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CFP Board Restructures Governing Body
Denver, Colorado-- The Certified Financial Planner Board of Standards (CFP Board) announced today that its governing body has approved a
plan to reduce its size from 19 to 14 voting members beginning in January 2002.
At its May meeting, the Board of Governors voted to no longer have three subsidiary board chairs sit on the governing board and not fill two of the three positions being vacated at the end of 2001.
"Research has shown that a governing board such as ours would be more effective with fewer members," said Patti Houlihan, CFP(tm), chair of the CFP Board's governing body. "These actions enable us to move quickly toward a more optimum size and better serve CFP Board stakeholders."
The three positions that will be vacated at the end of 2001 include two appointed positions and one elected position. Houlihan said the board anticipates that a representative of consumer interests will fill an appointed position for next year. The Board of Governors also voted to ensure that no fewer than 25 percent of its voting seats are held by members elected by CFP certificants and to reduce terms of service for future board members from four years to three. The reduction in the size of the Board of Governors will leave four of 14 members elected by CFP certificants (29 percent) while the current configuration has five of 19 elected positions (26 percent).