Tags: CFP Board

A minority of the 20 planners disciplined by the CFP Board of Standards filed for bankruptcy in recent months, proving the wisdom of the board's decision to change the way it treats such cases.

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Most of the censures related to flawed professional practices: unsuitable recommendations, misleading marketing materials.

Bankruptcy was only a factor in nine of the cases, which carried penalties ranging from letters of admonition to permanent loss of the right to bear the CFP mark.

The worst cases were truly stunning in their failure to live up to fiduciary standards. One planner went around in-house compliance rules and had his FINRA license suspended for repeat infractions.

The very existence of these infractions proves two things. First, the expansion of the financial planning approach has brought the service mark to a broader pool of advisors -- with different business models.

And as the approach broadens, the aspirations of everyone in the profession may not be so lofty as they once were.

Thirty-eight percent of independent advisors believe the economy will recover in 2012, while 55% say it will show no growth, and a large majority of advisors prefer any of the Republican candidates for President to Barack Obama, according to a survey of nearly 3,000 independent advisors by the Financial Services Institute.

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Register now, and we will donate $20 of our $60 membership fee to Bubbles The Clown’s financial literacy program, and you can post an icon on your website saying you support Bubbles' 501(c)3 charitable organization.

Plus, get other membership benefits, including:

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While the survey results are interesting, what more striking is that FSI suddenly is a source of information on what independent advisors think. With 35,000 members, FSI is now bigger than the Financial Planning Association, which has about 24,000 members.

In a race between Republican frontrunner Mitt Romney and President Obama, just 19% of advisors polled favor Obama and 81% would vote for Romney, according to the FSI survey.

Advisors would elect Ron Paul over Obama by a 72% versus 28% margin, FSI reported, while advisors favor Rick Santorum by a 75% to 25% margin over Oabama and Newt Gingrich by a 74% to 25% majority.

By a 72% to 28%, FSI said its members are against the Department of Labor redefining the definition of a fiduciary, an area of contention among groups representing different segments of the independent financial advisor business.
 

Tags: independent broker-dealers

Another big membership win for the Financial Services Institute, the industry group that has been aggressively lobbying for the interests of independent broker-dealers and their affiliates.

If you're a private wealth advisor, please join Advisors4Advisors (A4A) to get its full benefits.

Register now, and we will donate $20 of our $60 membership fee to Bubbles The Clown’s financial literacy program, and you can post an icon on your website saying you support Bubbles' 501(c)3 charitable organization.

Plus, get other membership benefits, including:

Analysis daily of issues affecting advisors Aggregation of news from dozens of sites targeting wealth managers Reviews by advisors of practice management applications 30 independent experts blogging on advisor business issues 24/7 access to webinars with 50 hours of CFP® CE and 100 hours of IMCA CE Register Now

FSI just added the NFP Advisor Services Group to its list of corporate partners, giving it all 1,400 NFP reps as members and bringing its total membership base above 35,000.

At this point, the FSI now speaks for 45% more industry professionals than the Financial Planning Association. Its growth has been exponential as it recruits big firms, which then sponsor individual membership for their affiliates.

Barely six months ago, the FSI had maybe 15,000 members.

This kind of momentum is helping the group exert itself in Washington, renegotiating the limits of the fiduciary standard for broker-dealer reps, for example.

Tags: CFP Board | financial planning

The Financial Planning Association recently announced an alliance with the Association for Financial Counseling and Planning Education. AFCPE provides designations to financial advisors and you have to wonder if the partnership could affect the value of the Certified Financial Planner designation.

If you're a private wealth advisor, please join Advisors4Advisors (A4A) to get its full benefits.

Register now, and we will donate $20 of our $60 membership fee to Bubbles The Clown’s financial literacy program, and you can post an icon on your website saying you support Bubbles' 501(c)3 charitable organization.

Plus, get other membership benefits, including:

Analysis daily of issues affecting advisors Aggregation of news from dozens of sites targeting wealth managers Reviews by advisors of practice management applications 30 independent experts blogging on advisor business issues 24/7 access to webinars with 50 hours of CFP® CE and 100 hours of IMCA CE Register Now