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Regulation and Compliance > Federal Regulation > SEC

Group Think

By Staff Writer

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The CFP Board has filed a comment letter with the SEC welcoming the Commission’s proposal to improve the quality of information that investment advisors must provide to clients and prospective clients through Part 2 of their form ADVs. The letter supports full disclosure of the methods of compensation, noting that CFP Board’s revised Standards of Professional Conduct, which become effective July 1, 2008, “strengthen the requirements that CFPs must follow in disclosing conflicts of interest and compensation information during the course of their relationship with their clients.” (However, on June 12 the CFP Board announced it was adding a six-month grace period for certificants to “fully implement” the new standards, until January 1, 2009.)

The public that seeks financial services “will benefit from the enhanced overall disclosure” of conflicts of interest and material information in the proposal to amend Form ADV, Part 2, said Kevin Keller, CEO of CFP Board, in a statement…

The National Association of Personal Financial Advisors (NAPFA) announced at its annual meeting in mid-May, held this year in Long Beach, California, that it had achieved several milestones in its 25th year of existence. At the meeting, CEO Ellen Turf announced that membership in the fee-only group had reached 2,008–of whom 1,233 were NAPFA-registered advisors–that the group’s budget was over $4 million, and that 46 study groups (which act like local chapters) were active across the country. Conference chair John Ritter noted that the gathering was the biggest-ever NAPFA national show, with 545 advisor attendees and 145 exhibitors…

The SEC voted unanimously May 21 on a proposed new rule that would allow investors to directly access mutual fund fees, performance, and strategic information using interactive Extensible Business Reporting Language, or XBRL, tags in documents published by more than 8,000 mutual funds.

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