1. Since Keller arrived in 2007, CFPB has grown the number of licensees by 27 percent, or 3.2 percent a year. In an age of lower expectations and a nasty economic recession, that might be acceptable (just as very risk-averse clients might accept 3.2 percent a year). But some advisors consider it pathetic. When one looks at the demand for students who major in financial planning, one learns that most have several job offers when they graduate. One can’t say that for majors in many other areas of academia. Ferrara indicates the CFPB is planting many seeds in this area, so one can only hope they bear fruit. Increasing new licensee growth to 5 percent a year would make a dramatic difference by 2020.

2. Ferrara says the public awareness campaign has achieved its four-year goal in two years and that it has been very successful. Like many advisors I know, I believe the radio ads were excellent and the TV ads were not. But maybe we’re just a bunch of grumps.

3. CFPB has earned a seat at the policy table, Ferrara writes. That is true, but it was also true long before Keller arrived. CFPB, FPA and Napfa are to be commended for advocating a serious fiduciary standard when others have tried to dilute it. But what is CFPB’s long-term game plan behind the ambitious agenda? Is it total domination along the lines of the Aicpa? In the early 20th century, the accounting profession had many associations. Achieving total domination most likely would require CFPB to change its tax-exempt status from one type of non-profit into another, from 501(c)(3) into a 501(c)(6), I believe. I doubt most of the Board members have even considered that end game. However, even as they cooperate with other organizations on some fronts, they are encroaching on their turf in other areas. And their financial strength dwarfs the other associations, which have both supported the CFP mark as a requirement for future membership.

4. Finally, Ferrara notes they are entering the publishing business. Here I am certainly conflicted, so I’ll just say welcome.

When it comes to the global junkets depicted in the blog, the article also mentioned that it is expected the CFPB would want to work with the Financial Planning Standards Board to monitor the evolution of what is a global profession. While there is no reason for volunteers to stay in bamboo huts when traveling to Hong Kong, several volunteers said that some of the perks were lavish and they suddenly felt conflicted.

One thing that is evident from the surveys Ferrara cited and the responses of readers is that CFP licensees truly value their mark. Some view the education as invaluable while others believe it sets them apart in a crowded marketplace. But as CFPB moves forward with its modern-day agenda, it might want to remind itself of the Hippocratic oath, "First do no harm."

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