PLANNER BODY AXES HEAD: FEE-ONLY GROUP’S CEO, OUT AFTER 10 MONTHS, CRIES FOUL

The National Association of Personal Financial Advisors has dismissed its president and chief executive officer.

Chairman Mark Spangler says Carole Badger, a lawyer, was let go last Monday, just 10 months after taking the job and less than a week after buying property in Buffalo Grove, Ill., where the organization for fee-only planners is based.

Mr. Spangler confirmed Ms. Badger’s contention that the move was made by the association board’s three-member executive committee and that the seven other board members were informed later.

Ms. Badger says she was “just totally baffled” by the decision and is exploring her legal options. “I feel I was professionally and financially damaged.”

Mr. Spangler says the 600-member organization was looking for “more of an operational person” and less of a CEO-level leader. Although the board had no problem with Ms. Badger’s work, he says, “Carole is just too much for the job. She was very highly qualified. Her skills were probably a little more than the job entailed.”

Ellen Turf, who handled technology in the five-person office, has been promoted to office manager, and another employee will be hired to handle operations and serve as a board liaison, Mr. Spangler says.