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CFP Board

May 21, 2012

Join CFP Board and the Financial Planning Coalition in Opposing Investment Adviser Oversight Act of 2012

CFP Board and our partners in the Financial Planning Coalition urge you to oppose HR 4624 (the Investment Adviser Oversight Act of 2012), a bill introduced by Rep. Spencer Bachus (R-AL) and Rep. Carolyn McCarthy (D-NY), that will have significant impact on how investment advisers (IAs) do business.

HR 4624 would outsource oversight of IAs to a self-regulatory organization (SRO), which will likely result in the establishment of an IA SRO by FINRA. The bill would create a new layer of bureaucracy, where one already exists, resulting in more rules and regulations, and less transparency and accountability. Of particular concern to IAs is the prospect of being regulated by FINRA, an SRO for broker-dealers that has had no experience regulating the IA business model or the principle-based fiduciary standard of conduct.

An analysis by Boston Consulting Group found that outsourcing oversight to an SRO would cost at least twice as much as providing the SEC with sufficient resources to increase the level of adviser examinations. An SRO would cost investment adviser firms on average more than $50,000 annually, which is double the cost of user fees to the SEC for increased examinations.

The Financial Planning Coalition supports a more targeted, cost-effective and efficient approach to closing the oversight gap. Directing the resources needed to build upon the SEC’s infrastructure and 70 years’ experience overseeing investment advisers is the most appropriate way to fill the oversight gap without unnecessarily burdening advisers.

The Coalition is aggressively and proactively communicating its opposition to HR 4624.

  • Upon introduction of the bill, we released a statement to the press opposing the legislation.
  • In anticipation of release of the bill, we have been meeting with members’ offices from the House Committee on Financial Services expressing concerns about an SRO approach. The Coalition has communicated our opposition to HR 4624 to all Committee members, and we will continue to meet with members’ offices.
  • We sent action alerts to our stakeholders who are represented by members on the House Committee on Financial Services encouraging them to express their opposition to HR 4624.

Chairman Bachus is expected to bring the bill to the House Committee on Financial Services in the near future for passage. We will keep you updated on activities associated with this legislation.

You can have an impact on this legislation that will dramatically affect the way investment advisers are regulated and the related cost of doing business. Please contact your Representative to express your opposition and urge him or her to oppose HR 4624.

Contact your representative via CFP Board's Legislative Action Center >

CFP Board Requests Comments on Proposed Sanction Guidelines:
Deadline Extended to June 14, 2012

CFP Board requests comments on proposed Sanction Guidelines for use in hearings before the Disciplinary and Ethics Commission and the Appeals Committee of the Board of Directors. The Sanction Guidelines identify specific conduct that is a violation of CFP Board’s Standards of Professional Conduct, the sanction guideline for that conduct and policy notes for the Commission to consider when imposing the appropriate sanction. Learn more >

CFP Board Seeks Candidates for 2013 Board of Directors:
Apply by June 15

CFP Board is currently accepting applications for individuals interested in serving on CFP Board’s Board of Directors (Board), the strategic governing body of the organization, beginning in January 2013. We encourage you to consider applying or to encourage your qualified colleagues to submit an application.

The Board is responsible for furthering CFP Board’s mission and acts on behalf of the public, CFP® professionals and other stakeholders. The Board is the policy-making and oversight body of CFP Board. Board Directors serve four-year terms, and each year, only two to four new Board positions are available.

To complement the experience of the existing Board members, the Nominating Committee seeks qualified candidates who have the competencies to be an effective, strategically-focused leader on the Board and to successfully fulfill the roles and responsibilities of a Board Director. The Committee would like to see qualified candidates who are leaders in financial planning and have a passion for how CFP® professionals can benefit the public.

To learn more about this opportunity and download an application form, visit www.CFP.net/2013Board.

The deadline for submitting a completed application form is June 15, 2012. If you submitted an application in years past and would like to be considered for the 2013 Board of Directors, please complete a new application form to express your continued interest.

CFP® Certification Examination

Exam results for the March 2012 CFP® Certification Examination were recently released to exam takers. Of the 1,753 individuals who sat for the March 2012 exam, 1,037 passed, representing a pass rate of 59.1%.

Individuals who sat for the March exam were sent a hard copy of their score results by mail on May 9, 2012, and exam results are now available online through examinees’ online CFP Board accounts.

The March 2012 CFP® exam was the first to address the Job Task Domains based on CFP Board’s 2009 Job Analysis Study.

The next CFP® Certification Examination will be held July 20 and 21, 2012. The registration deadline for the July 2012 exam is June 5, 2012.

Webinar Recording: Updates to CFP Board Enforcement Procedures

A recording of CFP Board’s recent “What Is CFP Board Doing to Protect the CFP® Marks” webinar is now available. This webinar, held on May 2, 2012, outlined recently-announced updates to CFP Board's enforcement procedures, including new procedures addressing bankruptcy filings and amendments to CFP Board's Disciplinary Rules and Procedures. View the recording >

CFP Board’s Consumer Guide to Financial Planning


Content from CFP Board’s popular Financial Planning Resource Kit has been updated and is now available in a single 20-page booklet that provides consumers with information about the basics of financial planning and the benefits of choosing a CFP® professional. The new Consumer Guide to Financial Planning is available for purchase in packs of 10 through CFP® professionals’ online CFP Board accounts.

A new smaller brochure, titled “What Is the CERTIFIED FINANCIAL PLANNER™ Certification,” outlines why consumers should choose to work with a CFP® professional, and is available for purchase in packs of 25.

Learn more about these and other resources in CFP Board’s Public Awareness Campaign Toolkit >


Upcoming Events


Volunteer with CFP Board: CFP Board’s work benefits greatly from the generous contributions CFP® professionals and other stakeholders provide through volunteer service. If you have interest in making a direct contribution to CFP Board’s work, please take time to complete a volunteer application form. Learn more >

2012 Community Leadership Awards: Nominate a colleague for the 2012 Others Community Leadership Awards, established by the Invest in Others Charitable Foundation to recognize and celebrate financial advisers across the country for their exemplary leadership and contribution to various philanthropic efforts. Nominations are being accepted through June 15, 2012. Learn more >


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