Starting January 1, the National Association of Personal Financial Advisors will require the CFP designation for its registered financial advisor members.  The Napfa National Board said it needed to support the financial planning profession by selecting a single professional designation. The association compared such a mark with the CPA, M.D. and J.D. credentials, which have engendered public trust by showing that professionals have met education, training and ethics requirements.

“Napfa’s decision to support the broader recognition of a single, defining designation for the financial planning community just makes sense,” Napfa Chair Lauren Locker said in a statement. “Less confusion means more consumer confidence, and the CFP designation hits the mark as a strong, baseline standard.”  The Certified Financial Planner Board of Standards applauded Napfa’s decision to make the CFP certification a requirement for membership starting next year.

“Napfa has been a strong strategic partner with CFP Board in advocating policies in support of competent and ethical financial planning,” said Kevin Keller, CEO of the CFP Board.  With more than 2,400 members across the country, Napfa is a U.S. professional association dedicated to the advancement of fee-only financial planning.