CFP Board Removes Compensation Search Function
CFP Board Updates
On March 2, 2020, the CFP Board notified all professionals that the compensation search function had been removed from the “Find Your CFP® Professional” tool on the letsmakeaplan.org website. The key decision point, according to the CFP Board, was that based on the new Code and Standards, all CFP® professionals are expected to act as fiduciaries regardless of compensation structure.
While this is not likely to create a lack of compensation structure understanding from the public, it does reinforce the importance of providing clients detailed compensation information.
Susan John, CFP®, who was the 2019 Chair of CFP Board’s Board of Directors, expanded on this change in a letter to CFP® professionals. A copy of that letter can be found here:
https://www.cfp.net/news/2020/03/susan-john-cfp-addresses-cfp-professional-community
