The Certified Financial Planner Board of Standards announced today that it is holding off on plans to increase its continuing education requirement from 30 to 40 hours every two years after member advisors overwhelmingly opposed the move.
Earlier this year, the CFP Board proposed changes that included increasing CE requirements from 30 to 40 hours every two years; increasing the CE ethics requirements from two to four hours; granting some CE credit for practice management courses and for pro bono activities; and expanding professional activities that qualify for CE.
In August, CFP Board requested public comment on proposed changes to its CE requirements.
The CFP Board received a record number of comments – more than 1,100 – in response to its proposed changes, with 85 percent of those commenting opposed to increasing the CE requirement from 30 to 40 hours.
At its November meeting, the CFP Board passed a resolution calling for its Council on Education and staff at CFP Board to study and develop recommendations on the appropriate level of CE to maintain CFP professionals’ competency for the benefit of the public.
The CFP Board staff and the council are conducting further research into current practices in CE and addressing comments received by stakeholders. Additional public comments will be sought when proposed changes are developed. The CFP Board said that it is also seeking further review of previously proposed changes before making any modifications.
The CFP Board of Standards Inc. grants the CFP certification as the recognized standard of excellence for personal financial planning. The CFP Board currently authorizes more than 67,000 individuals to use these marks in the U.S.