In May 2007, the Certified Financial Planner Board of Standards, Inc. (“CFP® Board”) announced the adoption of updated Standards of Professional Conduct. The Standards had an effective date of July 1, 2008 and have an enforcement date of January 1, 2009.
One of the updates made by the CFP® Board is the requirement that CFP® certificants provide specific disclosures to clients and prospective clients. The CFP® Board has indicated that the new disclosure requirements will ensure that clients and prospective clients are provided with contact information for their CFP® certificant, a description of the services being provided, any conflicts of interest the CFP® certificant may have, and the costs to the client associated with the services being provided, which costs include compensation arrangements, financial or investment product fees, or other costs related to transactions or advice provided by the CFP® certificant.
RIA Compliance Consultants, Inc. can help you review the adequacy of your existing disclosures for compliance with the CFP® disclosure requirements and as necessary, create customized disclosures in order to comply with the CFP® disclosure requirements. Please contact us if you have questions or need assistance regarding the CFP® disclosure requirements.
Posted by Bryan Hill