NAPFA is a proud partner in the Financial Planning Coalition, which is a collaboration of the Financial Planning Association® (FPA), the Certified Financial Planner Board of Standard, Inc. (CFP Board) and the National Association of Personal Financial Advisors (NAPFA) to influence legislators and regulators to protect consumers while creating a true profession for financial planners.
Members of the Financial Planning Coalition will collaborate as Congress undertakes regulatory reform to achieve the following objectives:
- Financial planning services are delivered to the public with fiduciary accountability and transparency, serving the client's best interest first and always.
- Financial planning services are specifically regulated to distinguish and differentiate professionals who have met essential requirements to practice, including, examination, education, experience and ethics as modeled and enforced by the Certified Financial Planner™ certification.
- The public can easily identify who is a financial planner and subject to these standards.
The Coalition is currently working with legislators to establish a professional oversight board for financial planners that would be subject to federal authority and a true fiduciary standard of care. Additionally, individuals who provide broad financial advice – or present themselves as “financial planners” or similar title – would be subject to the board’s oversight.
The Coalition defines financial planning as the process of advising individuals and families across a range of personal finance topics in addition to investment advice) is unregulated as a profession, resulting in major gaps in current laws. The title “financial planner” should be recognized as distinct from sales persons – and held to corresponding competence and ethical standards similar to those required of a CPA, doctor or lawyer. Individuals should not be able to call themselves a “financial planner” without proper oversight and regulation.
The Financial Planning Coalition’s Efforts to Advance a Strategy to Establish Regulatory Recognition of the Financial Planning Profession
The Coalition is meeting with policy makers in Congress and with consumer and industry organizations to discuss our goals and our conceptual proposal and to seek input as we work to further refine the details.
Our proposal is outlined in our Case Statement, and has been developed to further the goals outlined in our Statement of Understanding.
Statements and Press Releases
The Financial Planning Coalition distributes stakeholder updates, press releases and formal statements regarding the need for consumer protection and activities taking place in Congress to enact a strict fiduciary standard for all financial advisors.
- FPC Stakeholder Letter February 2013
- October 2012 Update
- May 2012 Update
- 2011 Coalition Year End Update
- Financial Planning Coalition to Congress: Put Investors and Small Businesses First
- GAO Study on Financial Planning Regulation - January 18, 2011
- Poll results demonstrate strong public support for financial planning standards
- Restoring American Financial Stability Act of 2009
- November 3, 2009 House Financial Services Comittee Letter
- October 26, 2009 Joint Letter
- October 5, 2009 Friends of Fiduciary "sign on" letter to Capitol Hill leaders
- August 6, 2009 Investor Advisory Committee Comment Letter
- July 17, 2009 Diahann W. Lassus testified before the House Financial Services Committee on behalf of the Financial Planning Coalition. Read a transcript of the testimony or view the video.
- July 14, 2009 Comment letter concerning Section 913 of Administration's Proposed Legislation to Strengthen Investor Protection
- July 1, 2009: Coalition Update
- April 27, 2009: Coalition Update to Stakeholders