As well publicized as those setbacks have been, I am not inclined to rehash them here. This column isn’t a review of what has been awry in the past. It is about renewed optimism for the future.
So why do I feel good today? I sense a shift in momentum. The year 2015 has been a good one for the financial planning profession.
CFP Board prevailed in the Camarda matter. Actually, the matter was tossed out quite decisively. Read it yourself here, but the bottom line is if this were a sporting event, CFP Board shut out its opponent.
CFP Board’s right to enforce its rules were affirmed when Judge Leon ruled there was “no procedural defect in defendant’s (CFP Board) enforcement of its own rules” and as importantly, the Camarda’s “adduced no evidence from which a trier of fact could conclude that defendant violated its duty of good faith and fair dealing.” No evidence.
A few articles about the case prominently featured the plaintiffs lamenting that the decision means no CFP licensees would get “their day in court.” I thought that odd considering they literally went to court on the matter.
The whole affair and the related fee-only debacle is concerning, but I believe it is far better that the Camardas' claims of bad rules, shoddy enforcement and unfair process be firmly put down by a court of law than not.
But the result of that suit is just one turn of events. The year 2015 started to feel different when I attended FPA Retreat.
The 2014 Retreat was a dud. It felt flat, uninspired and strikes me as symbolic of the lull.
That symbolism hit me recently as I reflected on the 2015 Retreat. Wow, what a difference. I knew it would be good the moment FPA announced Marty Kurtz and Elizabeth Jetton would be organizing it. I was not disappointed.
Others were hopeful too as the event, held at Chateau Elan outside Atlanta was sold out. The place was fully and solely occupied by retreat attendees. There were no distractions from other groups, and I think that added to the experience.