CFP professionals are breathing a collective sigh of relief.
The Certified Financial Planner Board of Standards said Wednesday that it would not administer its own continuing education. It did add the caveat, however, “at this time,” leading to more concern from those that hold the CFP mark and other interested parties.
The announcement came as part of a larger release about initiatives it will implement to improve the quality of continuing education for CFPs that it says “will help ensure their continuing competency in providing financial planning services to the public.”
At its November meeting, the board of directors unanimously approved a multiyear plan to upgrade the quality of CE that will engage the CFP Board staff, Council on Education, CE sponsors registered with CFP Board and CFP professionals. The plan does not, at this time, include CFP Board developing and delivering CE programs, it added.
“CFP professionals need to have access to the highest quality continuing education programs,” Board of Directors Chairwoman Nancy Kistner said in a statement. “The establishment of appropriate standards for and delivery of continuing education are inherent in CFP Board’s mission to benefit the public. And we believe these initiatives will elevate the quality of continuing education opportunities for CFP professionals in all delivery formats.”
A letter signed by more than 40 faculty members from schools with CFP programs voiced strong concerns about the possibility the board left open to enter the CFP CE space as a provider.