CFP Board to Create Guidelines to Help CFP Professionals Meet Standards
From the Desk of Jim Eccleston at Eccleston Law LLC:
The Certified Financial Planner Board unanimously has approved its new Code of Ethics and Standards of Conduct. The revision will expand significantly the fiduciary duty requirement imposed on all CFP professionals.
More specifically, starting October 1, 2019, more than 80,000 CFP professionals will be required to place the interests of the client above the interests of the CFP professional and the CFP professional’s firm. In addition, CFP professionals will be required to obtain the client’s informed consent to a conflict of interest. Likewise, CFPs who are fee-based will be required to clearly disclose to clients that they earn both commissions and fees, or, are not fee-only advisors.
As a result of its new Code of Ethics, the CFP Board plans to create a commission, named the Standards Resource Commission. The Standards Resource Commission will provide resources to help advisors comply with the new Code of Ethics and Standards of Conduct. Those resources will include fact sheets, FAQs, videos, webinars and other documents.
The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
Related Attorneys: James J. Eccleston
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