CFP may conduct investigations for financial advisors who potentially violate CFP Rules, which can be triggered by a number of events, such as: customer arbitrations, criminal matters, regulatory actions by the SEC, CFTC, FINRA and state regulators, bankruptcies, employment terminations, reports from other financial advisors with CFP designation and even anonymous tips.
Sanctions for violations of CFP rules may result in a private censure, a public letter of admonition, suspension of the right to use the marks for up to five years or even permanent revocation of CFP designation.
The investigation process begins with a CFP Notice of Investigation sent to the CFP Certificant. This step requires a keen understanding of the allegations and potential sanctions that can result. The time allowed for filing written responses and Answers is extremely limited!
In addition to the opportunity to file a written response to the allegations, after reviewing the response, the board may decide to issue a CFP Complaint against the financial advisor, who must then file an Answer or suffer from an Administrative Order of Revocation.
Each time you renew your CFP certification, you must disclose whether you have ever been involved in any criminal, civil, self-regulatory organization or governmental agency inquiry, investigation or proceeding. Events that are otherwise not reportable to your Broker-Dealer, Employer or Regulatory Agency, may, in fact, be reportable to the board. If you have questions or concerns regarding your reporting obligations or compliance with CFP Rules, contact the securities attorneys at Eccleston Law for a free consultation to discuss your CFP Board matter.
If you have received a CFP notice of investigation, a CFP complaint, or a notice of presumptive bar as a CFP candidate, our experienced securities attorneys can provide unparalleled guidance to you in all aspects of CFP disciplinary proceedings and help maximize your chances of retaining the right to use the hard-earned and valuable CFP marks by:
As skilled and experienced securities attorneys, we can also provide valuable guidance on the underlying matter that triggered the CFP investigation, whether it's a customer complaint, an investor arbitration or lawsuit, an employment termination, etc.
This was the best of all possible outcomes and I cannot thank you and the team enough.
The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.
The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.
The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.
As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.
The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.
The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.
The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.
