CFP Board's investigation director exits

Staples seeks to get more involved in securities regulation.
SEP 01, 2013
By  DJAMIESON
Rex Staples, director of investigations for the Certified Financial Planner Board of Standards Inc., will be leaving his post Friday. The CFP board is searching for a replacement. Mr. Staples “is leaving to become more involved in complex areas of securities regulation and administration,” CFP Board spokesman Dan Drummond said in a statement. Mr. Staples, who did not return calls seeking comment, joined the organization in April 2012 to take on the newly created role. The board was seen as becoming more active in flexing its enforcement muscles. In an interview last year, Mr. Staples, the former general counsel of the North American Securities Administrators Association Inc. and past enforcement chief for the Washington State Securities Division, said he wanted to see a quicker turnaround of CFP-related cases and fair penalties executed without delay. The issue of fairness has dogged the CFP Board's disciplinary process since November, when Alan Goldfarb, then the board's chairman, resigned after a disciplinary proceeding against him was announced.

Misrepresented fees

In June, the board's disciplinary panel concluded the case by issuing a public letter of admonishment to Mr. Goldfarb, saying he had misrepresented his compensation as “fee-only” because he was also part-owner of a broker-dealer that took commissions. The change raises more questions about the CFP Board's enforcement efforts, “but people move on to new things for lots of reasons,” said Michael Kitces, a partner at Pinnacle Advisory Group Inc. Separately, a long-simmering dispute between an advisory firm and the CFP Board, which appears to have precipitated Mr. Goldfarb's resignation, has come to light. CFP holders Jeffrey Camarda, chairman of Camarda Wealth Advisory Group in Fleming Island, Fla., and his wife, Kimberly Camarda, president of the firm, are suing the CFP Board in federal court over a disciplinary case it brought against them in 2011. The board says that, like Mr. Goldfarb, they improperly used the term “fee-only” to describe their compensation. The Camardas filed a lawsuit in June, asking the court to reverse the case and block the board from issuing a public admonishment. Mr. Goldfarb said the Camarda case sparked the organization to look into the entire board for similar issues regarding compensation disclosures. Two members of the CFP Board's Disciplinary and Ethics Commission also resigned at the same time as Mr. Goldfarb. The Camardas' complaint “is without merit,” Mr. Drummond said.

Latest News

Summit Financial, MassMutual boost advisor appeal with growth-focused tech
Summit Financial, MassMutual boost advisor appeal with growth-focused tech

Summit Financial unveiled a suite of eight new tools, including AI lead gen and digital marketing software, while MassMutual forges a new partnership with Orion.

SEC enforcement actions drop sharply, with focus shifting to investor fraud
SEC enforcement actions drop sharply, with focus shifting to investor fraud

A new analysis shows the number of actions plummeting over a six-month period, potentially due to changing priorities and staffing reductions at the agency.

MAI inks mega-deal with Evoke Advisors to form $60B AUM firm
MAI inks mega-deal with Evoke Advisors to form $60B AUM firm

The strategic merger of equals with the $27 billion RIA firm in Los Angeles marks what could be the largest unification of the summer 2025 M&A season.

Employees tapping retirement funds amid financial strain, led by Gen Zs
Employees tapping retirement funds amid financial strain, led by Gen Zs

Report highlights lack of options for those faced with emergency expenses.

LPL Financial on target to retain 90% of Commonwealth financial advisors, Wolfe Research analyst says
LPL Financial on target to retain 90% of Commonwealth financial advisors, Wolfe Research analyst says

However, Raymond James has had success recruiting Commonwealth advisors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.