Almost all members of a financial planners group say they should be held to a fiduciary standard requiring them to act in a client’s best interests, according to a recent survey.
Of almost Financial Planning Association 1,800 members responding to the survey, 87% said they would support inclusion of a fiduciary duty in their professional Code of Ethics, which was developed by FPA, Washington. Only 10% said they would not support the inclusion of such a standard, and the rest either were unfamiliar with the issue or had no opinion.
Both independent planners and those who work for large firms or broker-dealer showed equal support for the fiduciary standard.
Among other findings, 84% disagreed with the Security and Exchange Commission’s recent regulatory guidance allowing securities brokers to use the certified financial planner designation on their business cards and stationery, even if they do not provide financial planning to their customers.
Most agreed that this practice “allows brokers to use the CFP marks simply as a marketing tool,” the FPA says.