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. It’s a violation of the board’s rules, which forbid advisors from using the descriptor if they are associated with any “related parties” that take commissions, including employers.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access