CFP Board's efforts to rule the world
The Certified Financial Planner Board of Standards is... again... soliciting members to help them "put a human face to statistics' of financial planner fraud.
They have launched a full assault on legislators in what I believe is a self-serving effort to be the standard-bearer for all financial planners. They are doing this under the guise of 'what's best for the client'.
No one can argue that we don't want clients to be abused by financial professionals. But I believe that this is a power-grab for the board to finally take control... and to be the ones who determine how we do our jobs.
Here is the letter that they just sent out:
My question to the board is: if the abuse is so widespread and in need of legislative regulation... why do you continue to solicit stories of abuse from us? If it were that prevalent... the stories would be plentiful. Again, I question the board's motives... and believe that they are 'creating' a situation that will put them in a better position to control a segment of our economy. And, don't forget... if their legislation passes - this will create greater requirements... more CE... more paperwork... more regulation... and fewer freedoms for us to protect and serve our clients. This will cost us all more - ESPECIALLY RIAs and those of us who run independent shops. Don't be fooled.
By "don't have the credentials", they mean non-CFPs. They don't want to hear about abuse by "credentialed" advisors (CFPs).