One CFP in the audience, who would not identify herself or her firm but confirmed she has the CFP designation, said applying the new standard and code could raise some issues, and that many professionals could use some help in understanding how things have changed.
“This is a lot for us to take in and apply and everybody should understand it. What the CFP Board should do is to have a webinar for continuing education credits that would go over many of these issues and not charge us for it.”
Rydzewski noted the CFP Board doesn’t present these continuing education seminars, but the CFP was persistent.
“I understand that. But you are spending millions of dollars in advertising this. How much would it cost to do something for us and present it for continuing education credit.”
Rydzewski told the CFP “thank you for the feedback.”
According to the CFP’s Board revised code, financial planning now has a new definition: “Financial planning is a collaborative process that also helps maximize a client’s potential for meeting life goals through financial advice that integrates relevant elements of the client’s personal and financial circumstances.”