A commission established by the CFP Board of Standards is reviewing competency standards for the financial planning profession, reports Financial Advisor.
The CFP Board announced that it has appointed 15 members to its Competency Standards Commission, whose task will be to review and evaluate the board’s competency requirements for education, examination, experience and continuing education.
The commission will validate the current requirements for professionals to obtain CFP® certification and/or recommend changes for improvements that reinforce its value and relevance to the financial planning profession, the board said. The review will address the competency of candidates for CFP® certification as well as the continued competency of current CFP® professionals.
“The creation of the Competency Standards Commission demonstrates CFP Board’s ongoing commitment to ensuring that the CFP® certification is the standard for competency and professionalism in financial planning,” said CFP Board CEO Kevin R. Keller. “The Competency Standards Commission will work to ensure that CFP Board’s competency standards remain current and relevant to those who pursue and carry the mark, for the benefit of both the profession and the public served.”
Following its review, the commission will finalize recommendations for any changes, subject to a public comment period and the Board of Directors’ approval. CFP® professionals and other stakeholders will have the opportunity to provide feedback to the CFP Board on the current standards for certification.
All Competency Standards Commission members began their terms of service on March 20, 2023, and will continue through 2024. The commission is comprised of volunteers from financial services firms, educators, certification and credentialing professionals, and other stakeholders, including members of the public.
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