CFP Board Reveals Advisors Who've Filed For Bankruptcy

and you jerks at the CFP Board, why don't you post the results of the student satisfaction "spot check" that NYU did for my teaching Course #X55.9953.03 "Investment Planning" within the CFP curriculum. Out of a possible "perfect" 5, 5 being best and 1 being worst, I got a 4.73 with 205 5's, 40 4's and no 3's, 2's, or 1's. NYU gave me a copy of it which i still have. Later I rec'd an award from NYU for "Teaching Excellence" and also an award for "Service to the University" but those were for my grad level teaching in the NYU Real Estate M.S. program where I taught the course on REIT's and Portfolio Management.

and for the record, I actually taught within the CFP prep program at two universities: NYU, and Pace. The text errors we had to point out to the CFP Board relating to the (CFP Board recommended) text materials we were using at NYU were garden variety: a couple of definitions problems, a tabulation problem here and there, nothing earth shattering. However, Pace was using a different "alternative" set of texts, which emphasized a quantitative case study approach - which in principle is good, however with a long drawn-out case study, if the numbers are fouled up early on - the whole thing just becomes a tormenting waste of time, which is what happened. The Pace students got very angry, rightfully so. I reported it to the CFP Board, they sat there like totem poles, but the textbook publisher had the issues checked and they thanked me profusely for bringing it to their attention. Unfortunately, the best thing is to stay away from the CFP Board. They are not nice people. Not nice at all.

I remember back when I was applying to become a CFP. I worked for A.G. Edwards at the time, and you had to get home office approval to enroll in the CFP program. I remember the response from the home office, to paraphrase "it can be a good program, but think carefully because not everyone likes them." I remember wondering, what did that mean ? Well, I found out - the hard way. They are a nasty, self-important, dishonest organization ---- best to steer clear of them, give them a wide berth. I did complete the program, obviously, and then I went on to become quite a successful professor within NYU's CFP preparation program. This is where the problems started. My view (and that of my students at NYU) was that when there were errors in the text materials, and there are always some, the CFP should be notified. Well, the CFP Board did NOT like that. Not AT ALL. Which was sad, but that is how it was. Then a few years later, after I had accumulated a very exemplary teaching record at NYU's CFP prep program - I applied to be on the Board of Standards. I rec'd a call in which the Board rep told me my resume was outstanding, which it was, but the Board would not pick me because I did not fit the affirmative action gender criteria they wanted to use. I felt that was wrong - and complained about it. And they REALLY did not like that. From then on, they treated me as an "enemy of the (CFP) state", seriously, they did. Then due to some unforeseeable personal circumstances, I had to declare bankruptcy - there was no wrongdoing alleged, nothing of the kind - it was just a garden variety consumer bankruptcy due to typical reasons - again, no wrongdoing of any kind alleged. My concern was, should I report this to the CFP Board? I decided to tell them, in the interest of transparency and full disclosure. Boy that was a mistake. They replied, no you are not required to disclose your bankruptcy to us, BUT since you have - we are going to initiate a full wrongdoing-type investigation, which they did. They demanded all the documents associated with the bankruptcy, which I provided them. Then, over and above that - they demanded 1) that I present and agree to a personal financial plan for "recovery", and 2) that I submit to an in-person tribunal in a distant city. I could not present a "personal financial plan" for recovery, because the bankruptcy court REQUIRES that you represent there is no reasonable possibility of such a plan, and doing so for the CFP Board would have been tantamount to perjury before the bankruptcy court and invalidation of my proceedings. Then also, I did not have the $1000-$2000 that it would have cost for me to attend their "tribunal" in the distant city of their choosing. But - they had all the bankruptcy proceeding documents, which clearly showed no allegations of wrongdoing. That did not matter - they branded me an "Ethics Violator", which to this day appears on just about every internet search for my name. Nice, very nice. Think twice before getting involved with the CFP program ........ they are very political, very clubby, and they like bully people. And to you jerks at the CFP Board - go ahead and add my name to your list, but tell them why you really took my designation. Matt Lechner - previously Adj. Associate Professor of Financial Management and Real Estate, New York University; Certified Financial Risk Manager, Chartered Retirement Plans Specialist