Advisors took to Twitter in early March to voice their concerns about the CFP Board announcing that it would remove from its consumer-facing website, letsmakeaplan.org, any information on how advisors are compensated.
“Woa. Big announcement from @CFPBoard going out to CFP certificants this week: the CFP Board is entirely removing any discussion of how advisors are compensated from its Let’s Make A Plan website, and instead will force consumers to dig into advisor disclosures,” tweeted Nerd’s Eye View blogger Michael Kitces.
Kitces added that “In the long run, though, the @CFPBoard isn’t doing itself any favors by hiding compensation information from consumers & telling them to work harder to find it. It’s ALREADY required disclosure under Form ADV. Why make consumers do more work if there’s nothing to hide?”