CFP Board Aims to Fix Its Fee-Only 'Mistake'

Saying "We made a mistake," the CFP Board announced two initiatives on Wednesday aimed at resolving advisors' incorrect fee-only disclosures on its website.

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Comments (4)
Mr Ferrara is a good example why licensees should have the ability to elect their leadership, like they did in the good old days.

Now the CFPBOS says that they do not audit or examine, and yet you have some voice in the background of the banal commercials assuring the public that the CFPBOS thoroughly vets the people who pay the licensing fee.

Furthermore, the apparent allusion to the Camarda case seems to miss a point - it is now about an organization that has strayed from whatever rules that they had and follow a whimsical and capricious approach. If I recall, over a third of licensees feel that the board is damaging the value of the mark - and it is no wonder- when you have leadership that thinks the way that Mr Ferrara does.
Posted by Consumer A | Thursday, May 22 2014 at 12:35PM ET
Posted by Charles S | Thursday, May 22 2014 at 5:21PM ET
If there is full disclosure of how you may directly or indirectly be compensated by other than fees what is the problem?

Even some of those that fostered the precursor to the CFP Board realized that they had created a monster!!!

posted by: Not a fan of the CFP Board
Posted by kathleen p | Saturday, May 24 2014 at 2:52PM ET
I, too, have renounced my CFP designation rather than buckle to the "fee only" inquisition by the CFP Board. In my case, I merged with another RIA where the founder, not a CFP, discloses in their FORM ADV that the firm has an affiliation with the founder's former life insurance agency. I have never done any business with, much less have never been paid by this affiliated entity. Yet the existence of the relationship has been deemed sufficient by the Board to threaten revocation of my certification. If I wished to have a hearing on the matter, I would be required to pay a $1500 fee upfront just to make my case in front of a panel which obviously has already found me guilty. This whole thing is pure theater of the absurd! A cabal of Lawyers are on the verge of destroying our professional designation.

J Browne (former CFP(r)) Jacksonville Beach, Florida
Posted by Joseph B | Thursday, October 09 2014 at 1:50PM ET
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