Speaking at the annual Financial Planning Association conference in Orlando this week, FPA president Michael Branham questioned recent actions by the CFP Board on the definition of fee-only advisor as well as their CE policies. His sentiments were echoed by an advisor.
The controversy was started when the CFP Board reset the compensation methodology used to report advisor compensation on their website and asked advisors to carefully consider the definition of fee-only before selecting it. The concern is over clarity of what constitutes a fee-only model, especially as it pertains to related parties. In addition, several organizations have weighed in on the definition, causing confusion among advisors.
Also troubling: News that the CFP Board wants to be a provider of CE along with overseeing which organizations or materials qualify. Branham offered the analogy that it would be like hockey officials deciding to play in the game.
