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CFP Board

December 22, 2017

In This Issue:

Three New Members Elected to CFP Board’s Board of Directors

CFP Board’s Board of Directors recently elected three new members to the Board: Susan Baran, CFP®, Ed Moore, CFP® and Martin Schamis, CFP®.

“We are pleased to have these three extraordinary CFP® professionals join our Board of Directors,” said Richard Salmen, CFP®, 2017 Chair-elect and Chair of the Nominating Committee. “Each one of these professionals has shown a dedication to the financial planning profession and serving the public. I look forward to working with them to carry out CFP Board’s mission as we increase Americans’ access to ethical and competent CFP® professionals.”

The new Board members are:

Susan Baran, CFP®: An experienced non-profit executive and estate attorney, Baran serves as a Vice President and Senior Wealth Strategist at PNC Wealth Management. Previously, Baran worked for a variety of non-profit organizations as a development professional. In this capacity, she collaborated with a team of legal, tax and financial advisors to help donors make informed and prudent charitable contributions. She currently serves on the Board of Directors for the Planned Giving Council of Eastern Wisconsin and is a member of the planned giving committee of the Medical College of Wisconsin. She earned her BA and MS degrees from the University of Wisconsin and her JD from Marquette University School of Law. Baran earned the CFP® certification in 2016.

Ed Moore, CFP®: With more than three decades of financial planning experience, Moore has a profound understanding of financial planning and its benefit to the public. Moore currently serves as president at Edelman Financial Services, a firm that he helped build from a six-employee enterprise to a planning practice with 575 employees and 160 financial planners. During his career, Moore has worked to elevate financial planning into an established and recognized profession and educate the public about making wise financial decisions. He earned his BS from Virginia Polytechnic Institute in Industrial Engineering and Operations Research prior to earning his CFP® certification in 1991.

Martin Schamis, CFP®: An innovator in developing ways to integrate technology into his firms’ financial planning practices, Schamis is vice president and head of wealth planning at Janney Montgomery Scott, LLC. In this position, Schamis is responsible for leading the overall strategic direction of financial planning services for the firm’s retail clients. Throughout his professional career, he has led initiatives to improve and manage processes, policies and procedures to achieve business goals. He has also been affiliated with The Vanguard Group and Morgan Stanley prior to joining Janney. He earned his BA in Physics and Art from University of Delaware, his MBA in Finance from St. Joseph’s University and is currently working on his PhD in Financial Planning from the American College. He earned the CFP® certification in 2003.

The new Board members’ four-year terms start January 1, 2018. With the three new board members elected in November, the Board will have 15 voting members. CEO Kevin R. Keller, CAE, will continue as a non-voting member, bringing the total number of Board members to 16.

Holiday Office Closures December 25-26, January 1

CFP Board's offices will be closed for the holidays on Monday December 25 to Tuesday, December 26, 2017, and on Monday, January 1, 2018. During that time, we will not be able to respond to your messages or emails.

We thank you for your patience and wish you a happy holiday season.

CFP Board Requests Comments on Revised Version of Proposed Code of Ethics and Standards of Conduct

On December 20, 2017, CFP Board released for public comment a revised proposed Code of Ethics and Standards of Conduct, which sets forth the ethical standards for CFP® professionals.

CFP Board issued its initial proposal on June 20, 2017, for a 60-day comment period. CFP Board received more than 1,300 comments. After reviewing the comments, which generated material changes to the initial proposal, CFP Board’s Board of Directors decided to issue a revised proposal for additional comment.

The revised proposal maintains from the initial proposal the expanded scope of the fiduciary standard that requires CFP® professionals to act in the best interest of the client at all times when providing financial advice. CFP Board made changes to some of the disclosure and other requirements in recognition of the need to be practical in considering changes to its Standards and to ensure the revised proposal focuses primarily on standards governing the provision of Financial Advice to actual Clients.

The full text of the revised proposal is available for review, as well as a redlined version of the revised proposal and a side-by-side document showing the revised proposal alongside the current Standards. In addition, an annotated document that provides context and commentary on the initial proposal, addressing some of the comments received on the initial proposal and the changes CFP Board made in response to the comments. All of these documents are available on CFP Board’s website at www.CFP.net/proposed-standards.

Comments may be submitted by email to comments@cfpboard.org or through an online form that will be accessible at www.CFP.net/proposed-standards beginning January 2, 2018. All comments submitted to CFP Board will be posted on our website with the name of the commenter and date submitted. The public comment period ends on Friday, February 2, 2018.

CFP Board’s Board of Directors will consider the feedback received during this comment period with the expectation that it will approve and release a final version of the Code and Standards by the end of the second quarter of 2018. Pending the outcome of the second comment period, CFP Board intends for the final Code and Standards to have an effective date of January 1, 2019.

Read the full news release >

CFP Board Advertisement in The Wall Street Journal

We are pleased to share with you an advertisement running in the December 22, 2017 edition of The Wall Street Journal, featuring comments from prominent consumer groups that support CFP Board’s work to advance high standards that benefit the public.

In addition to statements from Consumer Federation of America, Consumer Action and National Consumer League, the ad features this statement from AARP:

“CFP Board has been a pioneer in establishing and promoting professional, competent, and ethical financial planning services. AARP strongly agrees with the CFP Board’s broadening of the fiduciary standards for CFP® professionals and requiring them to put a client’s best interest first at all times.”

The ad complements the work of our Public Awareness Campaign to raise awareness of CFP® professionals and highlights the central role that ethics and standards hold for the CFP® certification and CFP Board’s mission to benefit the public.

View a full-size PDF version of the ad >

CFP® Examination Update

The most recent administration of the CFP® Certification Examination took place during a testing window of November 7-14, 2017. The pass rate for this administration of the exam was 64.4%, with 1,779 individuals receiving a passing score. View historical exam statistics at www.CFP.net/exam-statistics.

The next CFP® exam testing window is March 20-27, 2018, and discounted Early Bird Registration is available through Jan. 11, 2018. 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

CFP Board in the News

Three of our CFP Board Ambassadors – Mark DiGiovanni, CFP®, Steven Podnos, CFP® and Robert Schmansky, CFP® – were recently featured in a syndicated article by Michele Singletary, sharing what they say to clients who ask about investing in bitcoin. Read this article and other notable media mentions of CFP Board and the CFP® certification >

  Updates from the Center for Financial Planning:
  • Dr. Michael Liersch, J.P. Morgan, Joins Keynote Line-up for 2018 Academic Research Colloquium: CFP Board Center for Financial Planning is pleased to welcome Dr. Michael Liersch, Head of Financial Planning for Wealth Management at J.P. Morgan, as a keynote speaker at the Academic Research Colloquium for Financial Planning and Related Disciplines in Arlington, Virginia on February 20-22, 2018. In addition to keynote presentations from distinguished speakers, the 2018 Colloquium will feature dozens of presentations from scholars and researchers at top academic institutions on topics related to behavioral finance, risk management, investments and consumer finance. Learn more and Register to Attend >
  • Columbia Teaching Seminar in San Francisco, June 2018: We are pleased to announce a west coast offering of the CFP Board-Columbia University Teaching Seminar on June 4-8, 2018, in San Francisco. The program is designed for faculty who teach in a CFP Board Registered Program, as well as CFP® professionals looking to become adjunct or full-time instructors. Learn more and Register to Attend >
  • Financial Planning Review Now Accepting Papers: The CFP Board Center for Financial Planning’s new double-blind, peer-reviewed academic journal, Financial Planning Review, is accepting original manuscripts for publication. The Review invites submissions on the topics of financial planning; portfolio choice; behavioral finance; household finance; psychology and human decision-making; consumer finance and regulation; human sciences; and financial therapy, literacy and wellness. Submitted papers will be subject to a review from scholars from across the eight content areas. The Review will be published quarterly by John Wiley & Sons beginning in mid-2018. Download the Call for Papers >
  • Eleanor Blayney Gender Diversity Challenge Fund: For the past five years, Center’s Special Adviser on Gender Diversity Eleanor Blayney, CFP®, has worked tirelessly with female leaders in financial planning to attract more women into the profession. Now, Eleanor has made a $100,000 gift to the Center to support its gender diversity initiatives and has challenged others to donate to help match her contribution. Learn more about the Challenge Fund >
  • Paid Return-to-Work Internships: The Center’s Financial Planner Re-Entry Initiative is a new program for qualified professionals that features paid return-to-work internships at top financial planning firms around the country. We are currently seeking candidates for an opportunity with Luma Wealth Advisors in Cleveland, Ohio. Additional opportunities will be offered throughout 2018.
  • Include the Center in Your Year-end Giving: You can make a difference today! Your donation to the Center for Financial Planning supports important work to secure the financial future for all Americans by advancing a more diverse and sustainable financial planner workforce and building a research-based recognized body of knowledge for the financial planning profession.  Support the Center >



Upcoming Events


  • Help Families in Need: “Pro Bono for Cancer” Campaign: Research shows that financial issues are the second biggest source of distress identified by cancer patients. The Foundation for Financial Planning’s Pro Bono for Cancer Campaign aims to address this issue, seeking to raise $1 million in seed funding to develop and support pro bono financial planning programs for at-risk families affected by cancer. Funds raised will be used to create and expand programs at targeted cancer centers around the country, starting with pilot programs in Boston and Seattle. Learn more and donate at ProBono4Cancer.org.
  • Free CPR + First Aid Training and Certification for CFP® Professionals: The Disque Foundation has partnered with National Health Care Provider Solutions on the "Save a Life" initiative, with the goal of empowering a million people with advanced life-saving skills. As part of this initiative, CFP® professionals can receive FREE CPR + First Aid training and certification by registering at nhcps.com using coupon code: CFP. The free training and certification is available before December 31, 2017.
  • Volunteer with CFP Board in the Coming Year: 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. Learn more about the available opportunities and submit a volunteer application at www.CFP.net/volunteers.

Display the CFP® Marks with Pride

Visit CFP Board’s online store to buy CFP® mark-branded apparel, business accessories and drinkware.

Have product ideas for items you would like to see in the store? Email krussi@cfpboard.org

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