The new chairman of the CFP Boards disciplinary and ethics commission is an investment advisor with a background in regulation and asset management.
Matt Murphy, who has assumed the panel's chairmanship for 2014, in an expected move, is the founder and president of Murphy Capital Advisors, an independent financial planning and investment advisory firm in Goodyear, Ariz. His 20-year career also includes experience as a regulator in the commodities and futures industry, however, as well as work in asset management for a large institutional asset manager located in Chicago, according to a board release. Murphy did not return calls requesting comment on his new role.
Murphy began serving the disciplinary commission in 2009, the board said.
The CFP Board also announced three other new volunteer officials: Robert Begin, who is continuing for a second year as chairman of its public policy council; John Grable, the new chairman of its education council; and Trisha Arndt, chairwoman of its examinations council.
Each of these individuals will play a critical role in ensuring we are fulfilling our mission of benefiting the public with CFP professionals who are held to rigorous ethics, education and examination standards, said board CEO Kevin Keller. I am confident that their expertise, leadership and passion for the profession will prove invaluable to CFP Board and its stakeholders this year.
TOUGH TIMING?
The CFP Boards new officials face a tough job, says one former chairman of the boards disciplinary commission.
The routine changing of the guard comes at a time when the CFP Board is facing
I think the current [disciplinary] commissioners are facing additional challenges this year of credibility and consistency, Mora says.
All of the boards commissioners and council members, along with those on its 15-member board of directors, are volunteers.
In late 2012, two members of the disciplinary and ethics commission resigned and were subject to an investigation that culminated in private sanctions by the board. The incident raised concerns that the board was applying its disciplinary process unfairly, making examples of its volunteers
PUBLIC POLICY COUNCIL
The public policy council, which advises the board on policy issues affecting the board, CFP certificants and the public, contains a mix of wirehouse and independent members.
Begin, the returning public policy chairman, is a sales director for BNY Mellons wealth management group for the Rhode Island region, where he is responsible for new business development activities in the region, according to the board announcement of the new roles. Begin has more than 15 years of investment sales experience, working as a private client advisor at Bank of America Private Bank prior to joining BNY Mellon, the release says.
The public policy council also includes Sheryl Garrett, founder of the fee-only Garrett Financial Network, and fiduciary advocate Barbara Roper, director of investor protection for the Consumer Federation of America. Garrett has served on the panel for four years and Roper for one.
Education chairman Grable is a professor at the University of Georgia, where he teaches and conducts research at the graduate and undergraduate level. Grable was the founding editor for the Journal of Personal Finance and is currently the co-editor of the Journal of Financial Therapy, according to the board.
Arndt is the founding advisor of Wealth Strategies, an independent financial services, wealth management and consulting firm in Verona, Wis. She has volunteered on the examinations council since 2011, the board says.
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