Once a CFP professional, always a CFP professional.
That is the idea behind the CFP Board Emeritus program launching in January 2019 to honor veteran financial planners now retired.
“For many years, veteran financial planners have wanted to stay connected with and support the CFP Board, but not necessarily retain the certification,” said Richard Salmen, chair of the Certified Financial Planner (CFP) Board’s board of directors.
He said the new program will allow retired members to remain involved with the accrediting organization responsible for their livelihoods and careers.
Program members will receive benefits and continue their relationship with the accrediting body, which administers the CFP certification held by nearly 82,000 professionals nationwide.
“We look forward to welcoming these former CFP professionals into this distinguished status,” Salmen said.
The emeritus status is not a certification. Those individuals who become members will be required to attest that they are no longer holding CFP certification, various licenses or designations; that they are not using the CFP marks in any public or private setting; and that they are not practicing financial planning or its components, such as selling securities or insurance.
To apply for emeritus membership, applicants must have met the following requirements:
- They must have relinquished their CFP certification, and the mark can no longer be used;
- They must attest that they are no longer practicing financial planning or engaging in any financial services activities;
- They must meet eligibility requirements of at least 25 or more cumulative years of holding the CFP certification;
- The must complete the CFP Board Emeritus Ethics Declaration before entering emeritus status; and
- They must pay an annual $95 fee.
Former CFPs that satisfy all program requirements are eligible to receive the following benefits:
- Recognition for their years of service and commitment to the profession, as well as adherence to ethical and competent financial planning;
- Regular communications from the CFP Board and the CFP Board Center for Financial Planning, including the latest news for CFP professionals reporting the board’s work to advance the profession for the public benefit;
- Volunteer opportunities to stay involved with the CFP Board in meaningful and rewarding ways, such as by volunteering on various councils and advisory committees that help shape the future of the profession;
- A CFP Board Emeritus Card, recognizing member status. The card will be received after initial sign-up, then annually upon renewal. It references the initial join date, as well as renewal date.
Former CFP professionals that meet all qualifications for the program can check their application status by logging into their CFP Board account.
Ben Coombs, one of the first planners to hold the CFP certification back in 1973, has long advocated for such a program recognizing retired professionals.
He said he was excited by the new emeritus program and looked forward to being one of the first applicants to qualify for it.