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CFP Board approves resolution encouraging more pro bono financial planning

On Behalf of | Aug 3, 2023 | CFP Board

The Certified Financial Planner Board of Standards is encouraging CFP® professionals to devote some of their time to doing pro bono financial planning.

At its July Board of Directors meeting, the CFP Board unanimously approved a resolution recommending that CFP® professionals commit to a minimum of 20 hours per year of pro bono service. It also called for financial planning firms to make pro bono activities “part of their workplace culture”.

In passing the measure, the board emphasized that pro bono work not only helps those who find it difficult to afford financial planners, but also helps to build the financial planning profession.

“CFP Board exists to advance the financial planning profession to benefit the public,” said CFP Board Chair Dan Moisand, CFP®, who led the resolution’s development. “Pro bono financial planning does just that — it can strengthen our profession and positively impact individuals and communities for years to come.”

The CFP Board’s 2021 survey of CFP® professionals found that 76% of them believe it’s important for CFP® professionals to provide pro bono services to people in need.

“Encouraging pro bono service among CERTIFIED FINANCIAL PLANNER™ professionals is part of our commitment to expanding access to competent and ethical financial planners,” said CFP Board CEO Kevin R. Keller, CAE. “In today’s challenging economic environment, where 63% of Americans express concerns about purchasing necessities, CFP® professionals have the expertise to deliver essential financial planning services to underserved and at-risk Americans.”

The board said it is partnering with the Foundation for Financial Planning to help make pro bono opportunities, training and resources available to all CFP® professionals. The foundation is an independent charitable organization dedicated to expanding pro bono service in the financial planning profession.

The board also plans to introduce digital pro bono badge that will be awarded to individuals who have completed 20+, 60+, or 100+ hours of pro bono financial planning.

The attorneys at Lewitas Hyman represent advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. Headquartered in Chicago, our securities attorneys represent clients nationwide. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (888) 655-6002 or through our online contact form for a free consultation.