The Certified Financial Planner Board of Standards has appointed Leo Rydzewski to the newly created role of general counsel, the organization announced today.
Rydzewski most recently served as a partner in the Washington, D.C., office of the law firm Holland & Knight, where he has represented the CFP Board in defense of claims raised by Jeffrey and Kimberly Camarda, the owners of Camarda Financial Advisors in Fleming Island Fla., since 2013.
“He is deeply knowledgeable about our standards of professional conduct and the CFP Board in general,” says Kevin Keller, CFP Board chief executive officer, regarding Rydzewski. “This position will provide strategic corporate legal counsel to me, to the CFP organization and to the board of directors.”
The Camardas originally filed suit against the board last year after the board threatened to issue a letter of admonition against the Camardas for calling their practice “fee-only.”
The board contended the couple’s ownership of an insurance company that accepted commissions precluded them from using the fee-only designation.
Holland & Knight will continue to serve as counsel to the CFP Board in that litigation, according to Keller.
Regarding the case, "We strongly believe the case brought by the Camardas is without merit,” says Keller. “We will continue to vigorously defend our right to set and enforce our standards. Leo will continue to work closely with the team of his now former colleagues to defend us in that case.”
Rydzewski has also been recognized for his significant pro bono work. Among other cases, he litigated what was then the largest child welfare class action in the nation, involving children in the State of Florida's dependency and delinquency systems, seeking appropriate mental health services. For his work, he received the Florida Bar President Pro Bono Service Award.