The Certified Financial Planner Board of Standards (CFP Board) has recognized that its 501(c)(3) status limits the activities it can pursue on behalf of the profession and CFP-certified professionals.

To achieve its "Strategic Priorities", CFP officials filed paperwork on January 23, 2023, to set up a 501(c)(6). The change purportedly will allow the CFP Board to promote the benefits of a financial planning career and advance the financial planning profession to benefit the public, according to FinancialPlanning.com. 

The new 501(c)(6) organization will be called the CFP Board of Standards, Inc. Its primary mission will focus on credentialing competent and ethical financial planners, upholding CFP certification as the recognized standard, advancing the financial planning profession, and performing the disciplinary function.

Finally, the current CFP Board has changed its name to CFP Center for Financial Planning, Inc.  Although the entity previously performed disciplinary functions, it no longer will do so.

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