Certifications and licensing

Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.

Earning and maintaining certifications requires a significant time investment. So why do advisors go through the trouble?

A former marketing executive at the CFA Institute faces charges of embezzling nearly $5 million to fund extravagant expenses, including luxury travel and a $150,000 engagement ring, according to prosecutors.

The new rules, set to take effect May 23, will allow CFP applicants to forgo a more intensive review process in certain circumstances.

Certified financial planners will pay an additional $120 a year for the CFP designation, starting in October. The CFP board said the fee hike will help fund expanded advertising efforts.

Kevin Keller prides himself on the growing public awareness of the CFP mark while warning that his successor is likely to face increased competition from other groups.

Atop the standard-setting organization since 2007, Kevin Keller has seen its ranks of certification holders nearly double and has overseen work to bring more diversity to the profession.

The many technical skills and professional requirements get most of the attention. But experts say a transition also requires a great deal of time and other capabilities.

The "model rule" for state regulators is meant to help clients distinguish between advisors who earn management fees and brokers who collect transaction-based commissions.

The standard-setting group is mulling increasing continuing education requirements and requiring that CFP aspirants have certain types of financial planning-related experiences, among other changes.