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.