Advisor Morris Armstrong recently took the CFP Board to task on his “Financial Planning for You” blog over the issue of “grandfathering.” A ChFC himself, Morris was responding to a recent letter by Board CEO Kevin Keller favorably comparing the CFP with the ChFC, in part because of extensive grandfathering over the years by the American College.
Now, as you may know, I haven’t been a particularly big fan of the CFP Board over the years, for reasons too numerous to go into here. But, perhaps surprisingly, grandfathering isn’t one of them. Which gives me the inclination, perhaps also surprisingly, to stand up for the Board on this one issue.
Morris, on the other hand, seems to feel that the American College’s grandfathering escapades over the years (and they’ve been many) are child’s play compared to the CFP Board’s sin of “grandfathering” existing CFPs when it instituted its formal exam in the early ’90s. He seems to imply that telling the world CFPs have passed a rigorous exam when all of them haven’t is tantamount to a fraud on financial consumers.