The CFP Board has come under criticism for disciplining some CFP professionals for declaring themselves as fee-only practitioners when they did not meet the board’s strict standards. Critics have accused the Board of enforcing its standards arbitrarily and not having a clear definition of fee-only.
CFP Board CEO Kevin Keller issued a statement recently in his first public comment on the controversy that said the Board is sticking by its definition, but will continue discussing the issue.
Branham said the FPA would welcome an opportunity to be part of that discussion.
“We recognize the CFP Board as the regulator for the profession and we support Kevin Keller,” Branham said. “We support their right to do what they have done” in regulating the CFP profession and enforcing the definition of fee only.
The Board’s actions have led some advisors to question whether they qualify as fee-only if they have any connection with firms that earn commissions or have connections with banks that own broker-dealers.