Alternative to CFP?
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.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
