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​DENVER (August 21, 2017) – The Financial Planning Association® (FPA®), the largest membership association for Certified Financial Planner™ (CFP®) professionals in the United States, submitted for consideration a comment letter on the Draft Revised Standards of Professional Conduct by the Certified Financial Planner Board of Standards (CFP Board).


"FPA acknowledges the time and attention CFP Board and the Commission on Standards put into revising the Standards and traveling to multiple cities to obtain feedback from practitioners. Also, FPA applauds those volunteer practitioners who selflessly gave their time and energy to this important work. It was a momentous undertaking, but one that will help set financial planning on a course to be recognized as a true profession," FPA said in their letter, adding: "As it relates to FPA being the voice of the CFP® professional, just as the Commission on Standards took their role seriously in the formation of these proposed Standards, FPA took its role seriously in ensuring the voice of the CFP® practitioner community was heard on these proposed changes."

Since the proposed standards became public on June 20th, the association engaged the FPA Member Advocacy Council (MAC), which is the official mechanism within FPA that is gathering feedback from members on the activities and programs of regulatory and certifying agencies, to collect the input of CFP® professional members. Based on the feedback collected, FPA pointed to the clarity CFP® professionals are seeking, stating:


"After carefully reviewing the feedback provided by CFP® professional members of FPA, from both before and after the additional resources became available, it's clear that CFP® professionals require more clarity. While we asked our members for their opinions on the proposed Standards, many were unable to do so because they remain unsure of what is being proposed, what the changes will mean to them as practitioners, and how the proposed Standards will be implemented and enforced."

To help CFP Board address the confusion that exists, FPA offered several questions that have been voiced by CFP® professional members and recommends CFP Board alter its schedule to ensure the questions and concerns of CFP® professionals are heard. The comment letter outlines the following recommended changes to the process:

  • Develop the next layer of explanation and clarification for CFP® professionals to understand how they will need to alter their practices to stay in compliance, which would include expanded definitions, concrete examples and legally substantiated criteria.

  • Engage in additional educational activities, including virtual events and the availability of charts, diagrams and scenario-based case studies that will help CFP® professionals better understand the application of the proposed Standards.

  • Add another comment period after more detail is developed and disseminated to allay the concerns of practitioners who want to comply as soon as the Standards are adopted and prior to implementation.

FPA's comment letter concludes: "A strong foundation has been laid by CFP Board and the Commission on Standards to revise the Standards of Professional Conduct, but more must be done. FPA believes that CFP Board's effort will be rewarded with another level of patience, work, and clarity."

FPA's full comment letter can be accessed HERE.




About the Financial Planning Association

The Financial Planning Association® (FPA®) is the principal professional organization for CERTIFIED FINANCIAL PLANNERTM (CFP®) professionals, educators, financial services professionals and students who seek advancement in a growing, dynamic profession. Through a collaborative effort to provide more than 23,000 members with One ConnectionTM to tools and resources for professional development, business success, advocacy and community, FPA is the indispensable force in the advancement of today's CFP® professional. Learn more about FPA at and follow on Twitter at​