The CFP Board says it has revoked Certified Financial Planner (CFP) designation use rights in a case involving the suitability of recommendations for variable universal life (VUL) insurance.
The Washington-based organization says it took CFP designation use rights from Andrew L. Schade of Lansing, Michigan.
The CFP Board says Schade failed to respond to allegations that he recommended unsuitable VUL policies, with a total of $3.9 million in death benefits, to clients in 2012 and 2013.
Schade said in an email interview that he reported the client complaint involved to the CFP Board himself, and that the client complaint was resolved through a settlement.
Schade said that he believes that responding to the CFP Board’s allegations would have cost him more than $8,000, and that contesting the allegations ”wasn’t worth the money.”
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