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More Changes at the CFP Board

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The Board of Directors of the Certified Financial Planner Board of Standards has elected Robert Glovsky as chair-elect, effective January 1, 2009, when Marilyn Capelli Dimitroff begins her term as 2009 chair. Glovsky, president of Mint Levin Financial Advisors in Boston, will then serve as the CFP Board’s 2010 chair beginning in January 2010.

In a separate board development, Director Virginia Stanley resigned, citing personal reasons. Stanley’s term was to expire in December 2009. The Board will elect a replacement when it meets November 13 and 14.

These are the latest in a string of changes at the Board over the past year. Since moving its headquarters from Denver to Washington, D.C. in December 2007, the Board of Professional Review, now known as the Disciplinary and Ethics Commission (DEC), under the control of the Board staff, saw the resignation of the majority of the advisors on the DEC. Five members of the DEC resigned en masse in March over what they characterized in their resignation letter as “profound structural change that will damage the peer review process of the DEC and damage the CPF mark and diminish the profession.”

Furthermore, a new chair and four members have been appointed to the Board’s nine-member DEC. Named to serve as DEC chair for the remainder of 2008 is former FPA President Dan Moisand. Also appointed were: Ray Ferrara, James Knaus, Yvonne Dean, and Michael Ross.

Additionally, this year the Board issued a revised code of ethics for CFPs, called The Standards of Professional Conduct, for which it established January 1, 2009 as the enforcement date.