More On Legal & Compliancefrom The Advisor's Professional Library
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
- Code of Ethics Rule The Code of Ethics Rule, found in Rule 204A-1, uses severe consequences for violation to help ensure investment advisors will do the right thing.
The Certified Financial Planner Board of Standards named Tuesday, March 30, two members to its Disciplinary and Ethics Commission. The two new members are Matthew Murphy, CFP, president of Murphy Capital Advisors, with offices in Glendale, Arizona, and Chicago; and Chris Beard, CFP, of Raymond James Financial Services, located in Greenville, South Carolina.
Murphy will serve a four-year term on the Commission through 2013. He fills the vacancy of a Commission member whose term expired at the end of 2009. Beard will serve through 2011, filling the remaining four-year term of a commissioner who stepped down in the last few weeks. These appointments bring the total number of commissioners to nine, the maximum allowed by the policies of the Commission's board of directors.
CFP Board CEO Kevin Keller said that the reasons for selecting Murphy and Beard were to add a broader representation of the financial community to the nonprofit Commission, which oversees more than 61,000 CFP professionals.
"Mr. Murphy will bring the fresh perspective of a fee-only planner to the Commission, a business model not currently represented by any of the other members, and Mr. Beard's appointment will bring additional representation by mid-size to large financial planning and investment advisory firms," Keller said in a statement.
To read more about the CFP Board, please click here.
To read a story about the CFP Board's updated educational standards from the archives of InvestmentAdvisor.com, please click here.