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