As part of their certification, CFP professionals are required to complete 30 hours of continuing education every two years, two of which must be on the CFP Board’s standards of professional conduct. There are currently more than 1,400 CE sponsors offering more than 15,000 CE programs.
A wide range of 43 academics from financial planning programs at colleges and universities across the U.S. registered their continuing concern about the board’s intentions, in part because the announcement says the board has no intention of providing CE programs “at this time.”
In a letter to CFP Board CEO Kevin R. Keller, the academics say they have “strong concerns regarding CFP Board becoming a continuing education provider for CFP certificants.”
“We all rely on CFP Board of Standards to be the standards setting body in this emerging profession,” the letter, sent by Vicki Hampton, professor and chair of the Department of Personal Financial Planning at Texas Tech University, says. “It is imperative that the board focus on that goal and its mission to protect the public and not put itself into a conflict-of-interest position” by providing CE programs.
The letter says the academics support the idea of improving the quality of CE programs if necessary, but adds, “Please refrain from doing anything that diminishes the perception of these CFP marks as something less than purely ethical.”
The Financial Planning Association had expressed similar concerns in the past. In a statement issued today, the FPA says it fully supports the board’s decision to upgrade the standards for CE programs.
The FPA, a primary provider of CE programs, says it will work with the CFP Board. The FPA recently appointed a Continuing Education Best Practices Task Force to improve its educational offerings.