Douglas King, president and CEO of Prosperity Capital Advisors, has been elected to serve as 2020 chair elect for the Certified Financial Planner Board of Standards.

King, who will become chair of CFP Board’s board of directors in 2021, is also a financial advisor with his own financial planning firm, Oakwood Capital Advisors LLC, and is the former president and CEO of Cetera Advisor Networks.

“This is an exciting time to be in the financial planning profession. I look forward to using my experience to help CFP Board at a time when CFP professionals will be adopting the new Code of Ethics and Standards of Conduct,” King said in a statement. “With more demand for financial planning, there also comes the need to increase the number and diversity of the profession so that Americans have access to CFP professionals providing fiduciary financial advice.”

CFP Board announced on July 16 that it has extended the compliance date for its new Code of Ethics and Standards of Conduct to June 30, 2020, to coincide with the compliance date of the Securities and Exchange Commission’s Regulation Best Interest.

The CFP Board’s fiduciary ethics standards, however, will still become effective on Oct. 1, 2019.

King is a board member of the Northern Star Council of the Boy Scouts of America. Previously, he served as chairman of the Minneapolis Regional Chamber of Commerce, and coached numerous youth sports teams.

King earned two bachelor’s degrees, in finance and management, from Virginia Tech and an MBA from the University of Minnesota’s Carlson School of Management.

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