The Power Of Perseverance

Kroskey sat for the CFP exam in March 2008 and passed it. But as he would learn, passing the CFP exam alone didn't guarantee he'd be awarded the designation.

Later that year, he was hired by the certified financial planner certification program at Tri-C Corporate College in Cleveland to teach a CFP-required course in retirement planning. To qualify for the job, he showed the school that he had passed the test and was awaiting approval to become an official CFP designee.

As for his CFP candidacy, Kroskey's background caused his application to be referred to the CFP Board's Disciplinary and Ethics Commission (DEC), which looked at his case very carefully.

Time dragged on with no word from the CFP Board. "I completely understand that you want good people in the profession and you have to put them through a screening process, but you have to be practical, too," he says.

For its part, the CFP Board says it unequivocally spells out its strict standards for earning its designation. "The rules are clearly stated so that every CFP candidate is aware of the bars to become certified," says a CFP Board spokesman. "It's their responsibility to be aware of that."

Conduct deemed "unacceptable" for CFP certification includes felony convictions for various financial-based crimes, violent crimes such as murder and rape, and other violent crimes committed within the past five years.

Conduct deemed a "presumptive bar" includes a felony conviction for non-violent crimes (including perjury) within the last five years. Kroskey's case fell under that category. In such presumptive situations, the DEC reviews the applicant's case and either grants them the CFP marks, denies the petition but allows them to reapply for certification, or permanently denies them certification.

It wasn't until September 2009 that Kroskey was granted his CFP designation. As part of that approval, the CFP Board issued a public letter of admonition to Kroskey that cited his felony conviction, as well as his failure to report his conviction to the Ohio Department of Insurance within 30 days from the date of his conviction.

Regarding the latter, the CFP Board's letter acknowledged that Kroskey's insurance-related infraction occurred because he was incarcerated at the time. The letter also mentioned a couple of mitigating factors in Kroksey's favor--that his drug dealing occurred long before he entered the financial services industry, and that his current professional life showed a commitment to the profession "despite the career-long disadvantage he will experience due to his poor behavior in the past."