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

"We could have done a better job," acknowledged Ray Ferrara, chairman of the CFP Board of Directors, in a meeting with the editors of Financial Planning. "We were not as proactive as we should have been" in looking at the compensation disclosures on the site, he added.

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