As if these circumstances weren’t confusing enough, the problems are exacerbated within the CFP world. The problems come with complex interplay between advice and sales. Ideally, CFP professionals consider themselves to be fiduciary advisors to their clients. Indeed, the CFP marks are so attractive because of our strong stated commitments for putting the clients’ interests first.

Would that it were always so. Many use the CFP marks to augment their apparent credentials just for sales purposes. The problems come in several sticky gray areas. First, we have those whose employment circumstances require that the first loyalty is to an employer, namely the folks who have an agency relationship. Next, we have those successors to my first manager who believe the most important function of a financial plan is to pound sales. They will look you square in the eye and tell you that they are “advisors” when they put together their financial plans but “buyer beware” salesmen when it comes to implementation. They take off one hat and put on another with nary a thought about conflict or confusion.

To be clear, I see nothing remotely wrong with sales as such. The problems come when the sales function is camouflaged by a purported advisory function that induces trust, confidence and reliance, namely the stuff of a fiduciary relationship.

In order to get specific with my terms, I went trolling at the Merriam-Webster store. I found some relevant definitions:

Salesperson
1. a person whose job is to sell things, or Advisor
1. one who offers advice

Sell
1. give or hand over something in exchange for money
2. persuade someone of the merits of

Advice
1. guidance or recommendations concerning prudent future action, typically given by someone regarded as knowledgeable or authoritative
Advise
1. to give an opinion or suggestion to someone about what should be done : to give advice to someone

Confusion
1. disturbance of consciousness characterized by inability to engage in orderly thought or by lack of power to distinguish, choose or act decisively

Fiduciary
of, relating to, or involving a confidence or trust: as
a : held or founded in trust or confidence
b : holding in trust
c : depending on public confidence for value or currency <fiduciary fiat money>