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CFP BOARD REPORT
July 31, 2019
In This Issue:
CFP Board Responds to The Wall Street Journal
Earlier this week, The Wall Street Journal published an article evaluating CFP Board’s disclosure and enforcement standards and processes. We appreciate The Wall Street Journal’s detailed analysis. The article raises important issues of enforcement in the financial planning profession and identified some additional steps that CFP Board may take which, we are addressing. However, there are several themes in the article with which we disagree.
As we implement CFP Board’s new Code and Standards, which goes into effect on October 1, 2019, we will continue to evolve our enforcement efforts to uphold the standards we’re setting for the benefit of the public. It is in this spirit that we clarify key elements of CFP Board’s mission and authority in our statement.
All of us at CFP Board are committed to advancing recognition of CFP® certification as the standard for financial planning, for the benefit of the public. We appreciate your support of CFP® certification.
Board of Directors Announces Independent Task Force to Strengthen and Modernize Enforcement
CFP Board’s Board of Directors has announced the creation of an independent task force to examine and modernize its enforcement practices. Denise Voigt Crawford – a securities consultant and former 17-year Texas Securities Commissioner who currently serves on CFP Board’s Board of Directors as a public member – will chair the task force. The group will be looking at, among other factors, some important issues raised by a Wall Street Journal article concerning enforcement of CFP® certification and the search function of our consumer-facing website, LetsMakeaPlan.org. Read more >
Douglas S. King, CFP® Elected 2020 CFP Board Chair-Elect
At its July meeting, the Board of Directors of CFP Board elected Douglas S. King, CFP® as 2020 Chair-elect. He will lead the Board when he becomes chair in 2021. “This is an exciting time to be in the financial planning profession,” said King. “With more demand for financial planning, there also comes the need to increase the number and diversity of the profession so that Americans have access to CFP® professionals providing fiduciary financial advice.” Read more >
Recording of Special Webinar with CFP Board Leadership
CFP Board’s leadership held the latest Business Update Webinar on Friday July 12, 2019. Topics addressed include:
- Report from the July Board of Directors Meeting
- Guidance Resources for the New Code of Ethics and Standards of Conduct
- Growth in the Number of CFP® Professionals
- Initiatives to Further a Diverse and Inclusive Profession
- Answers to Audience Questions
View the Recorded Webinar >
New Enforcement Date for Code of Ethics and Standards of Conduct: June 30, 2020
CFP Board’s Board of Directors announced that it has set a date of June 30, 2020 when CFP® professionals’ compliance with the new Code of Ethics and Standards of Conduct will be enforced. The previously announced effective date of October 1, 2019 remains the same, and CFP® professionals are expected to understand and comply with the new rules by that effective date.
For conduct that occurs between October 1, 2019 and June 29, 2020, CFP Board will continue to enforce violations of the existing Standards of Professional Conduct. Starting June 30, 2020 and onward, CFP® professionals will then be subject to potential disciplinary action for any violations of the new Code and Standards.
Read the full announcement >
Recorded Webinar: Roadmap to the Code and Standards
On July 17, 2019, Kevin Ruth, CFP®, member of CFP Board’s Standards Resource Commission, and Leo Rydzewski, Esq., CFP Board’s General Counsel and Managing Director of Professional Standards, hosted a webinar to review key tools in CFP Board’s "Roadmap to the Code and Standards” reference guide, which distills essential information about the new Code of Ethics and Standards of Conduct that takes effect October 1, 2019. The guide provides a “roadmap” that allows CFP® professionals and their firms to easily find the information they need to comply with the updated standards of conduct for CFP® professionals.
During the webinar, they illustrated how a CFP® professional may use those tools in their work with actual clients and answered questions from the live audience.
View the Recorded Webinar >
“Challenge Status” Becomes “Accelerated Path” to CFP® Certification
CFP Board has unveiled “Accelerated Path” as the new name for what had been called “Challenge Status.” The Accelerated Path allows individuals who hold one of the CFP Board-approved degrees, licenses and credentials (including CPA, CFA®, ChFC, CLU, attorney license and Doctor of Business Administration) to bypass most of the coursework requirement for CFP® certification based on the knowledge they have already obtained, and sit for the CFP® exam after they complete a single Capstone Course through a CFP Board Registered Program. Requirements for Accelerated Path remain the same as they were under Challenge Status. Learn more about the Accelerated Path to CFP® Certification >
CFP® Examination Update
The most recent administration of the CFP® exam took place on July 9-16, 2019 at professional testing centers around the country. Official results will be released to exam takers approximately four weeks following the close of the testing window.
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.
- Share our Why CFP® Certification guide that outlines the reasons pursuing CFP® certification is a great career move.
- Share the CFP® Exam Candidate Preparation Toolkit, which helps candidates develop study strategies, manage time and build support from employers and peers as they prepare for the CFP® Exam.
- Share this video of CFP® professionals discussing the different pathways they took to gain the professional experience required for CFP® certification.
- Refer your colleagues to CFP Board so we can introduce them to CFP® certification on your behalf.
CFP Board Disciplinary Action
CFP Board recently announced an automatic interim suspension of the CFP® certification on Anthony Cottone of Boca Raton, Florida, effective July 15, 2019. Read more >
Updates from the Center for Financial Planning:
- Enroll in the Financial Planning Teaching Seminar, August 18-20: The Center is pleased to partner with the Columbia University School of Professional Studies to offer the next session of our Financial Planning Teaching Seminar on August 18-20, 2019 on Columbia’s Morningside Campus in New York City. The experience-based program is designed for faculty who currently teach finance or accounting, CFP® professionals who are interested in becoming full-time or part-time faculty in a CFP Board Registered Program, current CFP Board Registered Program faculty, and doctoral students. The curriculum covers financial planning content as well as basic instructional design, including how to set learning objectives, assess students, and incorporate experiential learning into a classroom or virtual teaching environment. Learn more and Register for the Teaching Seminar >
- Second Annual Diversity Summit in Washington, DC, November 13: The Center invites thought leaders within and outside the profession to register for the 2019 Diversity Summit, scheduled for November 13 at the J.W. Marriott in Washington, D.C. The Summit builds on the success of last year’s convening with a focus on accountability, highlighting what key stakeholder groups are doing to create a more inclusive profession based on Center’s research-based recommendations. The event will also include the release of a new report showcasing why a diverse workforce is important for both the profession and financial planning firms.
We are seeking participation from firm executives, leaders from CFP Board Registered Programs, experts in diversity and inclusion, influencers at key organizations that can reach diverse populations and financial planning practitioners and students. We encourage you to register early for this thought-provoking event since we are expecting another high turnout this year. Learn more and register >
- 2020 Academic Research Colloquium Call for Papers: The fourth annual Colloquium, to be held February 20-22, 2002 in Arlington, VA, is convening leading scholars and researchers to showcase the latest research within financial planning and related disciplines. The Center is currently accepting papers and posters on topics such as Big Data/AI/robo-advising, behavioral economics and finance, communication and counseling, financial sociology, household finance, insurance, psychology and public policy to be presented at the fourth annual Colloquium. Papers and poster can be submitted here and must be received by September 15, 2019.
- Financial Planner Re-Entry Initiative Now Accepting Applicants: The Center, in partnership with career re-entry firm iRelaunch, has launched a 2019 offering of the Financial Planner Re-Entry Initiative (FPRI) that connects firms in the financial planning sector with experienced professionals seeking to reenter the workforce after a career break. We are currently seeking candidates for the following open positions:
Additional positions will be posted on the FPRI webpage as they become available.
- Application Window for The Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship Opens August 15: Eligible individuals must be U.S. residents seeking to complete the education requirements for CFP® certification through a CFP Board-Registered Program, and have a demonstrated financial need and come from underrepresented populations within the financial planning profession in terms of gender, race, ethnicity, disability or sexual orientation. Learn more and Register to Attend >
- Advance the Profession by Supporting the Center: We encourage you to consider making a contribution to the Center for Financial Planning. Your donation to the Center supports important work to create a more diverse and sustainable financial planner workforce and build a research-based, recognized body of knowledge for the financial planning profession.
Support the Center >
- August 18-20, 2019: Financial Planning Teaching Seminar at Columbia University, New York
- September 17, 2019: Public Forum on New Code and Standards in Chicago, 5:30 – 7:00 p.m.
September 18, 2019: Public Forum on New Code and Standards in Minneapolis, 7:30 – 9:00 a.m.
September 18, 2019: Public Forum on New Code and Standards in Detroit, 5:00 – 6:30 p.m.
September 18, 2019: CFP® Certificant Connection, Boston, MA, 5:30 – 7:00 p.m.
September 19, 2019: Public Forum on New Code and Standards in Pittsburgh, 7:30 – 9:00 a.m.
September 19, 2019: CFP® Certificant Connection, Manhattan, NY, 8:00 – 9:30 a.m.
September 19, 2019: CFP® Certificant Connection, Long Island, NY, 5:30 – 7:00 p.m.
September 20, 2019: CFP® Certificant Connection, Philadelphia, PA, 8:00 – 9:30 a.m.
September 25, 2019: CFP Board Career Center Online Career Fair (save the date)
- October 1-4, 2019: NAPFA Fall 2019 National Conference, Chicago
- October 16-18, 2019: FPA Annual Conference, Minneapolis
- October 25-30, 2019: FPA Residency Program, Aurora, Colorado
- November 5-12, 2019: CFP® Certification Examination (Early bird registration open through September 10)
- November 13, 2019: Second Annual Diversity Summit, Washington, DC
Featured Event: FPA Annual Conference 2019
Get the practical content you need, experience programming designed just for you and build connections that last at the FPA Annual Conference 2019, October 16–18 in Minneapolis, Minnesota. Check out the general session speakers and register before August 30 to secure the best possible rate during Advance pricing!
- Save on Job Postings in CFP Board Career Center through August 31: The CFP Board Career Center can help streamline your hiring process by providing targeted access to highly qualified financial planning professionals. Through August 31, 2019, get $100 off any 30- or 60- day job posting by using promo code 100OFF3060.
- Volunteer Opportunities with CFP Board: 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. Each year, there are multiple opportunities to contribute to the development of the CFP® Exam through exam item writing workshops, and to support enforcement of the ethics and practice standards for CFP® professionals through service as a hearing panel volunteer with the Disciplinary and Ethics Commission. Learn more about these and other opportunities and submit a volunteer application at www.CFP.net/volunteers.
- Become a Mentor to Individuals Pursuing CFP® Certification: The CFP Board Mentor Program is designed to connect individuals pursuing CFP® certification with current CFP® professionals for guidance and support as they navigate their path to certification. CFP® professionals serving as mentors share guidance and practical advice based on their experience taking the CFP® exam and pursuing careers in the financial planning profession. Learn More and Enroll in the Mentor Program >
- Report Your Pro Bono Hours: Thousands of CFP® professionals across the country are providing free, no-strings attached, one-on-one financial advice to underserved people. Are you one of them? Please let us know if you provide pro bono services so that we can educate the public and policymakers about the great things our profession does to help people in need. Report your pro bono hours today through an online tool available within the “My CFP® Certification” section of CFP® professionals’ online accounts.
Display the CFP® Marks with Pride
CFP Board offers a range of products – including mugs, notebooks, umbrellas, bags, apparel, and more – branded with the CFP® mark for you to display your certification with pride. Take a look at our NEW online store! We recently released an Apple Watch band, sunglass case, and water bottle, so make sure to keep checking in for new products!
Questions? Email Taylor Fealy at firstname.lastname@example.org.