The head of an educational institution for insurance and financial service professionals has criticized the incoming CEO of the Financial Planning Association over comments attributed to the FPA chief in a recent issue of an industry trade publication.
Larry Barton, president and CEO of The American College, Bryn Mawr, Pa., took exception to comments attributed to incoming FPA CEO Lauren Schadel, who states in the August 22, 2012 issue of InvestmentNews that “…one profession and one designation is the best way to build the financial planning profession.”
In an August 23 press statement, Barton describes Schadel’s remark as “ill-informed and detrimental to consumers.” A single educational standard, adds Barton, is potentially most damaging to individuals in the lower and middle income tax brackets.
“It is apparent than Ms. Schadel believes that one designation, the Certified Financial Planner designation, is a panacea for all planners. Not true,” states Barton. “FPA also wants to define ‘planning’ as a separate profession instead of recognizing it as the discipline it is, one used throughout financial services. The FPA already has enough challenges, and believing in a monopoly just adds to their headaches.”