As chair of FPA's Board of Directors, let me welcome you to our online dialogue about proposed standards of conduct for financial planners. As you know, financial planning practitioners currently live under a complex and overlapping financial services regulatory environment, in which it is difficult to operate since the unique discipline and practice of financial planning are not currently recognized. Recent events are having a significant impact on the standards of conduct required of financial planners and other financial advisers around the country.
In this area of FPA's new online Community Building, you will have the opportunity to offer your opinions and insights to several questions and their potential effect on you individually and institutionally as a practitioner.
I've included links below to information about this important issue:
Executive Summary – Findings and Recommendations on Financial Planning Standards of Conduct
Letter from FPA Chair Nicholas A. Nicolette, CFP®
Final Report on Financial Planner Standards of Conduct prepared by the FPA Fiduciary Task Force
Preliminary Report on Financial Planner Standards of Conduct drafted by the FPA Fiduciary Task Force
To kick things off, I ask your feedback on the following:
The FPA Fiduciary Task Force identified five standards of care that a financial planner should be held accountable to:
Do you think these are appropriate standards of care for financial planners?
As it pertains to your practice of financial planning, what are the implications of applying this proposed standard as an individual practitioner?
What are the implications on maintaining institutional relationships that support your practice of financial planning?