workforce is important for both the profession and financial planning firms.

    2018 Diversity SummitWe are seeking participation from firm executives, leaders from CFP Board Registered Programs, experts in diversity and inclusion, influencers at key organizations that can reach diverse populations and financial planning practitioners and students. We encourage you to register early for this thought-provoking event since we are expecting another high turnout this year. Learn more and register >

  • 2020 Academic Research Colloquium Call for Papers: The fourth annual Colloquium, to be held February 20-22, 2002 in Arlington, VA, is convening leading scholars and researchers to showcase the latest research within financial planning and related disciplines. The Center is currently accepting papers and posters on topics such as Big Data/AI/robo-advising, behavioral economics and finance, communication and counseling, financial sociology, household finance, insurance, psychology and public policy to be presented at the fourth annual Colloquium. Papers and posters can be submitted here and must be received by September 15, 2019.
    The Colloquium will also feature CE-eligible sessions for practicing CFP® professionals that translate research into practical application. Click here to register and reserve a discounted hotel room.
  • Read the Latest Issue of Financial Planning Review: The Center for Financial Planning is pleased to share the latest edition of Financial Planning Review, the academic research journal focused on the disciplines related to financial planning, published by Wiley. The latest edition contains the following papers:
    • Acceptance of robo-advisors: Effects of financial experience, affective reactions, and self-enhancement motives
    • The Personality disorders and money beliefs behaviors
    • Success and satisfaction of women in financial planning
    • Present bias and financial behavior
  • Financial Planner Re-Entry Initiative Now Accepting Applicants: The Center, in partnership with career re-entry firm iRelaunch, has launched a 2019 offering of the Financial Planner Re-Entry Initiative (FPRI) that connects firms in the financial planning sector with experienced professionals seeking to reenter the workforce after a career break. We are currently seeking candidates for the following open positions:
      Additional positions will be posted on the FPRI webpage as they become available.
  • Applications for The Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship Accepted through October 4: Eligible individuals must be U.S. residents seeking to complete the education requirements for CFP® certification through a CFP Board-Registered Program, and have a demonstrated financial need and come from underrepresented populations within the financial planning profession in terms of gender, race, ethnicity, disability or sexual orientation. The deadline to submit applications is October 4, 2019. Learn more >
  • Advance the Profession by Supporting the Center: We encourage you to consider making a contribution to the Center for Financial Planning. Your donation to the Center supports important work to create a more diverse and sustainable financial planner workforce and build a research-based, recognized body of knowledge for the financial planning profession. Support the Center >

Upcoming Events

Featured Event: NAPFA Fall 2019 National Conference in Chicago, October 1-4

The NAPFA Fall 2019 National Conference is coming to Chicago on October 1-4, at the Hyatt Regency McCormick Place Chicago. This is the networking and solution-sharing event of the season for financial planners. Walk away with insights from subject matter experts who are widely recognized within the field. Register by September 4 to secure discounted early registration rates.


  • Save on Job Postings in CFP Board Career Center through August 31: The CFP Board Career Center can help streamline your hiring process by providing targeted access to highly qualified financial planning professionals. Through September 10, 2019, get $100 off any 30- or 60- day job posting by using promo code 100OFF3060.
  • Volunteer Opportunities with CFP Board: The work of CFP Board benefits greatly from the contributions of CFP® professionals and other stakeholders, and there are many opportunities for CFP® professionals and others to become involved with CFP Board in meaningful and rewarding ways. Each year, there are multiple opportunities to contribute to the development of the CFP® Exam through exam item writing workshops, and to support enforcement of the ethics and practice standards for CFP® professionals through service as a hearing panel volunteer with the Disciplinary and Ethics Commission. Learn more about these and other opportunities and submit a volunteer application at www.CFP.net/volunteers.
  • Become a Mentor to Individuals Pursuing CFP® Certification: The CFP Board Mentor Program is designed to connect individuals pursuing CFP® certification with current CFP® professionals for guidance and support as they navigate their path to certification. CFP® professionals serving as mentors share guidance and practical advice based on their experience taking the CFP® exam and pursuing careers in the financial planning profession. Learn More and Enroll in the Mentor Program >
  • Report Your Pro Bono Hours: Thousands of CFP® professionals across the country are providing free, no-strings attached, one-on-one financial advice to underserved people. Are you one of them? Please let us know if you provide pro bono services so that we can educate the public and policymakers about the great things our profession does to help people in need. Report your pro bono hours today through an online tool available within the “My CFP® Certification” section of CFP® professionals’ online accounts.

Summer Discount on CFP® Marks Merchandise

Enjoy summer with CFP® mark gear. Through Friday, September 13, 2019, CFP Board is offering a 10% discount on your store purchase. Use code CFP2019Summer10 when checking out!


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