Advisers sound off on CFP dues hike
Financial advisers were incensed last week by an InvestmentNews editorial that applauded the Certified Financial Planner Board of Standards Inc.'s plan to launch a $9 million consumer advertising campaign aimed at promoting the financial planning profession and highlighting the CFP designation CFP Board is taking a step in the right direction, Nov. 8
To fund the public-awareness campaign, the CFP Board proposed raising fees by $12 a month for the 62,000 holders of the mark, beginning July 1. Last week, the board of directors of the CFP Board approved the initiative.
Although IN commended the effort — with the hope that it would further legitimize the advice business and serve as a catalyst for more advisers to obtain the certification — many readers found fault. According to an IN survey of 231 financial advisers, 76% said that they don't support the CFP Board's proposal to raise fees to fund an awareness campaign.
Here are some of the most pointed comments we received on our editorial, and the CFP Board's new strategy.