Figuring that one voice is stronger than three separate voices, the Certified Financial Planner Board of Standards Inc., Financial Planning Association and National Association of Personal Financial Advisors said Tuesday they plan to join heads to come up with a unified response in the expected debate in the next Congress on financial services industry reforms.
Leaders of the three organizations met last week at CFP Board headquarters in Washington, D.C. to review the regulatory gaps in how financial advice and services are delivered on the retail level, as well as the opportunities and threats in creating appropriate conduct standards for financial planners.
As it stands, financial planning isn't regulated as a stand-alone profession.
"The global financial crisis will require comprehensive review of the regulatory structure by Congress," the group said in a prepared statement. "The three organizations, over the coming weeks and months, will actively solicit feedback from stakeholders on future regulation of the financial planning profession. They will also reach out to other organizations that share the same belief that high ethical standards and qualifications for advisory services are needed more than ever to benefit the public."