$600,000 Legal Tab in CFP Board Lawsuit?

The CFP Board says it has logged more than 2,000 hours of legal work through April 7 -- racking up what one outside expert estimates is at least a $600,000 bill -- responding to a lawsuit by two Florida planners.

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Comments (3)
Final the CFP board is being questioned. For years they carried out there on way of doing things. Good old boys.
No one is above the law of what is fair. Im on longer interested in working with these folks. Blessings and join some other org
Posted by Daniel B | Saturday, April 26 2014 at 1:15PM ET
I am upset by the fact that my dues are being used to fund this garbage. I think the CFP board needs to speak with their financial planner about the practicality of this fiasco.
Posted by Helen S | Saturday, May 03 2014 at 9:00AM ET
Knowing the planners involved in the case, I applaud the Board for going to great lengths to maintain the integrity of their position. The planners have had issues before and are trying to deflect poor internal controls. While I think the Board may be going to far on the fiduciary issue, the issue of practitioners skirting the "fee only" standard needs to be looked at closely. Too many "fee only" planners are creating affiliated companies for commission based products. It is misleading the public, creates an inherent conflict of interest, and in some cases bypasses suitability.
Posted by ANDREW L | Thursday, May 22 2014 at 12:37PM ET
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