CFP Board's efforts to rule the world
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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: <BR =
Dear CFP® Practitioner,
Everyone has heard of Bernie Madoff. Unfortunately, countless consumers have experienced fraud and abuse committed by less famous "financial advisors" who don't have the credentials or training needed to offer competent financial planning services.
As you know, CFP Board is actively engaged, along with its partners in the Financial Planning Coalition, in informing Congress about the difference between financial planning and the thinly veiled product sales often delivered by imposter “financial planners” with little thought given to client needs.
Please assist CFP Board in our effort to put a human face to the statistics by completing this short survey.
We are specifically interested in narratives that include:Inappropriate and abusive practices that you or your clients may have encountered Consumers that have been ill-served by untrained and uncertified advisors
Responses will be aggregated and presented anonymously. If we determine that the specific details you provide may be useful to share with policymakers or with the public, we will contact you prior to use for your approval. For this reason, we are asking you to identify yourself in the survey, but identification is not required.
I appreciate your assistance.
Managing Director, Public Policy
Certified Financial Planner Board of Standards, Inc.
1425 K Street, NW, Suite 500
Washington, DC 20005
E: [email protected]
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).