CFP Board

[DHK]

Re: CFP Board is Out of Control

I do. Why? Well, it will also serve as a Series 65 exempt designation when I finally associate with an RIA. There's very few other benefits.

The "ChFC Highest Standard" site looks like a 12-year old designed it.

ChFC® - The Highest Standard of Knowledge and Trust

Right now, it's purely to be able to reference various media articles that usually mention both the CFP and the ChFC as being "on par" with each other. It's just in my head and I know it.

It's not that I need the ChFC to validate me... as much as I validate the ChFC as an educational certification program. It also helps "set me apart" from amateur agents and advisors.

And if someone was to do some research on the ChFC... they'll see that it is just as highly credible as CFP.

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Also, the ChFC is a designation that would also allow me to join the Society of Financial Services Professionals and the National Association of Estate Planners and Councils.

These associations are only for those who hold the CLU, ChFC, or CFP... and many more for SFSP. NAEPC only allow those three.

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I never spent tens of thousands of dollars for a bachelor's degree... so I'm no longer eligible to be granted a CFP mark.

Looks like I dodged two bullets there!

 

[briko3]

Re: CFP Board is Out of Control

What do you think I'm trying to justify? That I think the marketing is worthwhile ? I plead guilty. You clearly don't think so. C'est la vie. My guess is SC and CT are different markets.

Vol, as you have made clear you don't care what people think of you. It shows.

If I lived one county over from you, you'd say your clientele were different. Just admit you're defensive over the designation you worked hard for. Nothing wrong with that, just don't get pissy with others that disagree.

 

[scottstreet]

Re: CFP Board is Out of Control

If I lived one county over from you, you'd say your clientele were different. Just admit you're defensive over the designation you worked hard for. Nothing wrong with that, just don't get pissy with others that disagree.

I was sarcastic in my response to you, and unnecessarily so, I apologize for that. Vol not so much as his posts were just prickish.

As for the one county away comment, take a look at the census bureau "quickfacts" site, the differences are significant.

I stand by my position that the marketing (all over ESPN radio) received for the dues paid is a good trade. Those that disagree ...to each his own. Some folks prefer to invest 400/wk on "state regulated programs", I pay my annual CFP dues.....

 

[VolAgent]

Re: CFP Board is Out of Control

I was sarcastic in my response to you, and unnecessarily so, I apologize for that. Vol not so much as his posts were just prickish.

As for the one county away comment, take a look at the census bureau "quickfacts" site, the differences are significant.

I stand by my position that the marketing (all over ESPN radio) received for the dues paid is a good trade. Those that disagree ...to each his own. Some folks prefer to invest 400/wk on "state regulated programs", I pay my annual CFP dues.....

No, my comments were just accurate. They tend to hurt more when it is true.

 

[scottstreet]

Re: CFP Board is Out of Control

Curious Vol, what is "accurate" about your posts? They were both inane rhetorical questions......Yes, the chip weighs terribly and I have to beg for change at the train station.....you win. Now go sell some insurance priced at table 8 to someone with 15k annual income.

 

[VolAgent]

Re: CFP Board is Out of Control

Once you get over your anger, you'll probably find life becomes a lot easier.

 

[WMG]

Re: CFP Board is Out of Control

I am a newcomer here, but this "making it personal" just seems to be nonsense. So, I've been in the industry for around 30 years. I'll preface my comments by saying I have numerous designations. That said, statistics aren't always reflective of the entire situation. I don't know what % of CFP's break the rules, commit crimes, etc., vs. non-CFP's, but it doesn't matter. People in our industry break the rules.

I look at it very simply. You steal from a client, you should be tossed out. That said, suitability is a major issue today. Opinion? Fact? Who knows, it could be based upon the specific case.

I won't speak to what the CFP Board is doing vis a vis their governance, but I do think the industry as a whole needs to be more effective in a variety of areas as it relates to the public, our clients, etc. Is the CFP/disc jockey commercial the answer? Absolutely not. In my opinion that commercial sends a bad message to the public. Only deal with a CFP? That's extreme and fallacious.

 

[DHK]

Re: CFP Board is Out of Control

I won't speak to what the CFP Board is doing vis a vis their governance, but I do think the industry as a whole needs to be more effective in a variety of areas as it relates to the public, our clients, etc.

Perhaps.

Here's the problem as demonstrated with the article: The CFP board is reacting to information found via FINRA and/or state regulators. They are late to the game. They aren't the 1st regulator to the scene. In fact, they are a voluntary regulator. All of these actions came from FINRA and regulated by them first. (That case from September 2000 is a prime example of being reactive, versus proactive.)

CFP board just copies what FINRA does. That's not regulation, but duplication... and then makes it all PUBLIC (as though they are being proactive or something).

FINRA doesn't (I believe) send out a press release every time they ban someone from the financial services industry, yet the CFP board does with their "regulatory decisions".

If there's a need for further regulation, the CFP board isn't it.

 

[scottstreet]

Re: CFP Board is Out of Control

Once you get over your anger, you'll probably find life becomes a lot easier.

Thanks for the advice you're swell. Keep up the "accurate" posts.

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David , we disagree about the CFP and that's fine. However, a couple of points.

I. the discipline for Joseph brown had nothing to do with the 2001 settlement while he was with Paine Weber. It is in reaction to a review started last may ('14) of stated forms of compensation. he put "fee only" they disagreed. He did not respond within 20 days.

II. The CFP Board is only "regulating" the use of it's designation. This is completely normal behavior. Just like this site, Sam's house, Sam's rules. No different as i see it.

II.The CFP doesn't "just copy what Finra does". Completely different. FINRA does not require a fiduciary standard. They do piggyback on FINRA for SEC violations. However, they are simply "regulating" their own Voluntary membership.

I think FINRA publicizes disciplinary actions or else this guy is just unbelievably plugged in: https://www.canisuemyadvisor.com/investment-fraud-blog/

 

[DHK]

Re: CFP Board is Out of Control

I. Okay.

II. True.

III. True - they are regulating their voluntary membership.

FINRA does publish their rulings, yes. Bill Singer posts a blog on this stuff too with his own commentary about how stupid the broker was, or how crazy FINRA regulation has become. But FINRA doesn't send out a press release to the industry regarding individual ruling decisions saying "Hey, look at us! This is what we're doing!" (They will send out new regulatory rules that may be BASED on a previous case, but that's different.)

However, with CFP rulings, these things don't impact one's career as a true regulator would - such as FINRA, SEC, or state DOI. It's only within CFP rules and the right to "use the marks".

So, what does a CFP press release accomplish? Nothing, except self-promotion of themselves... and further embarrassment of those who ALREADY went through their disciplinary issues with real regulators, such as FINRA (in these cases).

I don't see it as effective for the public. It's only a soapbox for the CFPBOS to say "See? We do it too".