Storm brewing over CFP in the US
US financial planners are locked in battle with the Certified Financial Planning (CFP) board of standards over changes to the CFP designation.
US financial planners are locked in battle with the Certified Financial Planning (CFP) board of standards over changes to the CFP designation.
The board recently introduced a CFP Associate mark and have since weathered a storm from financial planners and sections of some of the more powerful industry associations.
The CFP board has suspended any decisions on changes to the designation in the wake of the fiery debate.
CFP board president Bob Goss admits the board's consultation process has been faulty.
"Our decision making process, which did not include the views of the entire CFP licensee community, was wrong," he says.
The backdown has been well received by US financial planners who are concerned the CFP Associate mark will water down the effectiveness of the whole CFP designation.
The introduction of the Associate mark was part of a package of changes by the board and also includes the introduction of an accredited firm designation and accredited training and financial services programs to be used in planning businesses.
Financial Planning Association (FPA) chairman Wes McMaster says the FPA is monitoring the discussion and response in the US closely.
McMaster says the FPA will consider feedback and comment from members in deciding whether the new initiatives are appropriate for the Australian environment. "At this stage the board has not considered these issues," McMaster says.
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