Kahan, who is president of Financial Asset Management in New York City, has been active in both the local and national FPA. Currently, he serves on the board of the Foundation For Financial Planning. “It’s all happening so fast. Scott does not even have a title yet,” Brand said.
Harold Evensky, chairman of Evensky & Katz/Foldes Financial in Coral Gables, Fla., and Lubbock, Texas and a leader in the financial planning profession, said Tuesday, “The FPA should immediately have an independent professional investigate and report to the board and the membership regarding this issue.”
There will be no disruption in services or events for the New York members and the budget, reported at $80,000, is still available for New York chapter programs, Brand said.
FPA spokesman Ben Lewis said in a statement, “Given the challenges facing the New York board of directors, we were asked to step in by many of the board members to help guide the chapter towards a resolution of the deep differences that were afflicting their board of directors.
“When it became abundantly clear that the New York chapter board of directors could not resolve their differences and operate effectively to serve the needs of its members, FPA acted through the authority granted to it by the affiliation agreement to ensure that New York chapter members would continue to receive quality programs and services,” he said. “The New York chapter is not being dissolved.”
Lewis called Kamboh’s accusations “inflammatory and unsubstantiated. Any allegations that Ms. Kamboh is making about discriminatory practices that FPA has engaged in are false.”
Kamboh and Perkinson did not return calls for comment.