Members of America’s Certified Financial Planning Board (CFP) may soon find themselves out in the cold, following the board’s decision to cut one-third of its current board seats within the next few years.
According to a report in Financial Planning Magazine in the US, CFP Board chair Patricia Houlihan says the trimming of its 19 member seats to 13 will ensure the board is more efficient and cost effective.
The report says at the end of 2001, three seats occupied by subsidiary board committees, including Houlihan’s seat, will be phased out. A nominating committee has been created to determine whether elections will be held for the three board terms expiring in 2002.
Houlihan says CFP licensees will claim at least seven of the 13 remaining seats. She also says the board eventually wants to add more consumer representatives, but no goal or time frame has been set.
The board budgets about $97,000 a year to gather the 19 members at its three board meetings. It expects to fill its vacant position for chief executive/president later this year.
