Dodd-Frank: Congress Takes a Closer Look at How Money Men Work with You

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Dodd-Frank: Congress Takes a Closer Look at How Money Men Work with You

Apr 01, 2011

In a study that was commissioned by CFP Board, Consumer Federation of America, AARP and other consumer groups, most Americans are confused about which financial professionals must follow a fiduciary standard of care. It also states that about 91 percent believe that financial professionals follow the same standard of care. It is imperative that the consumer understand what is going on with Study 913 and Study 914, understand how their financial planner is getting paid, and understand the mandates placed on financial professionals through fiduciary and suitability standards of care.

For consumers, it is important that they can trust the financial planner with their assets. The CFP Board offers a listing on their website at—also see the top financial planners within this issue—and all CFP[® professionals] have adopted a fiduciary standard of care.

"People in our industry should be held to the high and consistent standard; and if we could do that, the general public will benefit from that," says [Kenneth] Robinson[,CFP®].

Northern Virginia Magazine
Amanda Millward
April 2011

Speaker's Bureau
CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

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.
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