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CFP Board to Release Second Ethics Code Revision

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The CFP Board announced that it will present a second draft of its proposed revisions of its Code of Ethics to its membership on March 9. In addition to the public meeting set for the Brown Palace Hotel, in Denver, at 9:00 A.M. on the ninth, there will be a live Webcast of the meeting at that time; the video will be posted on the Board’s Web site (

after the meeting. Once the draft is released, a comment period will follow that ends April 25. In addition to formal comments, the Board said a more informal online survey will also be available for interested parties wishing to provide feedback.

The first draft sparked heated reaction from many within the financial planning profession, much of it along the lines of these criticisms leveled by a group of 21 current and former leaders of professional planning groups: “…we believe that the effective elimination of many practice standard requirements, the weakening of others, and the proposed weak “prudent person” fiduciary standard, coupled with an unacceptable “opt out” provision, is not in the interest of consumers and devalues the economic significance of the CFP mark.”

Following such reaction and the more than 300 formal responses to the first draft that it received, the Board got to work on the second draft, under the leadership of the new chair of the Board, Karen Schaeffer, and interim CEO Don Tharpe.