Financial Planning Coalition Comments on New York State Department of Financial Services’ Updated Proposed Amendments to Insurance Regulation 187

The Financial Planning Coalition (Coalition) – comprised of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – recommends that the New York Department of Financial Services specifies the importance of accredited credentialing organizations that grant financial planning certifications and designations, thereby helping to strengthen and clarify the financial advice being offered to New York’s retail investors.  The Coalition’s comment letter can be found here.

Financial Planning Coalition Statement on Louisiana House Bill 748

Washington, D.C., May 9, 2018 – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement in advance of today’s Louisiana State Legislature hearing on House Bill 748:

“The Financial Planning Coalition strongly opposes House Bill 748, as it is currently written, which would severely restrict consumer access to ethical and competent financial planning services from Certified Financial Planner professionals. There are 586 CFP® professionals in the State of Louisiana serving tens of thousands of clients. If this legislation becomes law, these and other consumers would be the ones most adversely impacted. Unlike other financial services designations and certifications, the CFP® certification is the only one that carries a robust enforcement function, requires a comprehensive exam and demands that those holding the certification agree to put their clients’ interests above their own.

While we certainly understand the intent of the broader legislation as written, we believe it will result in less protections for Louisiana investors and savers. We respectfully ask that the legislation be revised so that CFP® professionals can continue to use their CFP® certification in the way intended, which is to demonstrate to the public that they have met the highest standard in ethics and competency in financial planning.  If those revisions are not made, we urge lawmakers to oppose the legislation.”

Financial Planning Coalition Statement Following SEC Meeting on Fiduciary Standards

Washington, D.C., April 18, 2018 – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement in response to today’s Securities and Exchange Committee meeting on fiduciary standards.

“The proposals – as discussed by the SEC – appear to be a step forward for investors.

The Financial Planning Coalition looks forward to thoroughly reviewing each of the three proposals in great detail and providing input to the commission informed by CFP Board’s recently approved new Standards of Conduct and Code of Ethics.

We appreciate the opportunity to comment on these proposals and will make recommendations to strengthen them in keeping with what consumers expect and deserve – a fiduciary standard requiring financial professionals to put their clients’ interest first when providing financial advice.”

Financial Planning Coalition Statement on SEC Fiduciary Standards Meeting

Washington, D.C., April 18, 2018 – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement in advance of the Securities and Exchange Commission meeting on fiduciary standards.

“Today, the SEC will finally have a meeting that should have happened nearly eight years ago when Congress explicitly authorized the SEC to enact a fiduciary rule under the Dodd-Frank Act. We expect to hear the Commissioners express support for this important consumer protection and that the proposed rule will have meaningful language providing American investors a fiduciary standard of care. We look forward to reviewing the SEC’s proposal and to submitting our comments as part of the public comment process.”

Financial Planning Coalition Responds to Court’s Decision on DOL Fiduciary Rule

Washington, DC – The Financial Planning Coalition (Coalition) – comprised of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement in response to the latest court decision regarding the Department of Labor’s fiduciary standard rule:

“The Coalition has been a long-time advocate for a fiduciary standard for investment advice. While we are disappointed in the 5th Circuit Court of Appeals decision, we will continue to support rule-making that will bring substantial practical benefits and additional investor protections for all consumers. The Coalition looks forward to reviewing the Securities and Exchange Commission’s proposed rule and to providing feedback and comments that are in the best interest of consumers and financial advisors.

A strengthened fiduciary rule, encompassing the duties of care and loyalty, is both necessary and appropriate for all financial professionals providing personalized investment advice and represents the best way to protect American investors. A meaningful, legally enforceable fiduciary standard of care that puts investors’ interests first is the best way to strengthen investor protection when personalized investment advice is dispensed.”

The Coalition has previously shared its stance on this topic, most recently highlighted in its response to the SEC’s request for information regarding standards of conduct for investment advisers and broker-dealers.

Financial Planning Coalition Comments on New York State Department of Financial Services’ Proposed Amendments to Insurance Regulation 187

The Financial Planning Coalition (Coalition) – comprised of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – recommends that the New York Department of Financial Services revisit two provisions of the proposed amendments to Insurance Regulation 187 in order to 1) establish a clear, strong fiduciary mandate; and 2) strengthen the certification and designation requirements vis-à-vis financial planning and financial advice. The Coalition’s comment letter can be found here.