Planners form coalition to press reforms

The leaders of three financial planning organizations have formed a coalition to represent the industry as Congress works to reform the financial services industry.
JAN 08, 2009
The leaders of three financial planning organizations have formed a coalition to represent the industry as Congress works to reform the financial services industry. The Certified Financial Planner Board of Standards Inc. of Washington, the National Association of Personal Financial Advisers in Arlington Heights, Ill., and the Financial Planning Association of Denver — working together as the Financial Planning Coalition — issued a statement today outlining their goals. Among them is ensuring that financial planning services are “delivered to the public with fiduciary accountability and transparency, serving the client’s best interest first and always.” Additionally, the group wants financial planning services to be “specifically regulated to distinguish and differentiate professionals who have met essential requirements to practice, including examination, education, experience and ethics, as modeled and enforced by the certified financial planner certification.” The aim is to enable the public to “easily identify who is a financial planner and subject to these standards,” according to the statement. “The recent upheaval in the markets and the Bernard Madoff fiasco have highlighted the gaps in regulation governing financial services,” Marilyn Capelli Dimitroff, chairwoman of the CFP Board’s board of directors, said in a statement. “We hope to work with Congress to produce legislation that puts clients first and enables consumers to identify a trusted financial adviser.”

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income