William Baldwin, president of Pillar Financial Advisors in Waltham, Mass., today began a one-year term as chairman of the National Association of Personal Financial Advisors (NAPFA).
The association also installed a new board of directors today, including the appointment of Samantha Macchia of Summit Financial Strategies in Columbis, Ohio, as treasurer and secretary.
Baldwin, who is both an attorney and advisor, said he expects regulatory reform to be his top priority over the next year.
"At the very top of the agenda is the Financial Planning Coalition and the efforts to define financial planning as a profession," he said.
The coalition consists of NAPFA, the CFP Board of Standards and the Financial Planning Association, was recently formed to promote a uniform fiduciary standard for all financial planners.
The Financial Planning Coalition is also one of the groups hoping to influence regulatory reform in Washington, D.C., that is designed to make financial advice more transparent and accountable to consumers.
Baldwin says he expects financial reform to move to the forefront later in the year, after health care reform has been resolved.
"We're working hard with the FPA and CFP Board to come up with concrete proposals," Baldwin said.
He also wants to see greater racial and ethnic diversity in the advisor field.
"Something I'd like to get started is establishing greater diversity in the financial planning service. Too few minorities are engaged in the process," he says.
Saying he doesn't yet have a solution to the low representation of minorities among financial advisors, Baldwin said, "All I know is there is definitely a need. I think this is the year to start studying it and looking for the right approach."