At the same time the CFP Board is contending with controversy over its decision to punish three of its former volunteers for compensation disclosure violations, it is allowing hundreds of similar transgressions to go unaddressed on its own website.
There are 486 advisors at the four wirehouses and possibly hundreds more at smaller banks and at insurance companies who hold CFPs and describe themselves as fee-only in their public profiles on the CFP Board website. Its a violation of the boards rules, which forbid advisors from using the descriptor if they are associated with any related parties that take commissions, including employers.
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