CFP Exam Candidates Subject to Investigations Over Chat Room Participation

Posted on April 28th, 2021 at 12:10 PM
CFP Exam Candidates Subject to Investigations Over Chat Room Participation

From the Desk of Jim Eccleston at Eccleston Law LLC:

Eccleston Law has received several inquiries from financial advisors who recently took the CFP examination and now face an investigation or complaint regarding purported examination misconduct.

One particular area relates to chat room participation.  Third party exam preparation services like Dalton, Kaplan and the Boston Institute of Finance have CFP programs that are online.  They sometimes also offer chatrooms led by their instructors.  Additionally, CFP candidates themselves sometimes organize a chat room.

CFP Board knew or should have known that these chat rooms exist.  Compounding the problem is that CFP Board offers CFP candidates a two week rolling period in which they can take the exam.  So, it is entirely predictable that early test-takers later continue to participate in the chatrooms.

In representing CFP candidates, Eccleston Law has learned that CFP Board inquiries rest or largely rest on generalities, assumptions, and innuendos. Once launched, the investigation evolves into an oral examination, as well as requests for documents and information.  Sanctions proposed are severe, and include voiding a passing test result, barring the candidate from ever being a CFP, all of which is publicized on the CFP Board website and promoted in a quarterly press release nationwide.  

Unquestionably, CFP candidates in this position need experienced legal counsel familiar with the CFP Board disciplinary process, and the earlier the better!

Eccleston Law represents financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, cfp exam

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