Three major financial planning organizations announced today they are exploring a unified approach to addressing issues in the sights of congressmen planning legislation reforming the financial services industry.

Leadership of the Certified Financial Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors are conducting a review of regulatory gaps in the delivery of advice to consumers and issues regarding appropriate standards of conduct for the financial planning profession. Financial planning is currently regulated indirectly through licenses held by investment advisors, securities brokers and insurance producers or consultants, but is not regulated as a profession.

 "We are very pleased to have opened positive lines of communications within the financial planning community to discuss an issue that is so critical to consumer protection," the consortium said in a joint statement today. "As a component of regulatory reform, we anticipate that, at some point in the near future, Congress will consider enhanced protections for consumers of financial services."
 
In the coming months, the three organizations will seek feedback from planners on the regulation of their profession. They will also contact organizations that share their belief that high ethical standards and qualifications for advisory services are more necessary than ever.