CFP Board

[ktmorgan]

The CFP Board is an insular, power hungry, some would say "corrupt," group to be very leery of.

I'm due to sit for the exam in Nov '17. I've tried to ignore it for years. But now I'm doing it because it's almost become the bare minimum standard to conduct business within some circles, regretfully so. I have no disclosures, a clean U-4, a high FICO and no BK's but I'm still fairly afraid of signing on to carry their mark due to such broad, wide-sweeping and (intentionally) poorly defined rules of conduct.

 

[DHK]

Okay... get this:

https://www.financial-planning.com/news/cfp-serving-15-year-sentence-after-manslaughter-conviction

A CFP has been convicted of manslaughter in the first known case of its kind, according to the CFP Board.

[...]

In light of the conviction, the CFP Board said it has temporarily revoked Sam Ho's right to use her certification. The statement came as part of a routine announcement of disciplinary actions last week. It may permanently bar her use of the designation, pending the outcome of its own investigation, the board said.

Can you imagine the hubris you have to have to believe that you have to conduct your own investigation regarding a manslaughter charge and conviction???

Either the CFP board regulates "the public good" of their CFP designees, or they don't.

 

[pfg1]

Okay... get this:

https://www.financial-planning.com/news/cfp-serving-15-year-sentence-after-manslaughter-conviction



Can you imagine the hubris you have to have to believe that you have to conduct your own investigation regarding a manslaughter charge and conviction???

Either the CFP board regulates "the public good" of their CFP designees, or they don't.

Well that is interesting....

 

[ktmorgan]

They absolutely do not. They're history suggest that regulate whatever happens to be in the best interest of the Board. They do so all the while feigning interest in the preeminence of the "public good."

I spoke to an Estate Planning attorney recently who said that "99% of those who carry the CFP mark have never read the agreement under which they operate." He went on to say "I certainly wouldn't do it."

Scary.

Unfortunately they done such a good job in marketing and PR that they managed to raise the perception of the CFP® mark to that of something that is essentially the minimum basic standard of competence in the minds of the public.

This of course is not true. But all of their member's dues that they've spent on PR has worked...sometime to the detriment of their own constituents.


Either the CFP board regulates "the public good" of their CFP designees, or they don't.[/QUOTE]

 

[DHK]

There is a kind of 'CFP brain-washing' program going on out there.

There are some interesting comments on this blog post here:
https://www.kitces.com/blog/ranking-top-cfp-programs-education-vs-pedigree/#disqus_thread

(First, it doesn't matter where you go to school to get your CFP education - only the one that fits your learning style, budget, and success in passing.)

Here's the comment:

What about this? I've been in the industry as an FA for 15 years. I've been a fee-only planner with an AIF credential for 6 years. I am in solo practice as an IAR with an independent RIA. Why would I consider getting a CFP. Is the referral database from the CFP board worth $5,000 and a year of my life?

Here's the reply by "millenialing":

Richard, I'm sure the AIF designation is important, especially in this day and age where having a fiduciary standard really matters, but as Kitces has stated in the past "fiduciary intent alone is not enough." All advisors/planners must have competency and the CFP mark is increasingly becoming that minimum standard to measure competency. Just like passing the state bar or the U.S. Medical Licensing Exam is important for lawyers and doctors to display their competency. The main impetus for pursuing the CFP should be to attain the highest level of education standards in the industry, not to gain access to the "referral database" from the CFP Board.

Now, I had deleted my disqus account, so my comment to "millenialing" was also deleted, but this guy who was completely 'wet behind the ears' was insinuating that this practitioner of 15 years didn't measure up. The fact is, I bet that guy had FAR more real world experience and helped clients in far more ways than "millenialing" thought possible.

It's as though CFP holders (not all, and probably not even most, but there is this subliminal under-current of thought) that they feel that they alone are "religiously ordained" to do financial planning... and everyone else without a CFP is guilty of "financial advisory priest craft" (imitating religious authority without having any).

Yes, I believe that the CFP basic educational requirements are a good minimum standard for competency... but their overbearing and egotistical "holier than thou" complex... no thanks.