Financial Planners' Money Woes to Get More Attention

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Financial Planners' Money Woes to Get More Attention

Apr 05, 2012

The names of all CERTIFIED FINANCIAL PLANNER™ [professionals] who file for bankruptcy will be publicly available under rule changes announced on Thursday by the group that oversees CFP[® professionals].

Previously, the Certified Financial Planner Board of Standards, a nonprofit based in Washington, would only release the names of CFP[® professionals] who had been publicly sanctioned for having a bankruptcy filing.

CFP[® professionals] could avoid this public sanction by convincing the board that the bankruptcy was not their fault, for example, because it resulted from medical costs. A few of the 49 CFP[® professionals] investigated last year were able to keep their sanctions private, the board said. Read more >

Jennifer Hoyt Cummings
April 5, 2012

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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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