Alternative to CFP?
A US association is planning another professional designation for financial planners but insists the new mark will not set out to compete with the Certified Financial Planner (CFP) designation.
The National Association of Personal Financial Advisors (NAPFA) says it will unveil the new mark in a few months, continuing to emphasise advisers who knock back commissions and charge fees only.
NAPFA Chairman Gary Schatsky told Financial Planning magazine in the US the association introduced a "Fee-Only" designation three years ago but the term was being misused by some advisers.
"Everyone is calling themselves fee-only," Schatsky said. "And that wouldn't be troubling if they were really fee-only."
Schatsky said NAPFA is small in comparison to the 36,000 CFP licensees and did not want to compete with the CFP.
"It's in no way intended to demean another designation," he said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
