CFP members resign in protest

Five of the nine board members on the Certified Financial Planner Board of Standards Inc.’s Discipline and Ethics Commission resigned in protest early Saturday evening after they were informed that chief executive Kevin Keller could select members of the commission and its chairperson, according to a report in Financial Advisor Magazine.
Those resigning were co-chairs Harv Ames and Diana Simpson, chair-elect Barry Kohler, and James Williams and Grace Worley, according to the report.
Under the new plan Mr. Keller can select members of the commission, as well as the chair and volunteers.
“His representative can now participate in the formerly-closed ratification process – the sessions that decide what, if any, action should be taken against respondents,” Ms. Worley is quoted as saying.
“The CEO of the CFP board has given staff unfettered control of the DEC process,” Mr. Ames reportedly said.
The CFP Board gave Mr. Keller oversight of the commission because being CEO is his full-time job, CFP Board chair-elect Marilyn Capelli Dimitoff said in the story.
The decision will not disrupt the disciplinary process, she said. “The process will be fair and the public will be well-served,” she said.

Related Topics: Certified Financial Planner Board Of Standards Inc. (CFP Board)