The CFP Board announced in an unsigned email to certificants this week that the group’s consumer search engine will no longer allow investors to search for registered investment advisors based on the compensation method advisors use.

Instead of allowing consumers to continue to search for a financial professional based on his or her use of commissions, commissions and fees, or fee-only compensation as has been the case for several years, the CFP Board said it is instead providing questions that consumers should ask on its “Findaplanner.org” website.

Fee-only registered investment advisors were quick to criticize the CFP Board for its decision, which many advisors said they had no idea was coming. Outspoken fiduciary advocate and RIA Michael Kitces, who helms XY Planning Network, immediately took to Twitter to express concern: “It gets even harder for @CFPBoard to advocate for moral high ground of higher fiduciary standards and being the ‘gold standard’ when it’s not even willing to support basic transparency for consumers around advisor compensation and instead forces consumers to dig to figure it out.”

According to the announcement, obtained by Financial Planning magazine, the organization wrote: “CFP Board is pleased to share with you some updates to our Public Awareness Campaign website, letsmakeaplan.org. This website is designed for consumers and features the “Find Your CFP® Professional” search tool . . . Today, we have updated that tool to remove information about compensation method.

“The three compensation method categories previously provided by the search tool— Commission-Only, Commission and Fee, and Fee-Only—were broad enough to capture the various compensation methods financial planners use today, but not very specific or helpful to consumers,” the announcement continued. “We believe the best way for consumers to select their financial advisor is to have a conversation with their prospective advisor.”

The CFP Board has not provided a comment, but its public relations firm said the group is working on a statement.

“I obviously have no idea what went into the discussion about this change and I’m sure it was made with good intentions; however, to me it seems to be a significant and disappointing step backwards, especially given all of the losses we’ve seen in the regularity fiduciary battle,” Harold Evensky said in an email reply.

Evensky is a CFP, a former chairman of the CFP Board and current Chairman of Evensky & Katz / Foldes Financial Wealth Management, Coral Gables, Fla. Unlike many fee-only financial planners, he has often argued that his form of compensation doesn't make him superior to planners who take commissions. However, he has always argued that consumers have every right to expect transparency and full disclosure.

In his e-mail, he added: “The explanation [laid out by the CFP Board] . . . does not sound very credible. While I agree that there might be some confusion between Commission Only and Commission and Fee that would benefit from conversation, it’s nonsense to suggest that there is confusion about Fee Only.”

According to the CFP Board’s letter, instead of choosing an advisor based on how she or he is paid, investors should instead dig into a list of questions it has included on its letsmakeaplan.org website.

“To help consumers make an educated decision about choosing and hiring a financial advisor, we have also updated the set of “Questions to Ask Your Financial Advisor (https://www.letsmakeaplan.org/blog/view/lets-make-a-plan-blogs/ten-questions-to-ask-your-cfp-professional)” on the letsmakeaplan.org website. These questions are now more easily accessible, with a direct link placed prominently on the letsmakeaplan.org home page,” the CFP Board wrote.

Ron W. Roge, CFP and founder of R.W. Roge & Co. in Bohemia, N.Y., asked, “Why would the CFP Board want to make its website search engine less consumer friendly? Compensation is important. It is one of the first three questions an advisor should be asked.”

In the CFP Board’s “Ten Questions to Ask Your Financial Advisor” section, compensation does not come up until question numbers seven (How will I pay for your services?) and eight (How much do you typically charge?).

The CFP Board said it will roll out the next phase of publicity for its website and search engine this spring.

It is likely that many RIAs will be seeking those details in the coming weeks.

“Fee-only advisors should be concerned,” said Knut Rostad, president of the Institute for the Fiduciary Standard. “Not only is the Securities and Exchange Commission trying to erase their legal distinctions with Regulation Best Interest, but now the CFP Board is in lockstep, too.” He added that he is hearing from RIAs who are irate about the organization’s change.

“I’m mystified why the CFP Board chose this time to make an anti-consumer, anti fiduciary decision,” Rostad said.

Patricia Houlihan, CFP, a former Chairman of CFP Board of Standards, said making it harder for consumers to find information is problematic. “I would like to know why this decision was made,” she said.

“It could possibly be an enforcement issue, but I do not know,” added Houlihan, who is president of Houlihan Financial Resources Group Ltd. in Ashburn, Va. “I do remember CFP Board taking down compensation methods several years ago during a lawsuit.”