CFP Board Issues Three New Guides For CFP Licensees
The Certified Financial Planner Board of Standards Inc., headquartered in Washington, D.C., has released three new guides to help CFP professionals uphold the Code of Ethics and Standards of Conduct in their practices.
Each of the three new guides breaks down specific elements of the code and standards, as well as how a CFP professional can meet their duties.
One is titled “The Guide to Satisfying the Duty of Care When Providing Financial Advice That Does Not Require Financial Planning.” It outlines a seven-step process for duty of care in giving financial advice. No. 1 is to understand the client’s personal and financial circumstances. No. 2 is discerning the financial advice required to fulfill the scope of engagement. No. 3 is analyzing the current and potential courses of action to fulfill the scope of engagement. No. 4 is developing the financial advice recommendations. No. 5 is presenting the financial advice recommendations. No. 6 is implementing the financial advice to fulfill the scope of engagement. And No. 7 is considering whether a CFP professional must monitor the financial advice.
The second new guide is called “The Guide to the 7-Step Financial Planning Process: A Case Study Illustration for Solo Practitioners,” and it depicts the way a financial advisor might provide financial planning to a client in compliance with the code and standards through the use of a hypothetical situation.
“The Guide to Managing Material Conflicts of Interest” describes approaches a CFP professional can take to fulfill their duty to manage conflicts. It also presents a three-step process they should follow in developing and adopting business practices for conflict management.
WisdomTree Launches Electric Car ETF
WisdomTree Investments Inc., a New York City-based exchange-traded fund and exchange-traded product sponsor and asset manager, has introduced a new fund that invests in renewable energy.
In anticipation of the growing demand for electric vehicles and the batteries central to their development, the WisdomTree Battery Value Chain and Innovation Fund (WBAT), now available on the Chicago Board Options Exchange (CBOE), focuses on companies manufacturing energy storage solutions and developing battery technologies.
The WBAT, with an expense ratio of 0.45%, seeks to track the price and yield performance of the WisdomTree Battery Value Chain and Innovation Index (WTBAT) before fees and expenses.
To request a copy of the fund prospectus, visit www.wisdomtree.com.