The CFP Board has proposed sweeping changes to its ethics rules and standards of conduct, seen by some experts as a revolutionary tightening of its fiduciary requirements. But some fret the board is bowing to major firms in a bid to grow its base.

The proposal is "a huge step in the right direction," says former CFP Board Chairwoman Patti Houlihan, whose thinking contrasts sharply with that of industry consultant and CFP Timothy Welsh. "This is a double standard they are promoting here," he says.

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