FPA to Pursue Legal Recognition of ‘Financial Planner’

As it stands now, “there are no bare minimum standards for competency and ethics for people professing to be financial planners. Some credentialing bodies have their very own prescribed specifications, but policymakers have established nothing at all at the condition or federal level. Our get the job done in the months ahead, charting our course and figuring out the bare minimum criteria for any one calling them selves a monetary planner, will be crucial to this endeavor.”

Michael Kitces Weighs In

Well-known blogger and planner Michael Kitces reacted to the FPA’s announcement on twitter, stating: Notably, FPA isn’t staking ground to go after title safety with the Securities and Exchange Commission …”at the very least, not however(?).”

In its place, he pointed out, the team will prioritize title security on its advocacy agenda and check out “viable state or Federal paths,” with the intention of keeping away from an unneeded regulatory burden.

“However,” he continued, “in the finish “title protection” pretty much inevitably calls for some regulator to license the expression (so people not eligible are restricted from making use of it), and some regulator to enforce it (so standards & their regulatory load are inescapable). Some regulation is ‘inevitable’?”

Kitces tweeted that the “Real operate comes future for FPA, choosing how to operationalize this advocacy target into real tactics – point out or Federal, CFP marks or broader, etc. But applaud FPA for taking up the challenge. It is been a lonely battle, & economic planners all have to align to make it take place!”