The Certified Financial Planner Board of Standards is creating a commission to help CFP professionals meet the new standards of conduct laid out by the board.

The Standards Resource Commission will provide resources to help advisors comply with the new Code of Ethics and Standards of Conduct unveiled in March by the CFP Board. The commission is made up of individuals from financial services firms and members of the public.

They will create such things as fact sheets, FAQs, videos, webinars and other documents to tell CFP professionals what they need to do to meet the standards, which go into effect Oct. 1, 2019.

The main change in the code requires CFPs to act as fiduciaries, putting the best interests of clients ahead of their own and their firms’ interests, whenever they are giving financial advice. The old code required such behavior only when conducting financial planning.

When the code was announced, CFP Board Chairman Richard Salmen said, “CFP Board took a bold step more than a decade ago in requiring a fiduciary duty when CFP professionals provide financial planning services. We are raising that bar even higher now with a fiduciary standard that will apply any time a CFP professional gives advice.”

“This new commission is fundamental to ensuring successful understanding, adoption and compliance with the new standards,” Kevin R. Keller, CFP Board CEO, said Tuesday.

The Financial Planning Association, which works with the CFP Board, commended the board on the creation of the commission as a critical first step to ensuring CFP professionals have the tools and information they need to comply.

During the comment period before the standards were adopted, FPA asked the board to provide a condensed version of the Code of Ethics and Standards of Conduct in a simple, digestible explanation that can be used by CFP professionals in promoting the Standards to their clients and guidelines on how they may need to alter their practices in order to comply.

NAPFA CEO Geoffrey Brown, added, “Creation of the Standards Resource Commission shows that CFP Board is listening to NAPFA member feedback, and is dedicated not only to practitioner adoption and compliance with the new Standards, but importantly, to fostering a true understanding of them.”

Keller said in a video announcing the commission that he had heard from CFP professionals that they wanted help in complyng with the standards.