The proposed changes obligate the client and not the CFP certificant to figure out whether the certificant will put the client's interest first. "A certificant should always act in the best interest of the client," Moisand said.
The revised code would allow firms to heavily market the CFP certification to prospective clients while disclaiming a "client's interest first" type of standard in a written agreement.
CFP Board Chairman Barton C. Francis said all public comments about the ethics code proposal will be considered at the board's meeting in Nashville on October 24. "What I would expect is that we will hear what the feedback is and then that there will probably be some consideration given to some proposals at that time," he said.
Of the FPA's comment, Francis said he has not yet read it and added, "I'm pleased that they took the time to sit down and provide a very detailed response."
While Francis wasn't prepared to comment on how he and the board may react to the specific issues raised, he did acknowledge that come of the public comments have been compelling. Speaking of a public hearing held in August, Francis said, "there were clearly some comments that I heard that caused me to pause and think and try to figure out, is there a different way that certain things should be addressed."