As the number of certified financial planners declaring bankruptcy grows rapidly, the organization that grants the credential is trying to make it easier for the public to know whether a planner has gone belly up.
Certified Financial Planner Board of Standards Inc. (CFP Board)
The Certified Financial Planner Board of Standards Inc. today announced that it will no longer initiate disciplinary proceedings against a planner after his or her first bankruptcy. Instead, the board will highlight the bankruptcy on the planner's profile on the CFP website and include his or her name in a news release.
The new bankruptcy rule, which will go into effect July 1, is one of several that the CFP Board has approved. Another reduces the full-time experience requirement from three years to two years if a CFP candidate has worked directly with clients under the supervision a certified planner.
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