The Financial Planning Association (FPA) has announced a multi-year effort to secure the legal protection of the term "financial planner" via title protection.
According to the FPA, if federal or state policymakers leave the term undefined, individuals may take liberties with the title. Through title protection, FPA can establish minimum standards for financial planners without creating an unnecessary regulatory hurdle.
Currently, there are no minimum standards in place concerning the competency and ethics of financial planners. A few credentialing bodies, such as the Certified Financial Planner Board of Standards, have set their standards; however, standards do not exist at the state or federal level.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
