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CFP Board



November 27, 2019


In This Issue:

CFP Board Office Holiday Closures

CFP Board’s office will be closed for the holidays beginning at 3pm (Eastern) on Wednesday, November 27, 2019, and will re-open on Monday, December 2.

The office will close again on Monday, December 23, 2019, and re-open on Thursday, December 26.

We wish you and your loved ones a very happy holiday season!

10 New Case Studies Bring New Code and Standards to Life

CFP Board is pleased to share a new set of 10 “Case Studies” designed to provide practical guidance to CFP® professionals and their firms in understanding and complying with the new Code of Ethics and Standards of Conduct that became effective October 1, 2019, and will be enforced beginning June 30, 2020.

Updated Case StudiesThe new case studies supplement the 12 case studies released in June. Each case study presents a hypothetical factual circumstance and then asks a question about a CFP® professional’s duty in that circumstance under the Code and Standards. The case study presents the response options, identifies the best response, and then discusses the rationale for why that response is the best and why the other response options are not the best.

Topics addressed in the 10 new case studies include:

  • Duties When Recommending Additional Persons to Provide Financial or Professional Services to a Client
  • The Duty to Disclose and Manage Material Conflicts of Interest Involving Proprietary Products
  • Determining Whether Financial Planning Is Required When an Engagement Expands Over Time
  • When Financial Advice Does Not Require Financial Planning
  • The Delivery of Firm Research Does Not Constitute Financial Advice
  • A CFP® Professional Firm’s Sales-Related Compensation
  • The Fiduciary Duty When a Client Exhibits Signs of Lack of Capacity or Undue Influence
  • Applying the Fiduciary Duty to Client Instructions that Conflict with the Duty of Care
  • Duties When Recommending Another Service Provider
  • The Fiduciary Duty and an A Share Class Recommendation

You can view the case studies and additional resources related to the new Code and Standards on our website at www.CFP.net/Code.

Public Forums on New Code and Standards in Denver, Phoenix, San Diego, Las Vegas, Dec. 3-5

Join CFP Board at a Public Forum focused on educating CFP® professionals, firms, and the public on the new Code of Ethics and Standards of Conduct, which became effective October 1, 2019, and will be enforced beginning June 30, 2020.

Registration is now open for the Public Forums to be held in Denver, Phoenix, San Diego and Las Vegas on December 3-5, 2019.

These events feature:

  • A presentation on the new Code and Standards by a member of CFP Board’s Standards Resource Commission and CFP Board's General Counsel
  • Time for dialogue and questions about the new Code and Standards
  • The opportunity to provide input on the kinds of resources that CFP® professionals and firms would find helpful in their understanding, adoption and compliance with the new Code and Standards
  • Complimentary continental breakfast or refreshments

For those who haven’t been able to attend one of the 25 Public Forums held around the country between September 2018 and December 2019, a recorded Public Forum webinar is available. Learn more >

New Research: Today’s CFP® Professional Has High Career Satisfaction, Recommends CFP® Certification to Colleagues

CFP® professionals are overwhelmingly satisfied with their career choice as a financial planner, saying that the CFP® certification has a positive impact on their career, according to new research released by CFP Board.

The Survey of CFP® Professionals is conducted every two years to ascertain the views of CFP® professionals about their careers, CFP Board and the financial planning profession. The 2019 survey conducted by Fondulas Strategic Research found that:

  • Satisfaction with financial planning careers remains high as 93 percent are satisfied with their career choice;
  • The CFP® certification is valued as 92 percent of those surveyed are satisfied with their decision to pursue the certification;
  • Nearly 9 in 10 CFP® professionals recommend the certification to colleagues; and
  • 78 percent of CFP® professionals say the certification has directly contributed to their success as a personal financial planner, with 66 percent saying it has also had a positive impact on their income.

Read more >

CFP Board Candidate Forum Receives Higher Logic AwardCFP Board Candidate Forum Receives "Most Successful" Award from Higher Logic

Higher Logic recently awarded the CFP Board Candidate Forum an award for "Most Successful Online Community" for its success in using the Higher Logic online community platform. CFP Board launched this online community in September 2016 to support candidates pursuing CFP® certification, providing a place for them to engage, provide guidance and share personal experiences while they go through the process of completing the CFP® certification requirements. Higher Logic recognized the CFP Board Candidate Forum among its 3,000 community clients for its consistently strong metrics for logins, contributors and discussion activity. Individuals pursuing CFP® certification can join the community at candidateforum.CFP.net.

CFP® Examination Update

The most recent administration of the CFP® Certification Examination took place during a testing window of November 5-12, 2019. Official results will be released to exam takers approximately four weeks following the close of the testing window.

The first exam administration of 2020 will take place March 10-17, 2019, and early registration will open on November 14, 2019. 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

  • 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 Actions

CFP Board recently announced public disciplinary actions against 11 individuals. Public disciplinary actions taken by CFP Board, in order of decreasing severity, include permanent revocation of an individual's right to use the CFP® certification marks, suspension of the right to use the CFP® certification marks for up to five years, and letters of admonition. Read more >

  CFP Board Center for Financial Planning  
  Updates from the Center for Financial Planning:
  • CFP Board Appoints D.A. Abrams, CAE to lead the CFP Board Center for Financial Planning CFP Board has named D.A. Abrams, CAE—a seasoned not-for-profit leader with special expertise in diversity and inclusion and workplace development programs—as the new managing director of the Center for Financial Planning. In this position, Abrams will provide the leadership and vision for the Center as it seeks to increase the diversity, inclusion and sustainability of the financial planning profession. He is a member of CFP Board’s executive leadership team reporting to Chief Executive Officer Kevin R. Keller, CAE. Abrams began on November 4, 2019. Read more >
  • Center Hosts Successful Diversity Summit in Washington, DC, November 13: The Center recently held a successful second Diversity Summit focused on advancing diversity and inclusion in our profession. Building upon the success of last year’s inaugural Diversity Summit, featured in this video, this year’s Diversity Summit convened with a focus on Accountability – highlighting the leadership of firms, academic institutions and partner organizations to create a more diverse profession. The 380 attendees, reflecting increased attendance from last year, displayed strong enthusiasm for the program, with its robust lineup of speakers. The Center is grateful to Merrill Lynch and JP Morgan Chase for serving as Signature Sponsors of the Diversity Summit, and Fiserv and Prudential as Major Sponsors. The Summit was also made possible with support from the Center’s Lead Founding Sponsor TD Ameritrade Institutional and Founding Sponsors Northwestern Mutual and the Charles Schwab Foundation, in partnership with Schwab Advisor Services. Learn more >
  • New Report Explores How Workforce Diversity and Inclusion Accelerate Business Success in Financial Services: Why Diversity Matters Report
    At the Center’s recent Diversity Summit, the Center released Why Diversity Matters: How Workforce Diversity and Inclusion Accelerate Business Success in Financial Services, a literature review that outlines why a diverse workforce is critical for both the financial planning profession and financial services firms. Through data compiled from a variety of research studies, the report shows that diversity leads to stronger sales revenue, customer growth, greater market share and higher profit levels.
    The report also identifies four data-supported explanations for how diversity leads to stronger overall financial performance:
    • Diverse organizations better serve diverse customers;
    • Diverse organizations can recruit better talent as they are more attractive to potential employees;
    • Diverse organizations are better at retaining talent given that employees in diverse companies are more satisfied and employee turnover is lower;
    • Diverse organizations are more creative and innovative because of the diverse environment.
    Download the Report >
  • Early Bird Registration for 2020 Academic Research Colloquium Ends Dec. 1: The fourth annual Colloquium, to be held February 20-22, 2020, in Arlington, VA, is convening leading scholars and researchers to showcase the latest research within financial planning and related disciplines. The 2020 Colloquium will once again feature several sessions designed specifically for practicing CFP® professionals, eligible for CE credit. These sessions will explore the implications of research on financial planning practice, and will be led by an illustrious team of Scholar-Practitioners who have extensive financial planning practice experience and can apply that to relevant, impactful research. CE credits for these select sessions will be administered by the Financial Planning Association. Click here to register and reserve a discounted hotel room, and to view the list of accepted research papers and posters that will be presented.
  • Firms Now Accepting Re-entry Interns: 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. Firms are currently seeking candidates for the following open positions:
    Additional positions will be posted on the FPRI webpage as they become available.
  • 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 >

Upcoming Events


  • 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.

Find the Perfect Holiday Gift in the CFP Board Online Store

CFP Board offers a range of products – including mugs, notebooks, pins, 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! Through January 7, 2020, use code 2019CFPWINTER20 for 10% off your purchase!

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