After more than a month of mounting troubles surrounding its definition of fee-only planners, the CFP Board cracked down on long-standing misuse of the term, prompting calls for the board to revisit and possibly rescind past disciplinary actions.
The crackdown ultimately affected more than 20,000 wirehouse advisors after the two largest wirehouses, Morgan Stanley and Merrill Lynch, backed up the board by instructing their advisors not to call themselves fee-only. It also led to questions about the integrity of the board's "Let's Make a Plan" advertising campaign, which drove consumers to a website where advisors were misrepresenting themselves.
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