Financial-Advice Reform Bogged Down in Political Debate

News & Events


CFP Board in the News

Financial-Advice Reform Bogged Down in Political Debate

May 23, 2011

"We see new clients all the time who come to us with horror stories[," said Dan Moisand, CFP®.] "They have these horrible portfolio profiles, and yet they are paying these big commissions. It's all legal, but it is wrong."

Such dubious money-management advice would not remain legal if a rule now being considered by the U.S. Securities and Exchange Commission comes to pass. It would require all investment advisers, including stock brokers and insurance salespeople, to put their clients' best interests ahead of their own financial gain.

In financial parlance, that is called a "fiduciary duty," an ethical standard that CERTIFIED FINANCIAL PLANNER[™ professionals], or CFP[® professionals], have long included in their licensing requirements. The proposed SEC rule would make that standard legally binding on all financial advisers, not just certified planners. Read more >

Orlando Sentinel
Richard Burnett
May 23, 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.
Let's Make A Plan
Don't address your finances individually. Pull your finances together with the help of a CFP® professional.