A US association is planning another professional designation for financial planners but insists the new mark will not set out to compete with the Certified Financial Planner (CFP) designation.
The National Association of Personal Financial Advisors (NAPFA) says it will unveil the new mark in a few months, continuing to emphasise advisers who knock back commissions and charge fees only.
NAPFA Chairman Gary Schatsky told Financial Planning magazine in the US the association introduced a “Fee-Only” designation three years ago but the term was being misused by some advisers.
“Everyone is calling themselves fee-only,” Schatsky said. “And that wouldn’t be troubling if they were really fee-only.”
Schatsky said NAPFA is small in comparison to the 36,000 CFP licensees and did not want to compete with the CFP.
“It’s in no way intended to demean another designation,” he said.
