BOSTON -- The Financial Planning Association's board of directors chose a new president-elect and three new board members, as it continues its support for the Labor Dept.'s proposed fiduciary rule, with certain changes.
Shannon Pike, a senior financial advisor at Asset Management Advisors in Houston, was chosen on Friday as the board's president-elect, and will take office on January 1, 2016. He will succeed Pamela Sandy, who is set to become the president of the overall association.
Pike has served as a board member with FPA Houston for six years as well as served on several task forces including the Leadership Advisory Council. He earned his CFP in 2002.
The election comes as the FPA is engaged with the debate surrounding the fiduciary rule proposal made by the Department of Labor. The FPA has generally been in favor of a fiduciary standard, advocating in part though the Financial Planning Coalition, which includes the CFP Board and NAPFA.
"We think this goes a long way to protecting the client," FPA President Edward Gjertsen says.
A second comment period on the proposed rule, which affects advisors providing certain kinds of retirement advice, ended on Friday. The Labor Department is currently considering what changes to make to the proposed rules.
CHANGES SOUGHT FOR LABOR'S PROPOSED FIDUCIARY RULE
FPA leaders say that while they are generally supportive, there are a few changes that they would like to see.
"We think some of the parts about compliance are onerous and we have suggested ways they could be simplified, and thereby help both the advisor and the client understand them better," says Karen Nystrom, director of advocacy at the association.
But, there's an added benefit to the FPA's support of the Labor Department's effects, Nystrom says.
"Part of the strategy of embracing the DOL rule making is that if you are embracing and then come in for a friendly conversation, you'll get a better reception and conversation," she says.
At the same time, the SEC is considering creating its own broader fiduciary standard.
"There's a lot going on in a landscape where there wasn't a lot going on for a long time," Nystrom says.
The FPA has also made efforts to keep it's chapters and national leadership in greater sync.
"Over the years FPA hasn't always had a clear message about who we are," says Chair Janet Stanzak, who adds that the organization has since turned this around.
"We are really working very hard to make sure that all our chapters know we are the home of the CFP professional," Stanzak says.
The Financial Planning Association's new board members include John Power, Michael Shockley and Todd Stanard. The board, which will be comprised of 15 members in 2016, sets the strategic direction for the association.
Power is principal of Power Plans in Walpole, Mass. He is a former U.S. Army officer and currently serves as the chair of the FPA Pro Bono Advisory Committee.
Shockley is managing director of RGT Capital Management. The Irvine, Calif.-based Shockley was an attorney before becoming an advisor, according to the FPA. He served as president of the FPA Orange County chapter.
Stanard is managing principal and financial planner with Lincoln Financial Advisors in Paramus, N.J. He currently serves on the OneFPA Advisory Group.
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