In 2022, the Financial Planning Association (FPA) parted ways with two other industry groups, dissolving a coalition known as the Financial Planning Coalition (FPC). The split occurred after the FPA announced plans to seek legal recognition for the term "financial planner."

According to InvestmentNews, the divergence stemmed from differing views on state regulation within the coalition. While the FPA aimed to pursue legal recognition for financial planners, potentially subjecting them to state oversight, another member, the Certified Financial Planner Board of Standards (CFP Board), opposed such regulation. The National Association of Personal Financial Advisors (NAPFA) was the third coalition member. Despite the FPA and the CFP Board centering on the Certified Financial Planner (CFP) credential, their alignment on issues affecting CFPs is inconsistent.

InvestmentNews cites a recent example of this divergence. That involves the Department of Labor's (DOL) proposal to impose a fiduciary duty on most financial advisors and insurance agents providing investment recommendations to retirement plans and individual retirement accounts. While the CFP Board supports the proposal, emphasizing the need for a fiduciary standard in complex retirement saving scenarios, the FPA has urged caution, expressing concerns about potential compliance costs and reduced access to advice for retirement savers.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.