The Certified Financial Planner Board of Standards Inc. this week added two members to its Disciplinary and Ethics Commission, filling out the nine-person body that doles out penalties for misconduct violations.

Matthew Murphy, president of Murphy Capital Advisors in Glendale, Ariz. and Chicago, will serve a four-year term through year-end 2013.

Chris Beard of Raymond James Financial Services in Greenville, S.C., fills a recent vacancy and will serve his term through year-end 2011.

The commission meets thrice yearly to hear cases of alleged misconduct by CFP certificants and to impose penalties, if necessary.

In a statement, CFP Board CEO Kevin Keller said Murphy's fee-only planning background brings "fresh perspective" to the commission because that type of business model isn't represented by any of the other members. He also noted that Beard's presence beefs up the commission's representation by mid- to large-sized investment advisory firms.