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Old 04-27-2015, 04:22 PM   #1
DHK
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CFP Board CFP Board is Out of Control!
CFP Board Takes Action Against 23 Advisors | IAG Breaking News

Alleging an array of unethical practices, the CFP Board has censured almost two dozen advisors across the country, permanently revoking the CFP marks for three of them.

Another 13 were suspended and seven were publicly admonished for technical infractions.

The three advisors whose designations were revoked are as follows; none of the three returned phone calls seeking comment.

Joseph M. Browne with Summit Wealth Partners in Jacksonville Beach, Fla. Browne misrepresented his compensation method on the CFP Board's "Find a CFP Professional" search tool, the CFP Board said. According to FINRA Broker Check records, Browne had one customer dispute filed against him regarding fee disclosure, which he settled for $10,500 in September 2000.

[1. "Compensation method on its site caused a permanent revokation??? 2. It took the CFP Board 15 years to figure out this FINRA disclosure?]

Michael T. Sullivan with First Allied Securities in Mooresville, N.C. Sullivan's CFP designation was stripped for a number of actions, the organization said, including recommending and selling annuities that were unsuitable. Sullivan, last based in Mooresville, N.C., did not return a call for comment.

[Here we go again.]

Michael A. Zolondek, who last was employed by Princor Financial Services in Mauston, Wis. According to the CFP, Zolondek was permanently barred by FINRA helping approximately 300 Farmers Financial Solutions employees cheat on Life Underwriter Training Course exams, among several other infractions.

[Okay... that's just funny. LUTCF courses are NOT that hard... so his CFP is revoked because he helped 300 people cheat on their designation exam? It also says something about the quality of the employees that Farmer's hired.]


The suspensions look worse than the revokations.

I suppose if you look at the CFP board in the wrong way, they'll revoke your designation for that too. Ugh!
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Last edited by DHK; 06-09-2016 at 07:21 PM.
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Old 04-27-2015, 04:29 PM   #2
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CFP Board Re: CFP Board is Out of Control
The third one I get. That is clearly unethical if not illegal behavior.

The first one, did he job CFP before or after this happened and how is something 15 years ago related to how he discloses his current compensation?

The second one, who says they are unsuitable? It doesn't mention any action from a regulator.

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Old 04-28-2015, 07:24 AM   #3
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CFP Board Re: CFP Board is Out of Control
Originally Posted by VolAgent View Post
The third one I get. That is clearly unethical if not illegal behavior.

The first one, did he job CFP before or after this happened and how is something 15 years ago related to how he discloses his current compensation?

The second one, who says they are unsuitable? It doesn't mention any action from a regulator.
I agree, the 3rd is a very reasonable response. The first one seems crazy. Very crazy. Seems there would be some statute of limitations for bullsh1t issues, I mean 15 years?!?!

As far as unsuitable annuities go, I'd need to know more to make an informed comment but with the amount of people I see with their money in terrible annuities that don't fit their objectives or needs at all I'm inclined to think that they have valid reasons for stripping his designation.
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Old 04-28-2015, 08:15 AM   #4
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CFP Board Re: CFP Board is Out of Control
CFP is a joke as far as I am concerned. They got too big for their britches.

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Old 04-28-2015, 08:38 AM   #5
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CFP Board Re: CFP Board is Out of Control
I looked at their classes at one time. Seemed to me a lot of it just doesn't apply to the average middle class American.
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Old 04-28-2015, 10:46 AM   #6
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CFP Board Re: CFP Board is Out of Control DHK is the thread starter for: CFP Board

I still think the education is very important. I have the ChFC and it incorporates all of the CFP curriculum. It's been VERY beneficial. At a minimum, at least I've been exposed to the various aspects and can look them up with current resources as needed.

But the CFP board... well, I don't need an SRO to send a press release when they decide to discipline someone AFTER regulators have already done their job. Just revoke it and keep it a personal matter. You don't have to tell the world.

Oh wait. Yes they do... if they want to be seen as the SRO for the "financial planning industry". It's all a way to show that they can be effective at "regulating their own".
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Old 04-28-2015, 10:53 AM   #7
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Originally Posted by xrac View Post
CFP is a joke as far as I am concerned. They got too big for their britches.
Amen.... A joke that I have continued to celebrate through my posting name.

as some of you already know, I have not carried the CFP designation in over 8 years.... I dropped it about the same time I quit paying for MDRT. as a new captive agent in the mutual insurance world I obtained CFP and MDRT because I was told it was the right thing to do... Eventually I figured out for myself that neither of them mean s***

So kind of like moonlight&margaritas avatar, I use my posting name as an inside joke.... I believe strongly that most cfps are coward planners that look down their nose at insurance and don't have enough calcium in their spine to have a tough conversation.

As an organization, this group is spending tons of money in order to set themselves apart in the planning community. I believe that 95% of clients could care less, they want people to make them feel important, return their calls, and someone they can look in the eye and trust

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RIA/passionately independent/staunch free market capitalist/dropped CFP (can I change my screen-name please?)

Last edited by CFP83; 05-01-2015 at 08:32 PM.
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Old 04-28-2015, 11:00 AM   #8
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CFP Board Re: CFP Board is Out of Control
I like how Rick at Topgunproducers described the designation: C can't F x&?x&?# P produce.

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Old 04-28-2015, 01:13 PM   #9
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CFP Board Re: CFP Board is Out of Control
The revocations were not disciplinary actions for underlying complaints but rather for failing to respond to inquiries. I'm not sure where the 2001 comes from as it is not mentioned in the CFP announcement.
As for the "suspensions looking worse than the revocations" I'm curious what you're referring to as I read them and most were egregious situations and involved consent agreements.
As for the board being overbearing I don't necessarily disagree but feel the marketing that gets done for you annual dues is a worthwhile tradeoff.As for clients not giving a ****, maybe where you live that's true. It carries some weight where I live in CT ( certainly more than the annual dues).
Lastly, as for "can't f'ing produce"- The financial times just listed the 400 most successful producers- guess what about 35% have in common?
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Old 04-28-2015, 01:20 PM   #10
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CFP Board Re: CFP Board is Out of Control
Originally Posted by scottstreet View Post
The revocations were not disciplinary actions for underlying complaints but rather for failing to respond to inquiries. I'm not sure where the 2001 comes from as it is not mentioned in the CFP announcement.
As for the "suspensions looking worse than the revocations" I'm curious what you're referring to as I read them and most were egregious situations and involved consent agreements.
As for the board being overbearing I don't necessarily disagree but feel the marketing that gets done for you annual dues is a worthwhile tradeoff.As for clients not giving a ****, maybe where you live that's true. It carries some weight where I live in CT ( certainly more than the annual dues).
Lastly, as for "can't f'ing produce"- The financial times just listed the 400 most successful producers- guess what about 35% have in common?
Does that chip on your shoulder weigh you down much?

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