financial advisors, whether they be called "planners" or "consultants,"
should be regulated in the same way and be held to a fiduciary standard
that places a client's interests first, according to a new report.
The report by the Financial Planning Association's (FPA) regulation task force concluded that regulation should be reformed in a way that enhances consumer protection and clearly defines financial planning to the public.
The task force also recommend that a regulatory agency should for the first time be able to take enforcement action against unethical or dishonest advisors.
The report also called for the creation of a peer review process to screen the competency of individual planners.
FPA President Daniel B. Moisand said that with the release of the report, the organization will solicit opinions from members about potential changes in the way planners are regulated.