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CFP Board releases guide to assist professionals in use of technology for client services

On Behalf of | Jan 31, 2024 | CFP Board

A new guide aimed at helping CFP® professionals with the utilization of technology in their practices has been published by the CFP Board.

According to PR Newswire, the Guide to CFP Board’s Technology Standard is a comprehensive resource to assist professionals in selecting, using and recommending technology for client service, including advanced artificial intelligence (AI) tools.

“The Guide to CFP Board’s Technology Standard helps CFP® professionals navigate evolving technology while adhering to our standards,” said CFP Board CEO Kevin R. Keller, CAE. “CFP Board is committed to providing resources like this to support competent, ethical financial planning.”

The guide, part of an ongoing series of resources to assist financial planners, was developed in close collaboration with the CFP Board’s Standards Resource Commission.  It is designed to help CFP® professionals comply with Section A.14 of the board’s Code of Ethics and Standards of Conduct, which specifies duties for professionals when selecting, using and recommending technology.

According to the board, the guide provides insights on the key areas involved in complying with the technology standard, including:

-Reasonably understand the technology platform and how each component is used to provide professional services.
-Monitor and assess the technology platform for any issues or gaps that would prevent the CFP® professional from acting in the client’s best interests.
-Know which assumptions are embedded in the technology and whether those assumptions are appropriate.
-Review the reliability, accuracy and objectivity of the technology’s outcomes against the client’s information and underlying assumptions.

“We appreciate the clarity this guide brings to navigating the complexities of technological integration in financial planning,” said Patrick Spencer, Managing Director, Moneytree Software. “The ability for financial planners to adapt swiftly to changing technology is crucial.”

In addition to the guide, CFP Board also developed sample questionnaires that address core financial planning technologies, common features and capabilities, technology and the vendor relationship, plus assumptions and outcomes. CFP Board also published a checklist for CFP® professionals to use when evaluating their technology platforms, determining whether to add or replace technology or selecting vendors.

Lewitas Hyman PC represents advisors, brokers and other financial professional 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