After a
The CFP Board is hosting a
The Goldfarb sanction was tied to his compensation disclosure on the FPA website, where he selected first "fee-only and later salary, despite his affiliation with a broker dealer.
The board's ad hoc Disciplinary and Ethics Commission concluded that because the RIA and broker-dealer [in which Goldfarb had an ownership stake] received or were entitled to receive compensation such as commissions and 12b-1 fees ... Goldfarb misrepresented his compensation model. Goldfarb resigned his position with the board as a result of the controversy.
IDENTIFYING 'PITFALLS'
The board says the webinar will tell participants "how to interpret CFP Boards current compensation definitions, identify potential pitfalls and common mistakes by CFP professionals and [discuss] gray areas in how CFP professionals describe their compensation to consumers."
The panel is slated to be hosted by Rex Staples, director of investigations at the board, and will also feature Philip Fazio, a member of the boards ad hoc disciplinary and ethics commission, Michael Shaw, managing director of professional standards and legal for the board, and Adam Zajac, adjudicatory counsel. The board declined to make available for an interview any of the four instructors.
The title of [the webinar] pretty much caught me, says a broker in the Midwest who would identify himself only as "Andrew P" and who said he plans to attend. It feels like the board is on a mission to prosecute people and make examples of them. Why else would you put something out about how not to make us angry at them?
He and multiple other planners who decline to be named say they fear reprisals from the board for speaking out about this and other issues.
One former volunteer with the boards disciplinary committee --
Read more:
CFP Board Sanction Shows New Risks for Advisors Did CFP Board Overreact With Goldfarb Sanctions? Goldfarb Expects CFP Board Sanction Next Week
