The National Association of Personal Financial Advisors (NAPFA) has elected two new members to its national board to help guide the professional association for fee-only advisors over the next three years, NAPFA announced Wednesday, July 7.
Mary Malgoire and Carolyn McClanahan, two veterans of the financial planning industry who are both making return appearances to the organization's leadership, won member-wide election as NAPFA's new directors. They were announced to the membership on June 29.
Malgoire, a NAPFA past president and chair, is president and founder of The Family Firm Inc. in Bethesda, Maryland. She has provided financial advisory management services to clients since 1982. As legislative representative for NAPFA, she served on the North American Securities Administrators Association (NASAA) Financial Planner/Investment Advisor Committee, providing industry comment regarding proposed amendments to NASAA's model legislation. As regulatory representative, she also testified before the U.S. House of Representatives and the Maryland State legislature on proposed legislation to regulate financial planners.
McClanahan, who has been active in NAPFA leadership at both the national and regional levels, is founder of Life Planning Partners in Jacksonville, Florida. She is a physician turned financial planner who began her career in financial planning in 2001. In addition to managing her financial planning practice, she speaks widely on the interplay between health and finance and has pushed to improve the education requirement for those entering the financial planning profession.
"Mary and Carolyn have been forceful voices in the financial planning profession for many years," said NAPFA National Chair William Baldwin in a news release. "Their desire to contribute, once again, at the national level is welcomed by the entire organization. Together with Chair-Elect Susan John, NAPFA will be the proud benefactor of their hard work and dedication to the practice of comprehensive fee-only financial planning."
Since 1983, NAPFA has provided financial planners with guidelines for professional competency, comprehensive financial planning, and fee-only compensation. With more than 2,100 members across the country, NAPFA is one of the country's chief advocates of fee-only financial planning. It is one of three groups in the Coalition for Financial Planning (CFP), along with the Certified Financial Planner Board of Standards and the Financial Planning Association. The CFP has become known as a leading voice in the call for a higher fiduciary standard among advisors.Read a story about Susan John's election as 2010-11 NAPFA chair from the archives of InvestmentAdvisor.com.