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CFP Board

September 5, 2013

In This Issue:

Richard P. Rojeck, CFP® Elected 2014 Chair-Elect

CFP Board’s Board of Directors has elected has elected Richard P. Rojeck, CFP® – a long-time leader in the financial planning profession – to serve as its 2014 Chair-elect. Rojeck will lead the Board in upholding the organization’s mission to serve the public by granting and upholding the standard of excellence for financial planning and fulfill its vision that the public benefits from financial planning delivered by professionals who adhere to a fiduciary standard.

“Financial Planning is a growing and thriving profession,” said Rojeck. “The CFP® certification serves as the cornerstone for the profession. The public will ultimately be best served by an established financial planning profession with the competence, ethics and fiduciary standards embodied in the CFP® marks. Along with my colleagues on the Board, I will remain focused on building the body of knowledge, maintaining robust certification and ethics enforcement and growing the ranks of CFP® professionals to serve the public.”

Rojeck is currently a Managing Director with Sagemark Consulting/Lincoln Financial Advisors. Prior to launching a financial planning practice in 1980, Rich served six years as an officer in the U.S. Navy.

The Board of Directors elected Rojeck at its July 10-12 meeting. He will begin his duties as Chair-elect on January 1, 2014, when Ray Ferrara, CFP® begins his term as 2014 Chair.

“We are thrilled to have Rich assume this prestigious leadership position,” said current Board of Directors Chair Nancy Kistner, CFP®. “Rich’s passion for the profession and his work in bringing in a new generation of CFP® professionals will help guide CFP Board to new heights. He will certainly bring a world of experience, talent and expertise to our Board and the organization.”

In addition to his professional career, Rojeck has previously served as a volunteer with many organizations. Serving on the national board of the International Association for Financial Planning from 1993 to 1999, Rojeck was the non-profit organization’s President and Chairman.

During his tenure, Rojeck laid the groundwork for the creation of what is now known as the Financial Planning Association, which he has been a member of ever since its founding. Additionally, Rojeck serves on the gift planning advisory boards of the University of California, San Diego and the San Diego foundation.

Rojeck received his B.S. degree in Business Administration from Oregon State University and an MBA from San Diego State University. He and his wife, Joji, have three children and live in San Diego, California.

CFP® Certification Examination Update

Results from the July 2013 CFP® Exam were released to examinees on August 22, 2013. The pass rate for this administration of the exam was 63.9%, with 905 individuals receiving a passing score. View historical exam statistics at www.CFP.net/exam-statistics.

The next CFP® Exam will be held November 15-16, 2013. Encourage your qualified colleagues to register online by the registration deadline of October 8, 2103 at www.CFP.net/exam.

Financial Planning Educators Gather for CFP Board’s Registered Program Conference

Financial planning educators from across the country gathered at the 2013 CFP Board Registered Program Conference in Washington, D.C. on August 8-9, 2013, to exchange ideas and resources for preparing students for successful financial planning careers. The annual conference provides financial planning education faculty and program directors with a forum for sharing best practices and key research.

CFP Board partners with 340 programs (at 213 institutions) that are registered to provide a financial planning curriculum that meets the education coursework requirement for CFP® certification. “More and more higher learning institutions are making financial planning education a key part of their course offerings, and curricula are evolving to prepare future financial planners to meet the growing needs of clients,” said Dr. Charles Chaffin, CFP Board’s Director of Academic Programs and Initiatives.

The theme of this year’s conference was “Pathway to CFP® Certification: Building Theory, Enriching Practice.” The speaker lineup included two dozen educators from higher institutions from around the country, representing a variety of online and classroom-based certificate, baccalaureate, master’s, and doctoral programs. They presented on numerous financial planning subject areas and discussed ways to engage students within the classroom and in online learning platforms, ways to facilitate students’ pathway towards CFP® certification, and ways educators, the education standard, and practitioners can work together to further the discipline of financial planning.

In the opening session, Dr. Chaffin reported on the year’s progress and use of learning objectives by programs in developing and delivering curriculum to meet initial certification requirements. He highlighted the need for all CFP Board-Registered Programs to reflect on the important role they play with inducting individuals into the financial planning profession, and challenged them to encourage their students and graduates to continue on the path to CFP® certification.

During his presentation, Dr. Chaffin announced a new partnership CFP Board has established with the University of Illinois to develop a massive open online course (“MOOC”) focused on financial planning and financial literacy, which is expected to launch in 2014. This type of publicly-available online course format is increasingly being offered by colleges and universities, with some courses drawing more than 100,000 students, depending on the discipline being studied. “We're excited about the possibilities,” Dr. Chaffin said. “This MOOC can open a lot of people's eyes into what a CFP® professional does and bring them into this profession.”

Another session reported the results of research conducted by Dr. Tom Warschauer, CFP®, of San Diego State University, and Dr. Chaffin. The study tracked student outcomes from three CFP Board-registered degree programs and explored whether their outcomes included achieving CFP® certification and career opportunities.

Attendees were also energized by keynote sessions by Michael Greene, CFP®, member of CFP Board’s Board of Directors, on preparing financial planning students for a career in today’s environment, and a session by CFP Board’s CEO, Kevin R. Keller, CAE, that discussed the importance of CFP Board’s partnership with financial planning education programs. “Financial planning is increasingly a career in demand, making the need for top-notch financial planning education all the more important,” said Keller.

The conference also offered a research poster session for doctoral students to showcase their research exploring areas related to the personal financial planning profession.

Summaries of the conference presentations and research posters are available on the conference site.

New Compensation Disclosure Compliance Resources for CFP® Professionals

On August 7, 2013, CFP Board released a new Notice to CFP® Professionals on the importance of accurate compensation disclosures. The Notice provides an important reminder that CFP® professionals are required to disclose to clients and prospective clients information concerning the CFP® professional’s compensation. A copy of the Notice was mailed to all CFP® professionals and is available for review on CFP Board’s website.

View the Notice to CFP® Professionals > (PDF)

The new Notice was discussed during CFP Board’s August 7, 2013, webinar, “How to Avoid Misleading Compensation Disclosures.” If you missed the webinar, or want to listen again to the important reminder on the compensation disclosure requirements of CFP Board’s Standards of Professional Conduct, a recording is now available for on-demand viewing.

CFP Board also recently released a new Disclosure Guide to assist CFP® professionals in maintaining compliance with CFP Board’s requirements. The new guide explains what, when, and how to make the disclosures to clients and prospective clients required by CFP Board’s Standards of Professional Conduct, for both financial planning engagements and other engagements. Printed copies can be ordered through CFP® professionals’ online accounts, and an electronic version is available for download.

Download the Disclosure Guide online > (PDF)
Order copies of the Disclosure Guide from your online CFP Board account >

Public Awareness Campaign: HGTV and National Geographic Vignettes

CFP Board's Public Awareness Campaign includes a distinctive 30-second TV advertisement that has aired on national cable networks such as CNN, MSNBC, ESPN and Travel Channel. Supplementing this TV ad, HGTV and National Geographic created custom vignettes that have been broadcast immediately before CFP Board’s TV ad, and which reinforce the campaign’s messages on the importance of bringing one’s finances together with the help of a CFP® professional.

HGTV’s sponsored vignette features a kitchen designer who talks about how she works with her clients by taking all aspects of their project into consideration. "I'm an expert in my field, so I look for an expert in financial planning," says Christy, a professional designer and shop owner. "I'm glad that my financial planner is certified."

  HGTV Vignette Image
National Geographic Vignette Image  

National Geographic’s vignette features one of their marine photographers, Brian Skerry, talking about the importance of planning for an underwater photoshoot. "Planning for every possibility and looking at the whole picture helps make amazing things possible,” he says. "By managing my risk above water, I can achieve my goals under water."

View the vignette videos in CFP Board’s Public Awareness Campaign toolkit, which is full of other resources – including customizable advertisements, artwork for the CFP® marks and more – that CFP® professionals can use to help extend the reach of the campaign in their local communities.

“Let’s Talk Planning” Blog: Defending Ourselves from Financial Abuse

CFP Board's Consumer Guide to Financial Self-Defense

A recent blog post by CFP Board’s Consumer Advocate focuses on “Defending Ourselves Against Financial Abuse,” reminding people of the importance of knowing whether the experts we choose to work with are competent and trustworthy. “Trust, but verify,” suggests Eleanor Blayney, CFP®.

The blog post highlighted the publication of the second edition of CFP Board’s Consumer Guide to Financial Self-Defense, which educates consumers about how to identify a qualified financial advisor and provides tips to avoid "red flags" that may signal an unqualified financial advisor. The new edition includes updated facts and figures on the prevalence and impacts of financial abuse, but the same solid guidance on how to identify and avoid it. The Guide has been widely recognized as an important consumer tool, and is included in the Consumer Information Catalog, distributed by the U.S. General Services Administration.

CFP® professionals and others interested in sharing the Guide with their contacts can request copies free of charge from the GSA’s Federal Citizen Information Center. (On the publication order form, search for publication 580W under the “Investing & Saving” heading.)

Other recent blog posts have addressed:

  • Financial Planning for Retirees with No Savings
  • Let's Talk Obamacare - Part 2: ACA’s Impact on Small Businesses and the Self-Employed
  • Claiming Social Security Benefits: Think Before You Point and Click
  • Financial Planning for College Students
  • How to Get Rich in Financial Confidence
  • Examining Financial “Rules” of Thumb

Visit the blog for timely topics you can share or discuss with your clients and potential clients. Subscribe to the blog to receive notifications when new posts are added.

Show Off Your Marks!

CFP Board's 

Online StoreVisit www.CFPBoardStore.com to purchase items featuring the CFP® mark, including:

  • Apparel
  • Pen sets
  • Travel Cups
  • Golf Accessories

 Upcoming CFP Board Events 

2013 marks the fourth year of Financial Planning Days, a national initiative that unites the collective resources of the financial planning community and city governments nationwide to deliver free, no-strings-attached financial advice and education to the public through a series of events in 20 cities around the country. To learn more about events near you, including opportunities for CFP® professionals to get involved, visit www.FinancialPlanningDays.org.

CFP Board in the News

CFP Board and the CFP® certification have been featured prominently by national media in recent weeks.

  • CNNMoney’s story, “4 Questions to Ask a Money Manager” featured CFP Board’s Consumer Advocate, Eleanor Blayney, CFP® urging consumers to ask whether their stock market investment strategy is focused on their individual goals and circumstances, or based on the same basic market strategy or philosophy used for all of their clients.
  • Consumer Reports magazine reported on reverse mortgage fraud and other scams targeting seniors, concluding with a warning about the alphabet soup of financial designations, and highlighting the professional experience held by those with CFP® certification.
  • The Washington Post’s Michele Singletary addressed a reader’s question about how to find financial planning resources for same-sex couples by directing him to the “Find a CFP® Professional” search tool on CFP Board’s websites.

Read these and other notable media references to CFP Board and the CFP® certification >


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Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements.