FPA Stands by New Leader in Dustup Over Designations

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FPA Stands by New Leader in Dustup Over Designations

Aug 31, 2012

The FPA's support of the CFP® [professional] designation as the standard for financial planners can only help the profession, said [FPA President Paul] Auslander, who is chairman and CEO of American Financial Advisors in Orlando.

"While our focus is on building a profession by making CFP® [professionals] synonymous with financial planners, we value all professionals in our association who support the work of CFP® [professionals] or who aspire to become a CFP® [professional]," he said.

In another response to Financial Planning, the CFP Board's CEO, Kevin Keller, affirmed his group's relationship with the FPA. As he put it, "Certified Financial Planner Board of Standards considers itself a partner with the Financial Planning Association and fully supports its 'one profession, one designation' position."

Keller went on to downplay the idea that CFP® [professionals] just work on behalf of the affluent.

"A recent study by the Aite Group found that in solo practices led by a CFP® professional, they serve an 'equal percentage of mass-retail clients as solo practices without a CFP® professional," he said. "And team-based practices 'that have a CFP® professional work with a larger percentage of mass-retail clients compared to team-based practices without a CFP® professional.'" Read more >

Bank Investment Consultante
Donald Jay Korn
August 31, 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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