The Financial Planning Association is beefing up its efforts to protect the right of CFP professionals to use the term “certified” in their titles by joining the newly formed Professional Certification Coalition.
Several states are considering legislation that would bar professionals of any type from using the word “certified” or “registered” in their titles unless the title has been conveyed by a state-sanctioned board or agency.
Financial planners who have passed the tests of the CFP Board of Standards are known as “certified financial planners,” which would not be allowed under this legislation.
Efforts by numerous professional organizations from various industries were recently successful in stopping this legislation from passing in Louisiana, but other states are considering similar bills. One bill, in Missouri, has been passed by the state’s legislature and is on the governor’s desk awaiting action.
The Professional Certification Coalition is a nonprofit association based in Washington, D.C, formed to oppose these state efforts.
“As a member of the coalition, FPA will continue efforts to fight harmful legislation that negatively impacts CFP professionals,” the Financial Planning Association said.
“We have a mission to advocate for financial planners,” said Lauren M. Schadle, the association’s executive director and CEO, in a statement. “Protecting our members against efforts that undermine their ability to serve their clients as CFP professionals is core to our association.
“By joining the coalition, we will be able to further our mission and engage the thousands of CFP professionals in our ranks to advocate for a certification that comes with high standards of professional conduct.”
The coalition said that many of these bills come from model legislation sponsored or endorsed by special interest groups. “Whether the harmful consequences of the legislation are intended or not by the bill sponsors, certification organizations can expect the introduction of similar legislation [in other states] in the months to come,” the coalition said.
The Institute for Credentialing Excellence, an organization based in Washington, D.C., and the American Society of Association Executives, an organization for association professionals also based in Washington, created the coalition. The coalition works to advance the interests of those who use or rely on professional certification.