The article “CFP Board chairman resigns amid ethics probe” (Nov. 2) by Mark Schoeff Jr. about the sudden resignation of Alan Goldfarb, chairman of the Certified Financial Planner Board of Standards Inc., amid allegations of ethics rules violations had readers talking not only about the CFP Board situation but about financial planner ethics.
Here is some of what they said:
“It appears to me that Finra, CFP Board, SEC, etc. ... are too busy trying to make our work difficult that it simply takes time away from helping clients and thus we fail in some way that falls outside their approval limits. These organizations need to go after the really bad people and not nitpick.”
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— Interested Investor
“Putting Ron Rhoades in the company of convicted felons is probably actionable. We all lost when he took himself out of his elected position [at the National Association of Personal Financial Advisors]. As for Alan Goldfarb, it seems that he is acting honorably and appropriately. BTW, you all might have noticed the country has gone through some rough times ... Let's hope all of this helps us clarify the complexities of the Code of Ethics.”
— RICHARD_WAGNER
“Interested Investor: Well said and on the mark, in my opinion.”
— Peter_Mazza
“As far as guilt goes, I'll reserve judgment and comment until the results of the process are known. It's unfair to tar and feather anyone on rumor and conjecture.”
— CA Adviser
“Mr. Rhoades said he simply forgot to file some paperwork on time. Oops and sorry. I suspect he was sorry he got caught, and nothing more. As for Mr. Goldfarb and his friends on the ethics commission, how dare you even create the possibility that you've committed an ethics violation?”
— Scc321
“The CFP Board is doing right by enforcing its own, but we should let those who have come under scrutiny have the full benefit of due process before we reach uninformed opinions.”
— Sapience
“These internecine squabbles are just a distraction in illustrating the ethical bankruptcy of the CFP organization. The elephant in the room is allowing wirehouse brokers to market themselves as CFPs when they cannot, by law, hold their clients' best interests first. This sellout made to curry favor and money from the Wall Street elite. What a disgraceful organization.”
— DONALD_RAATZ
“Our approval rating with [the] public is at all-time lows. Anything we or the regulators can do to re-establish our credibility with the public is welcome by me. I have been in business for 20 years, and I am proud of my CFP and other designations, and the work I do for my clients. I do not worry about Finra or the SEC, because I always act with integrity and put my clients' best interests before my own. Let's not go around beating people or organizations up before we have all of the facts.”
— Adam Mosbach
“This is what happens when one elevates himself or herself based on a designation that cannot protect a client from market loss, accurately predict how the market will perform, or accurately predict future tax rates when a client enters the distribution phase. If Wall Street is nothing more than a legalized gambling casino, why do we need designations to sell a scheme that overwhelmingly and historically favors the house? However, if we are going to use designations, why not promote the ChFC designation? The American College says it is "The Most Complete Financial Planning Program.'”
— Advizorr
