The CFP Board has announced six public policy priorities that are aimed at strengthening the profession of financial planning.
The board, the professional body that sets the standard for certified financial planners, said it will work with policymakers to expand access to financial planners who “commit to the fiduciary standard.”
The priorities set forth are intended to raise standards for the profession, expand opportunities for families to gain access to competent and ethical financial advice, and protect the public.
“CFP Board’s priorities reflect our unwavering commitment to the public interest and to advancing the financial planning profession,” said CFP Board CEO Kevin R. Keller, CAE. “With over 106,000 CFP® professionals who commit to CFP Board to act in their clients’ best interest, we are uniquely positioned to champion policies that protect American families and strengthen their long-term retirement security.”
CFP Board’s new public policy priorities are as follows:
-Adopt a fiduciary standard for all financial advice, making fiduciary duty a legal requirement for all who provide financial advice.
-Enact policies that will increase access to financial advice and financial planning by making financial advice and planning more accessible to Americans and growing the number of financial planners available to serve the needs of the American public.
-Expand retirement security for all Americans by increasing opportunities and incentives for Americans to save, closing regulatory gaps for retirement advice and protecting retirement savings in tax reform.
-Increase protections and education for consumers by requiring strict standards for investor protection as well as combatting and protecting victims from fraud and financial exploitation.
-Adopt policies that recognize the value of financial planning and advance the profession so more families understand financial planning’s importance and utilize it when navigating financial decisions.
-Support and protect the nonprofit sector and private certification by preserving nonprofit tax-exempt status, promoting policies that expand professional certification opportunities and educating stakeholders on the role of certification in serving the public.
“The priorities we identified focus on areas where we believe we can make the greatest difference — helping Americans plan for a more secure financial future,” said Erin Koeppel, JD, CFP Board Managing Director, Government Relations and Public Policy Counsel. “These priorities reflect the collective insights of CFP Board’s Public Policy Council, stakeholder firms and partner organizations. They will drive meaningful change for consumers, CFP® professionals and the financial planning profession.”
Hyman Cotter PC 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 Hyman Cotter PC at 312-291-4600 or through our online contact form for a free consultation
