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Press Releases Log - Chronologically Listed in Descending Order IAQFP - Press Release - 2004-09-12 All Financial Planners At Risk! BEVERLY HILLS, Calif., September 17, 2004 – The CFP Board, with FPA support, is daily getting closer to becoming Financial Planning’s SRO, resulting in a highly restricted definition of who is, and who is not, a “Financial Planner”. Severe problems will likely proceed for the more than 75,000 Financial Planners bearing other equally qualified designations (as proven by IAQFP), including most of those associated with the insurance (ChFC, MSFS) and accounting fields (CPA/PFS). The above SRO outcome would leave Planners with an entity having a history fraught with controversies and lacking democratic principles of fair and equal representation. There is a more favorable alternative to this outcome through IAQFP. It only makes good sense that those qualified in Financial Planning have a say in the profession’s direction, and this calls for a unified voice to be raised – IAQFP was created to provide that solution, and to be that voice. IAQFP Chairman Paul League says, “The power to protect one’s Financial Planning practice is, for the time being, still in the hands of the Planner, but for one to be able to continue to practice, and to identify oneself as a Financial Planner, immediate action is necessary. IAQFP is the only entity providing the solution”. While it is still legal to display various Financial Planner credentials qualified planner’s need to show solidarity by immediately doing two things; one, verify their qualifications by registering today in the QFP Verification Registry, where planner’s rights, and their equally viable Financial Planning credentialing processes, are recognized; two, immediately begin using the QFP Designation (Financial Planning’s most inclusive, yet rigorously exclusive, single unifying identifier), along with others that they have earned. If such actions are not taken, it is likely that the majority of Financial Planning designations will be nullified, resulting in affected Planners having to take further specified educational courses and exams, and to pay hefty costs and ongoing fees, to get “back in” – an undesirable and preventable scenario. Today, IAQFP re-announces that anyone who has earned a ChFC, CFP®, PFS, MSFS and/or MS (the latter two having academic concentrations in Financial Planning) is being granted immediate use of the QFP Designation. IAQFP further announces that these professionals are now also eligible for being listed in the QFP Verification Registry, absolutely FREE of charge. All that is required is registering at: www.iaqfp.org/register.html. Membership in the IAQFP is not required to secure these two offers, although IAQFP is providing a 4th Quarter, 25% discount, for choosing to also Register as new IAQFP Members (Promo Code #:PRW040912). A unified profession is now fully within the grasp of all Financial Planning professionals – but action must be taken now! IAQFP - Press Release - 2004-04-08 Financial Planners Unite, New Financial Planner DesignationLeads the Way! BEVERLY HILLS, Calif., April 8, 2004 – The INTERNATIONALASSOCIATION of QUALIFIED FINANCIAL PLANNERS (www.IAQFP.org)announces that all qualifying Financial Planners are now authorizedto use the QFP, Qualified Financial Planner designation, bringingabout the long awaited "one-profession, one designation"unification ideal of the Financial Planning profession. IAQFP research has shown that though seventy credentialsclaim to represent Financial Planners, only five share comparablyequivalent education, exam, experience, and ethical standards toactually justify such a claim. These include ChFC, CFP®, PFS, andthose MSFS and MS with an academic concentration in FinancialPlanning. The immediate use of the QFP designation by thesequalifying professionals does not require membership in IAQFP.org,and no financial contribution is required. IAQFP is a Professional Trade Association, run by and forits Members, whose mission is to distinguish Financial Planning fromthe generalized field of financial services, while at the same timeuniting all equivalently qualified Financial Planners under oneeasily identifiable and universal QFP designation. Membership inIAQFP is highly affordable, with fees as low as ten-dollarsannually. The public has been faced with a confusing task of sortingthrough an alphabet soup of professional designations, but sinceIAQFP introduced the QFP designation in 2003 this task has beengreatly simplified. Verifying and locating Qualified FinancialPlanners can be done through the IAQFP websites, QFP Registry ofQualified Financial Planners. IAQFP Chairman Paul League states, “The recognition andpromotion of only CFP® planners by the CFP Board, and the FinancialPlanning Association (FPA) lobbying group, ignores the nations othersixty percent of Financial Planners who in many cases have metequivalent or more rigorous educational and other requirements. Ouractions bring a timely end to the unwarranted disenfranchisement ofthese over 60,000 planners. We strongly encourage all qualifiedFinancial Planners to act now to help bring increased unity to theprofession, and confidence to the public, by adding the QFPdesignation to their other credentials, and by joining IAQFP in itsefforts." Contact: Paul League IAQFP - Press Release - 2003-12-01 IAQFP - Member 100 & Counting! As the CFP Board and the FPA continue to loose more members the IAQFP is gaining says Chairman, Paul League. He reports, “As the group wraps up its second year they have just signed its 100th member and that new members are joining almost every day.” The IAFP, which evolved into what is now the FPA, didn’t attract that many members that quickly. The CFP® community took much longer to reach this goal. Mr. League points out that “if one takes into consideration that we didn’t begin to promote membership until a couple of months ago we are making amazing headway.” The 100th member is Genet “J.J.” MacNab who was recently featured in the InvestmentNews in a dispute with the CFP Board because of the Board’s unrealistic requirements re the use of the CFP® mark. They insisted that she correct various organizations and individuals over whom, of course, she has no control. One of these was the Senate Finance Committee who’s report used the CFP® marks incorrectly when referring to her testimony as an expert on tax scams. This abusive use of unlimited and unreasonable authority on the part of the CFP Board with regards to their trademark has lost the Board many thousands of professionals over the years. Indeed as the new regime took over in 1985 they immediately lost numerous members who decided then and there not to be bullied by this Johnny-come-lately group. Their unfair attacks on innocent members have lost, and are continuing to lose, many more. Not too many years ago the IAFP lost almost 50% of their membership. They paid a huge fee to consultants to tell them why it was happening. Everyone else knew why, but their closed minded board of directors couldn’t figure it out for themselves. The consultants advised that it was because they operated as a closed shop and ignored their member’s opinions. The same thing happened to the ICFP at about the same time and though it was to a lesser extent it was for the same reason. Rough estimates are that the CFP® community has been diminished over the years by approximately 50,000 members because of closed-minded administrators. Refusal on the part of the FPA and CFP Boards to recognize, admit and correct this oligarchic approach, that is the basis of their two organizations (believed to actually be one organization), is still causing them to lose members. If all this were not true the CFP® community would today be at least double in size. Ms. MacNab is a major player in the field of Financial Planning with a most impressive track record. Check out the accomplishments and recognitions on her website: www.DeathAndTaxes.com. No blemishes, only extraordinary qualifications and professional ethics. The IAQFP remains the only answer to this unfair, mismanagement on the part of the CFP Board and the FPA. The IAQFP is not closed-minded. Indeed the voice of its membership drives all its decisions. Unlike the FPA and the CFP Board the IAQFP is the only group currently determined to unite all Qualified Financial Planners under one designation for everyone’s benefit. Its current membership drive offers free membership to all who currently hold a PFS, ChFC or CFP® designation. Their web address is: www.IAQFP.org. IAQFP - Press Release - 2003-08-13 LEADERS NEEDED The governing body of the CFP® movement, currently the CFP Board, was influenced about 1985 to change its structure to that of an Oligarchy, The net result is that ever since that change took place we are faced with a group of intelligent, well meaning people forcing their self-elected decisions on a voiceless constituency. Hampered by this structure their results continue to be a threat to the development of the Financial Planning Profession. Oligarchies are always controlled by one or at best a few who, obsessed with their desire to maintain control, turn to secret back room decision making and other techniques which they themselves would be appalled by if done to them by others. This obsession blinds them to the damages they cause, and makes rational discussion with them impossible. That is why this Nation got rid of that form of government in 1776. It didn’t work then, and it doesn’t work now. Those most qualified to lead the CFP® Financial Planning movement are the professionals who practice it daily. These people, over 40,000 of them, have no voice whatsoever in the back room of the CFP Board. The farce of the election procedures for membership on the Board eliminates these professionals from any influence on the Board. Membership in the FPA, the so-called Financial Planning “Trade Organization,” excludes all members from their equally farcical election procedure. Thus the well-intentioned officials of the FPA are equally hampered by their own Oligarchy. It is a shame to see, otherwise potentially great leaders, repeatedly make dumb decisions because their structure forces them to do so. A democratic voice is still the best, and possibly the only, solution to both the FPA and the CFP Board. Unfortunately they are blinded by their proven disastrous structure and can’t see it. What then can be done to correct this blatant block to the successful future of a much-needed profession? Numerous complaints and negative press have diverted a few disastrous decisions but the raising of a large number of combined voices for even one issue is hard to accomplish without an ongoing, democratically operated group. The IAQFP is developing as that group. Formed just two years ago it is just beginning to build sufficient membership to command the attention needed. By combining all qualified Financial Planners in one umbrella organization they have the potential to represent the voices of more than twice the number of silenced CFP® certificants. Whether it is the IAQFP or some other new group there is a necessity for a true Trade organization in the profession of Financial Planning. There is also an immediate need for a true trade organization to represent EVERYONE in the broad field of financial services. Such a group should be made up of many equal and democratic sub-divisions each one independently representing a segment of the field of finance. There would be a Financial Planning sub-section, another for Estate Planners, Insurance Professionals, etc. Each sub group would elect their own representative to sit on a National Board of this new organization. Imagine the influence on government legislation when a spokesperson from any segment appeared before a senate committee. They would be speaking with the backing of all Financial Services Professions in the nation and truly representing every individual member. Ethics in all financial professions would be greatly influenced by the power of those combined voices. This is an idea whose time has come. The established organizations are showing no leadership in this direction. If they won’t move who will? Who can? Do individual Lawyers have enough of a voice to influence their groups? Do CPAs, Real Estate Professionals, Insurance Professionals, Bankers, etc.? Who will speak up for a better tomorrow? IAQFP - Press Release - 2003-07-01 IAQFP - 2nd ANNIVERSARY Three years ago CFP® Certificants had absolutely no say in the development of the profession of financial planning. The demise of the ICFP and the IAFP had silenced such voices. Two concerned certificants called for others to join them in forming an organization to be the voice of “practitioners.” Seven additional CFP® voices were added and what has become the IAQFP “International Association of Qualified Financial Planners” was born. One of the group’s first projects was to ask the CFP Board to consider the possibility of recognizing the qualifications of ChFCs and grant them complimentary designations. Amidst angry objections from the CFP® community the group finally got the Board to admit, in writing, that the two groups were “equal.” Today those who wrote the most severe objections are publicly commenting on the two designations as though they were one. Unfortunately the Board still refuses to unite these two bodies of equally qualified professionals into one organization. Thus it was that the IAQFP created the QFP “Qualified Financial Planner” designation and offered it to be used by anyone who possessed either credential. This was a first step in simplifying the alphabet soup of credentials misleadingly used by so many individuals who present themselves as “Financial Planners.” Determined to bring some sanity to the business of identifying a financial planner the group then began researching other equally qualified planners. Study confirmed that the PFS designation also met the high standards needed and so that body of professionals was also invited to join this elite group and use the QFP designation. This time there was no resistance expressed by anyone. Thus, today, the IAQFP offers consolidation of these three major groups of equally qualified professionals. The public can now look for one designation, “QFP”, to identify a properly trained, tested and supervised “Financial Planning Professional” whose other designations indicate areas of special knowledge. One Profession…One Designation. All of this has been accomplished on a zero budget, against the most severe initial resistance. Consider also that, though the group is two years old this summer, membership development was only begun a couple of months ago. A great deal has been accomplished and the contributions by IAQFP to the field of Financial Planning are growing in a most effective way. The ONLY voice of properly qualified Financial Planning Professionals is making effective, far-sighted and beneficial changes. IAQFP - Press Release - 2003-06-16 Identifying a Financial Planner There are over seventy designations used by financial professionals claiming to be “Financial Planners.” Only three have been identified as justified to make such a claim. The term “Financial Planner” has neither a legal nor a dictionary definition. It was popularized starting in the early seventies by one group who created and developed the concept of a comprehensive approach to personal finance. They created a course of study, a series of exams, and the CFP (Certified Financial Planner) credential to identify their graduates. They developed a required code of ethics and an experience requirement and have since trademarked their credential. This mark has grown in popularity ever since (CFP®). Two other groups recognized the need and they joined the movement by creating their own versions with similar requirements. The American College was one of these with their ChFC (Chartered Financial Consultant) designation, and the CPA profession joined the parade with their PFS (Personal Financial Specialist) title. As the popularity of the “Financial Planner” title grew so did the use of new and old designations to take advantage of the demand. Financial Advisor or Investment Advisor are titles, for instance, that identify individuals licensed with government agencies to provide particular services, but these labels do not indicate any relevance to the studies of financial planning that are mandatory to obtain one of the three credentials already specified. Numerous other titles, etc. include an alphabet soup of credentials claiming to identify financial planners and that are used by various individuals in order to attract potential clients. A movement was started two years ago by a small group of CFP® designees to minimize the confusion by offering legitimately qualified individuals honorary CFP® designations. They asked the CFP Board of Directors to consider, for starters, the ChFC designees and compare their requirements. The Board agreed that the ChFCs were “equivalent” to the CFP® certificants in all the critical areas of education, examination, experience, and ethics, but the Board stated that it had no plans to consider the acceptance of these individuals as honorary designees. Territorial waters can be tricky. The group who asked for this unifying action refused to give up on the project. They created an organization of their own, the IAQFP (International Association of Qualified Financial Planners.) Determined to eliminate the confusion, not only for the public but also for the sanity of the developing financial planning profession, they offered immediate free membership to all ChFC and CFP® designees, and use of a new credential the QFP (Qualified Financial Planner.) They are dedicated to the goal of “One Profession - One Designation.” For many months they researched other designations looking for any that met these same standards and have now recognized the PFS, thus offering the QFP to cover all ChFC, PFS and CFP® designees. One designation instead of three, and only one designation for the public in their search for someone properly justified to call oneself a “Financial Planner”. The search for other equally qualified credentials continues, but to date only these three have been found. Any one of these three designations, and of course the QFP, will identify a properly qualified financial planner. The web-site, www.IAQFP.org, provides the only central referral service to locate all such planners who, more simply, have been granted the use of the unifying designation: QFP. IAQFP - Press Release - 2003-03-25 Ric Edelman Awarded Honorary IAQFP Membership IAQFP confers honorary Membership on Ric Edelman, CFS, RFC, CMFC, CRC, and QFP, who has graciously accepted the honor. In reaching their decision the IAQFP Board unanimously recognized Ric's exceptional qualifications, along with his nearly 20 years of substantial contributions to the profession of financial planning. IAQFP shares many of Ric's goals & aspirations for the broader community of financial planning professionals. On a related front, Edelman has received more than 100 email from advisors worldwide, 90% or more of who support his decision to leave the FPA (Financial Planning Association), in search of a more representative & inclusive organization specific to the profession of financial planning. The vast majority of these advisors have granted Edelman permission to publish their comments - both pro and con - and these can be read at: www.ricedelman.com/fpa. IAQFP (formerly the Concerned Planners Group) has long led the charge against the corralling of the financial planning profession by the CFP Board and the FPA under the CFP® designation, the outcome of which will exclude thousands of other equally qualified planners amongst the ranks of such financial planning professionals as ChFC & PFS designation holders. Ric now joins in support of the only unifying designation of the financial planning profession, recently formally introduced by IAQFP; namely, QFP - Qualified Financial Planner. IAQFP - Press Release - 2003-03-21 QFP Designation Formally Introduced IAQFP (International Association of Qualified Financial Planners, formerly the Concerned Planners Group), believing in ONE PROFESSION - ONE DESIGNATION, formally introduces the QFP (Qualified Financial Planner) designation to unify the various equally qualifying certifications, designations and/or credentials specific to the field & profession of financial planning (e.g. CFP®, ChFC, & PFS), all under one easily identifiable designation. IAQFP - Press Release - 2003-01-02 IAQFP Formally Announces Name Change from Concerned PlannersGroup to IAQFP As of January 1, 2003 the Concerned Planners Group has evolved into a larger, more inclusive and international 501(c) (6) professional association, and by majority vote of its Membership has changed its' name to more clearly reflect both the mission and purpose of the organization to the: INTERNATIONAL ASSOCIATION of QUALIFIED FINANCIAL PLANNERS ("IAQFP"). The IAQFP recognizes financial planners holding the following professional designations CFP®, ChFC, and PFS, as eligible Members. All of the recognized designation holders are treated equally as full Members justified by their having completed substantially equal education, exam, experience, and ethics requirements as recognized by IAQFP. IAQFP Members are directly involved in its decision making process through open deliberations & Member wide voting. IAQFP provides those who can establish they are qualified financial planners a real voice in the developing financial planning profession. You can learn more about the IAQFP, and their "Statement of Purposes" by visiting their new web site at: www.IAQFP.org IAQFP - Press Release - 2003-01-01 SELECTING A FINANCIAL PLANNER “Financial planning” today is a common term, a service apparently available from hundreds of thousands of professionals, many of whom, unfortunately, are not specifically trained in this unique discipline. The growth of financial planning is a fascinating and amazing story, because, prior to the nineteen sixties it was a term that was practically never used. Then, in the late sixties, a handful of insurance and mutual fund professionals decided that finances were getting more complicated and required sophisticated analysis of the inter-reaction of one financial decision on various other areas. The result was the birth of a new rapidly developing profession called “Financial Planning.” A comprehensive approach was developed that took into consideration new, more complicated tax laws, inheritance problems, health programs, increasing retirement opportunities, the new broad range of investments, and so many other developments. Times were changing and numerous new factors needed consideration. It had become apparent that in making a decision in one area you were affecting a number of other parts of your financial picture. A unique program was created which included courses of study to cover this broad comprehensive vision of financial concerns. Exams were required, and a brand-new credential was created, the Certified Financial Planner, CFP® designation, to identify those who qualified to practice the approach. Ongoing continuing educational requirements were established, and today over forty thousand graduates have earned this designation in the USA alone. As the popularity of the idea grew, as did the need for its practitioners, others began to cash in by calling themselves “financial planners”, though they may never have studied the subject. Outsiders even began creating new designations implying that they were also qualified in some way. Today the result is an "alphabet soup" of misleading credentials that confuses everyone. Somewhere along this historical road a couple of organizations decided that an alternative to the CFP® community was needed, particularly with a different management team. These new groups virtually duplicated the program including the course of study, the exams, the continuing education studies, etc. and created their own credentials. Two of these credentials are the Chartered Financial Consultant (ChFC), and the Personal Financial Specialist (PFS.) This has added to the alphabet soup, but has almost doubled the number of capable financial planners properly trained and supervised to help the public. The term “Financial Planning” has become so popular that numerous other individuals refer to themselves with this title and a whole potpourri of credentials exists. These other credentials usually indicate a professional capable in a specific area, but can mislead the public into believing that they are dealing with someone with appropriate financial planning training, when they are not. Major companies have begun using the term “Financial Planners” interchangeably with “Investment Advisors” and “Investment Consultants” and other unrelated titles in order to market their employee’s services. The net result is an impossible confusion facing the public as to the selection, specifically, of capable financial planners. Two years ago a group of CFP® certificants attempted to convince the CFP Board of Governors to absorb the ChFC’s, whom the Board agreed were “equivalent” in all areas, into their group and grant them certification in order to minimize the confusion. The Board refused to consider the suggestion. Determined to find an answer to the confusion of the “soup” this handful of CFP® certificants formed a new group called the International Association of Qualified Financial Planners (IAQFP). They also created the QFP designation and are offering it to all who currently hold a ChFC, PFS, or CFP® designation. This effort thus replaces three designations with one. Their goal: “One profession, One designation”. IAQFP is researching other groups and individuals to see if the alphabet soup can be further consolidated while representing only Financial Planners with maximum qualifications. Their website, www.IAQFP.org, provides a referral service to help the public confirm a planners credentials and to locate planners across the USA. What is the answer to "Selecting a Financial Planner"? As of this date the QFP - Qualified Financial Planner credential identifies a financial planner who is properly qualified to help you. If you prefer the alphabet soup look for a ChFC, PFS or CFP® designation. As indicated, IAQFP will continue to identify others who are also fully capable to assist you in your geographical area. IAQFP - Press Release (as CPG) - 2002-08-02 Letter to the Editor, Financial Planning Magazine Both your “editor’s Notes” and your review of the “FPA white paper” in your July 2002, issue promote the idea of the CFP Board becoming the SRO for financial planners. Considering the Board’s history and their current activities, is this wise? The Board is a group of intelligent and well-meaning individuals but their track record calls for careful examination. Remember when the Board quietly provided complimentary designations to over three hundred IAFP members and tried to pass it off with an explanation, which was proven wrong? Remember their attempt to establish suddenly the initial practice until they were stopped by a local ICFP president’s efforts that proved the standards to be dangerously drafted and flawed? Then, of course, there was the scandal of the CFP “lite” debacle. Then, as they reluctantly dropped the known “lite” trademarks they quietly let stand the four-year-old application for the “CFP Practitioner” pended trade mark, until it too was discovered and exposed by an alert Certificant. Interestingly, in spite of their complimentary gifted designations to the IAFP members, they refuse to do the same for the more meritorious case of ChFC’s, whom they acknowledge have completed “equivalent” education, exams and experience when compared to CFP® Certificants. Add to these embarrassing facts their history of closed-door politics. The fact that they have been proven to have made, and continue to make, false statements to garner support for harmful and dangerous decisions and programs. Their refusal, to date, to discuss issues of contention including their current misleading and demeaning definition of “practitioner.” Their denial for years that they are pursuing the SRO position, a misrepresentation that a fellow CFP Board member exposed at a 2001 FPA meeting in Los Angeles when he pointed out that Practice Standards had & were being developed along with the new certification courses and exams as part of a program in order to qualify for the SRO. Further, the recent misguided decision to require all applicants, after 2007, to have a college degree, will not guarantee an improvement in the caliber of certificants but will, once again, help attract the bid for SRO. Unfortunately, the more major impact of this will be to unfairly eliminate many applicants who could otherwise be of great service to the public. One of the most offensive, and still current, examples of bad judgment is the fact that their Board consists of many unqualified (not educated in comprehensive financial planning) and significantly biased individuals. At various times from 20% to 40% of the CFP Board is comprised of individuals who are not CFP® Certificants. Most of these individuals have never acquired credentials indicating any competency in the field of financial planning, while others practice financial planning without at least our credentials and in direct competition to Certificants. They all help make the dangerous type of decisions mentioned above thus handicapping designees with rules and regulations that they themselves do not have to follow. Such individuals should perhaps be on an advisory panel, not on the CFP Board. The CFP Board has never run truly open nominations and/or elections for their Board, nor do they involve their Certificants in any meaningful way in any of their decision making unless, as in the case of Practice Standards and CFP “lite”, etc., they have been forced to or face a major loss of dues from members who have finally had enough and are threatening to drop their designations. At this moment some have already dropped the designation, and many others are considering doing so anyway because of the Board’s unreasonable and uncooperative approach to nearly all matters of concern and interest to Certificants. These concerns include such things as customer complaints, methods of compensation, challenge exams and many other issues being decided by a Board that includes unqualified and/or competitive members. The fact is that, at this moment, both the CFP Board and the FPA, neither of which allows open voting on anything, are operating in their own vacuum. Democratic procedures are being completely ignored as is the experience, training and wisdom of CFP® Certificants. It appears that the Board and the FPA are either unwilling or afraid to open themselves to the opinions of this most knowledgeable group because of their own often hidden and questionable agendas. Many CFP® Certificants, and others in the broader qualified financial planning community, are currently appalled, frightened, and firmly against the CFP Board, or the FPA becoming the SRO of anything. Your review of the FPA “white paper” points out various methods for the Government to regulate financial planners. There is another option, which is probably the best alternative because it can provide features that no Government agency seems able to, including an SRO. What is needed is one organization that is open, transparent and that basis all of its actions on the fully informed input and consent of its constituency. One organization whose executives are subject to open nominations, elections and recall. One organization where all those involved have completed equal levels of education, examination and experience and where are all are subject to common ethics requirements etc., regardless of their designations. One collection of qualified professionals joining forces to strive for perfection in serving the public in the most effective manner. One group that provides the public with a single source to identify qualified financial planners. A professional society that rises to an unofficial position of public respect based on performance. The Concerned Planners Group is already developing that body of professionals and they will continue to work for the support of professionals and the public alike, so that government intervention, or an SRO, isn’t needed. IAQFP - Press Release (as CPG) - 2002-08-01 "Challenge Away?" More than over a year ago Concerned Planners Group pointed out the problems with the CFP Board & Board of Examiners allowing persons to take the CFP exam ("challenge"), without the requirement of first having to successfully conclude a CFP Board approved curriculum of comprehensive financial planning (see our "Statement of Purposes" at: www.IAQFP.org). We received an e-mail letter from the CFP Board, dated July 25, 2002, in reply to our prior inquiry regarding this very matter. In that letter then Executive V.P. Gary Diffendaffer stated: "...early this year the Board of Examiners recommended to the Board of Governors that challenge status be eliminated. Subsequently, CFP Board’s Board of Governors, at its May 2002 meeting, directed CEO Lou Garday to initiate a staff review of the feasibility of “sunsetting” the challenge status. Staff’s charge is to determine how and when challenge status could be eliminated and to ensure equitable consideration of candidates until that elimination occurs. We see elimination of challenge status as a logical step, consistent with CFP Board’s long-range education standards." The careful wording of the above raises the question of whether or not the CFP Board will ever actually do away with the "challenge", and perhaps their real intent is to simply float the idea to gauge reactions. It seems to us, in case they conclude that the "challenge" process is flawed, that they should immediately suspend allowing any further "challenge" until they finalize their review and are able to conclude that challenge exams either are or are not permitting unqualified people to become CFP® Certificants. Not suspending the challenge, immediately, seems to suggest that they are more interested in new Certificants, and revenue, rather than eliminating the possibility of unqualified persons becoming CFP® Certificants. Is there the possibility that one day soon there may be a feature article, in a major publication, that certain CFP® Certificants were granted the designation, without the proper qualifications, not only casting doubt on the qualifications of these, but on all Certificants? The need for immediately ending the "challenge" is critical to prevent those uneducated in comprehensive financial planning from becoming CFP® Certificants, and there is no time left to loose in doing so. Additionally, we oppose their move requiring all new CFP applicants, as of 1/2007 forward, to also have to have bachelor’s degrees, thereby "emulating the CPA" model. The reasons for this are many, not the least of which is that such a requirement is simply not a necessity (throughout history many of the worlds greatest personages had little to no formal education, or college degree), and many otherwise very capable and qualified individuals, as well as those without deep pockets, will be unfairly and unjustly barred from the profession. What concerns our Members, and others most about the CFP Board, and the FPA, is that, as the above examples so clearly demonstrate, they continue ignoring their constituencies and not informing them about critical changes to policies and directions until well after they have been independently uncovered by others outside these organizations. They continue acting in secret, keeping their thoughts and decisions to themselves, without ever openly & cooperatively involving those most directly effected, and who could be of the most help. Can you imagine a world with the CFP Board or FPA, or a merged version of them, as the SRO? On top of these examples, and foreboding warnings of such a danger, we are hearing the shouts of protest not only among Certificants, but throughout the financial planning community. We are seeing evidence that some Certificants are already voluntarily relinquishing their CFP® designation, and others are talking about following suit due to being completely fed up with the actions of these closed-door Boards, and the direction they are attempting to steer the profession. The Concerned Planners Group continues bringing focus on these and a number of other issues, many more of which will be brought to light in the near future. Paul M. League, CFP® - CPG Chairman IAQFP - Press Release (as CPG) - 2002-07-22 RFC (Registered Financial Consultants) Invited to Join CONCERNED PLANNERS GROUP CONCERNED PLANNERS GROUP is dedicated to providing a much-needed voice for its Members, and a singular means for the public to identify truly qualified financial planners to assist them with their financial needs. CFP® certificants do not have a say in their profession, other than through CPG, due in part to the fact that neither the CFP Board nor the FPA provides voting for elections of any of its Officers or Issues. CPG, on the other hand, holds open discussions with all Members, and all decisions are reached through open voting. Initially, CPG recognized only CFP® certificants as qualified for Membership. During its first year it got the CFP Board to acknowledge that certain ChFC were equivalently trained & tested. Further investigation proved that ChFC were also subject to equal standards of experience & ethics. An open vote of CPG Members approved therefore to welcome all ChFC to full and equal Membership in the CPG organization. CPG finds problems with the CFP Board when it allows certain parties to "challenge" their Comprehensive Certification Exam without also requiring the study and completion of a qualifying financial planning curriculum. We are concerned that this procedure of allowing for a "challenge exam" permits under-qualified individuals to take a cram course focused on passing, rather than on securing a broad knowledge of what financial planning is all about. An in-depth review of the International Association of Registered Financial Consultants (IARFC) impressed CPG Members that most RFC are also equally qualified with CFP® Certificants and ChFC, and should therefore also be included in the "CPG - Related Professionals Registry" of qualified financial planners. Superlative demands are placed on all RFC in order to maintain their designation with requirements that even surpass those of the CFP Board, and many other designation or certifying bodies. IARFC permits persons with limited broad-based study to make up for that with four years of forty hours a year of CEU’s (continuing education units), along with other requirements, to qualify for the RFC designation. The CPG is determined that a broad-based education and exam must be mastered so that the public can rely on all of its Members to be fully qualified financial planners. CPG will examine the applications of those in this category, but expects to find that the extra requirements more than qualify most RFC for CPG Membership. In the meantime, CPG is extending immediate Membership to all RFC who are also CFP® Certificants or ChFC designees. CPG is delighted and excited about welcoming this first group of RFC designees to apply for full Membership in our singular identity, of equally qualified financial planners, and within the coming months to also be able to extend Membership to many more categories of RFC. We are particularly pleased to announce our first RFC qualifying Member - Ed Morrow, CLU, ChFC, CFP®, RFC - the well known and highly respected President & CEO of IARFC / RFC, as well as the head of the NAIFA "Division of Financial Advisors". We wish to thank Ed for permitting us to publicly announce his support and for all of his continued concerted efforts in facilitating the inclusion of RFC's in our organization. We welcome fellow RFC to take advantage of this offer, as we also encourage our Members to consider obtaining both the RFC designation along with becoming Members in IARFC. We move forward this process of broadening our respective constituencies towards providing a single, truly representative voice for all of our Members, our financial planning profession, and especially for the benefit of the public we all serve. Within the coming year CPG Members will contribute Membership Dues in the amount of $50, but until then Membership remains FREE. Membership includes full Member participation in our referral fulfillment program (the "CPG Referral Registry"). CPG - Requirements for Membership (Amended since this release - please see our appropriate website pages for the most current Membership requirements and details). Membership is exclusively available to financial planners, dedicated to the profession of financial planning, and meeting all of the following criteria:
**(ChFC applicants, and RFC who are also CFP® or ChFC, meet such criteria, and others are under ongoing consideration). CPG -CODE OF ETHICS & PROFESSIONAL CONDUCT (see web site for most current Code).
Please visit our web site at www.IAQFP.org, then proceed to the Membership tab, and once there complete our online "Membership Application" to join today! Or, you may write to us at: CONCERNED PLANNERS GROUP, P.O. Box 7007, Beverly Hills, CA 90212-7007.Once confirmed you will be given a special User Name and Password to enter the private, Members Only section of our web site, where you will find such additional Member benefits as discounted continuing education programs, etc. Don't delay - we welcome you & your support. Together, we can and will be heard to bring about meaningful change! IAQFP - Press Release (as CPG) - 2002-06-18 Sorting Out the "Alphabet Soup" (New Registry for Referrals of Financial Planners) CONCERNED PLANNERS GROUP, true to its Member representative style, and having concluded its first year in existence, has successfully held open nominations and elections of its new Board of Directors resulting in the unanimous election of one of its' original founders, Paul M. League, CFP®, as their new Chairman for fiscal year 6/1/2002 through 5/31/2003. Mr. League, within the first two weeks of his Chairmanship, has held a successful Member wide survey and vote call on a number of key issues of concern to all Members of CPG, resulting in major revisions to the Group's Statement of Purposes - the core of the Group's principles and objectives. For a look at their new objectives and focus see their "Statement of Purposes" page at their web site: www.IAQFP.org Of keen interest to many will be their expansion of services to recognize those outside the CFP community through what their new web site slogan refers to as "The Home of Financial Planning Professionals". CPG, though remaining primarily focused on representing the specific concerns and issues of CFP® Certificants, now also extends Membership through its newly formed "CPG -Related Professionals Registry". Yes, CPG has expanded Membership to thousands of financial planning professionals holding nationally known and respected professional financial planning designations, such as, and beginning with, the American College ChFC - Chartered Financial Consultant (i.e. those whose education, examination, and 3 year experience requirement are seemingly equivalent to that of the unique comprehensive methodology & planning perspective developed over more than 30 years by the CFP® community). Issues and concerns of these Registry Members, that are mutually shared by CFP® Certificants, will also be aggressively represented by the CPG Board. With the establishment of the CPG - Related Professionals Registry, CPG intends to become the main source the public seeks out for referrals of qualified financial planning professionals effectively sorting out the alphabet soup of financial planners. This is a welcomed change, and of greater public benefit then the present system that is limited to referrals of only those who are CFP® Certificant practitioners, but required to also be Members of the FPA (Financial Planning Association). CPG has managed, through forthright actions and discussions with the CFP Board to, in the eyes of many informed onlookers, achieve major clarifications of several important matters, and is now, more then ever, better positioned as the organization, made of and for, qualified financial planners. The CPG organization reflects an inclusive attitude of colleagues in partnership within the broader financial planning community, all working together to improve conditions for financial planning professionals, the Financial Planning Profession, and their services to the public. IAQFP - www.IAQFP.org IAQFP - Press Release (as CPG) - 2002-05-01 A New Year. A New Election. A New Board. Two organizations are key to those financial planners identified as "CFP® Certificants: the Financial Planning Association and the CFP Board of Standards. FPA's National Board of Directors and the CFP Board of Governors are all highly intelligent people doing what they believe is best for their constituency and the public they serve. Unfortunately their opinions are not subject to anyone's approval but their own. Neither organization conducts meaningful nominations and/or elections to their National controlling bodies. The National magazine of the FPA censors opposing opinions. The CFP Board ignores the expressed opinions of its constituency unless that opinion garners enough public exposure to embarrass them. These are not democratic organizations, rather they are self-appointed elites who operate as Oligarchies. Both groups do a lot of good things and deserve to be congratulated accordingly. They also do many things that create questions of concern to the many thousands of financial professionals who have no say in their own profession. Most, quietly go along with this undemocratic program, concluding that "you can't fight city hall." A year ago a small group, the CONCERNED PLANNERS GROUP, was formed who believe that something needs to be done and that by uniting their voices they could begin to change this scenario and bring about a democratic method of shaping the future of the financial planning profession. The past year has shown meaningful results and growth for the "CPG". Three major issues were raised during the past year by the group. One was the misleading literature currently published by the CFP Board regards the qualifications of those CFP® Certificants who choose to have themselves identified as "practitioners." The CFP Boards promotional material is academically wrong and misleads the public into believing something that is not true. CPG will continue to push for correction of this insult to over five thousand Certificants, and the elimination of the confusion created in the minds of the public. The second concern resulted in the CFP Board agreeing that numerous ChFC's have already completed education and testing that is equivalent to that required to qualify for the CFP Boards CFP® Certification. This opens the door to recognizing these individuals for Certification subject to a one-day workshop, thus dramatically increasing the number of Certificants, the CFP Boards income, and the public's ability to identify qualified people more easily. This recognition, an established CFP Board procedure, will also continue to be pursued. The CPG has raised the issue of the un-democratic mode of operation of these two critical organizations and the desperate need for open nomination and elections to their National Boards. This campaign has just begun. Many other issues concern planners. As is the procedure for CPG activities all of these issues will be properly reviewed in open forum by the CPG membership and openly voted upon to determine whether or not the majority agrees on the concern and the action. Our website "www.IAQFP.org" has been developed so that opinions can be expressed, member's votes can be taken and activities can keep everyone informed. The voice is growing, slowly but definitely. This author has been proud to serve as the CPG Chairman over this first year of our existence but withdrew his nomination for chair for the coming year, which begins June first. Through open nominations and elections a new board will take over with Paul M. League, CFP® as our Chairman. Paul has been involved in CFP® issues for many years and is exceedingly well informed and capable. Again he and all of the CPG Board have been selected by open nominations and votes and all issues pursued must first go through the same process so that our growing voice can produce results representative of the concerns of our members. We are the only organization dealing with CFP® issues that is democratically representative. That is an important factor in this land dedicated to and built on democratic principals. The fact that the two organizations that control us do not believe in operating democratically is disgraceful. We are determined to change that. Gib Kerr, CFP®, ChFC, CLU |