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CFP Board Forms Commission to Provide Guidance on New Standards

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The Certified Financial Planner Board of Standards said Tuesday that it has formed a Standards Resource Commission to provide guidance to CFPs and their firms on the new Code of Ethics and Standards of Conduct.

“As I’ve traveled around the country, CFP professionals tell me that they want guidance on our new standards,” CFP Board CEO Kevin Keller said in a video message. “Our high ethical standards distinguish CFP certification from the alphabet soup of financial designations.”

Keller noted that the cornerstone of the new standards is the “obligation to act as fiduciaries at all times when providing financial advice to a client.”

CFP Board said the “blue-ribbon group,” composed of individuals from financial services firms as well as the public, will be charged with developing resources to educate CFP professionals and their firms on the standards, specifically developing fact sheets, FAQs, videos, webinars and other documents.

Keller said the commission “is fundamental to ensuring successful understanding, adoption and compliance with the new standards.”

CFP Board’s Standards were approved in late March and go into effect Oct. 1, 2019.

Commission members are:

  • Blaine Aikin, chairman, executive chairman of fi360 and CEFEX
  • Pamela Banks, senior policy counsel, Financial Services, Consumers Union, the advocacy division of Consumer Reports
  • Pat Daxon, vice president, Wealth, Retirement & Portfolio Solutions, Raymond James
  • Melanie Fein, founder of the Law Offices of Melanie Fein
  • Randy Gardner, educator and founder, Goals Gap Planning LLC
  • Linda Leitz, founder, Peace of Mind Financial Planning Inc.
  • Eugene Maloney, executive vice president at Federated Investors Inc.
  • John Pettee, wealth strategist at Schwab Private Client Investment Advisory
  • Bill Prewitt, founder of Charleston Financial Advisors, LLC
  • Fred Reish, partner at Drinker Biddle & Reath LLP
  • Peter Richardson, assistant general counsel at Northwestern Mutual
  • Kevin Ruth, head of Wealth Management and Personal Trust, Fidelity Investments
  • Lori Trawinski, director of banking and finance at AARP Public Policy Institute

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