Uproar Results Over Advisor Being Sanctioned by CFP Board

November 22nd, 2022, 2:02 PM

Advisors are speaking out after one of their own, David R. Nute, a Seattle-based advisor, received a revocation of his Certified Financial Planning (CFP) certification following allegedly rude remarks to a client.

The former prospective client of Nute submitted a written grievance to the CFP Board. The grievance contained instances of Nute's insulting the prospective client via email. For example, Nute responded to email correspondence, stating that his time was too valuable to make a trip to his office to pick up documents from the prospective client. Following the negative response from Nute, the prospective client communicated that she no longer wanted to work with Nute, according to ThinkAdvisor. Nute replied, "It is totally ridiculous to expect me to drive into town and waste a couple of hours of $1,000 hourly time", and, "I was only trying to help, and your reactions tell me why your husband left you."

Several advisors and financial planners have expressed their feelings via social media, criticizing the advisor's behavior. On the other hand, other advisors have questioned whether the CFP Board overstepped by revoking Nute's certification. Nute's sanction followed an unsuccessful appeal of an Order of Revocation from the Disciplinary and Ethics Commission (DEC).

In addition to the underlying facts related to the prospective client communications, the CFP Board took issue with what it described as a failure by Nute the CFP Board with dignity, respect, or professional courtesy during the disciplinary hearing.

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

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Blog

Uproar Results Over Advisor Being Sanctioned by CFP Board

November 22nd, 2022, 2:02 PM

Advisors are speaking out after one of their own, David R. Nute, a Seattle-based advisor, received a revocation of his Certified Financial Planning (CFP) certification following allegedly rude remarks to a client.

The former prospective client of Nute submitted a written grievance to the CFP Board. The grievance contained instances of Nute's insulting the prospective client via email. For example, Nute responded to email correspondence, stating that his time was too valuable to make a trip to his office to pick up documents from the prospective client. Following the negative response from Nute, the prospective client communicated that she no longer wanted to work with Nute, according to ThinkAdvisor. Nute replied, "It is totally ridiculous to expect me to drive into town and waste a couple of hours of $1,000 hourly time", and, "I was only trying to help, and your reactions tell me why your husband left you."

Several advisors and financial planners have expressed their feelings via social media, criticizing the advisor's behavior. On the other hand, other advisors have questioned whether the CFP Board overstepped by revoking Nute's certification. Nute's sanction followed an unsuccessful appeal of an Order of Revocation from the Disciplinary and Ethics Commission (DEC).

In addition to the underlying facts related to the prospective client communications, the CFP Board took issue with what it described as a failure by Nute the CFP Board with dignity, respect, or professional courtesy during the disciplinary hearing.

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

Return to All