Even certified financial planners are falling prey to bankruptcy.
The Certified Financial Planning Board of Standards, which oversees the nation's 64,000 certified financial planners, held 103 disciplinary hearings in 2010, with 20 involving bankruptcies. In 2011, it held 134 disciplinary hearings with 48 cases bankruptcy related.
In its report Certified Financial Planning Board Disciplinary Trends 2008-2010, an estimated 30 bankruptcy cases came before the CFP Board in a three-year period, with bankruptcy topping other disciplinary categories including fraud, criminal conduct, forgery and misleading advertising.
While CFP member bankruptcy cases may be collateral damage from a prolonged anemic economy, bankruptcy filings have nonetheless steadily climbed the past few years, CFP officials said.
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