To go with new digs, a new leader for CFP Board

NEW YORK — The Certified Financial Planner Board of Standards Inc. has found itself a new leader and is heading in a new direction — East. The relocation of the group to Washington from Denver, which was announced two weeks ago and is scheduled for the fourth quarter, has the potential to give the 22-year-old organization more influence in shaping government policy over financial planning and financial literacy. The board sets standards for more than 55,000 designees worldwide. “[The move] is something that the board has been talking about for quite some time as we matured as an organization and focused on our mission,” said Karen P. Schaeffer, chairwoman of the group’s board of directors. Last Wednesday, the board announced the hiring of Kevin R. Keller as its chief executive effective May 1. He comes to the board after 16 years at the Bethesda, Md.-based Association for Financial Professionals, where he served as senior vice president and chief operating officer for the past seven years. Mr. Keller will run the organization from Denver and will supervise the transition before moving to Washington. “We now need to build our organization, and we need a leader who has those skills,” Ms. Schaeffer said. “We were looking for someone who has helped relocate an organization,” she said. “The CFP Board is thrilled, and we have every confidence in Kevin, and we look forward to doing our best work with him.” Mr. Keller supervised the 1991 move of the AFP’s predecessor organization to Bethesda from Newton, Conn. He replaces Don I. Tharpe, who has served as interim chief executive since November. Mr. Tharpe took over from Sarah Ball Teslik, who stepped down from the board in October. Ms. Schaeffer said that a presence within the Beltway had been talked about over the years and had picked up steam while Ms. Teslik was in charge between 2004 and 2006. The move will not increase fees for current stakeholders, Ms. Schaeffer said. The CFP Board said it feels that the organization needs to assert itself “more vigorously,” as emerging policy debates in Washington influence the ability of investors to make informed financial decisions, according to a statement heralding the move. Ms. Schaeffer said she expects to create a vision in the upcoming months that focuses on the best strategy for the move. She expects to accomplish it through partnerships and liaisons with other organizations. “The relocation is ‘a maintaining our relevance’ move,” Ms. Schaeffer said. “There are so many people in Washington who are trying to define financial planning and direct policy toward financial literacy. We need to be in on those conversations and shape the direction of the conversation.” Mr. Keller said he plans to take an active role in the organization’s efforts to increase the “status, visibility, respect and credibility” of the CFP designation, according to a statement. Duane Thompson, managing director at the Washington office for the Denver-based Financial Planning Association, voiced his support for the relocation.“The move is important, given all of the focus on financial literacy and ethics for advice givers,” he said. “To have the entire office move to Washington is a statement, and it helps them position themselves geographically to be where decisions are made.” “There is an inevitability about increased regulation in the financial services area, including much of the work that financial planners perform,” said Neil Simon, vice president for government relations at the Investment Adviser Association in Washington. “For that reason, it is ever more critical that organizations like the CFP Board establish and strengthen their presence in the nation’s capital.” The CFP Board’s 40 employees in Denver will have the opportunity to apply for a position in the Washington headquarters. Employees who decline the offer will receive compensation, support and incentives, the CFP Board said in a press release. The CFP Board’s transition plan will ensure that the organization’s activities will not be disrupted.