Who We Are ® → ™ CFP Board strengthens the value and protection of the CFP® marks Protecting and strengthening the value of the marks has been a CFP Board priority for nearly 20 years.
A Cut Above
and pursue it, but also for the ben- efit of the public. The commission underscored that the Competency Standards should warrant public trust, while also enhancing recog- nition and respect for the financial planning profession. Seeking Stakeholder Input Recognizing the significant impact any changes to the standards may have on the profession, as part of the review process CFP Board actively sought in- put from a wide range of stakeholders, including practitioners, candidates, firms, membership organizations and the public. On December 17, 2024, the Board of Directors released proposed changes to the Competency Standards for public comment. In announcing the public comment period, CFP Board said, “Regular eval- uation of the Competency Standards reflects our commitment to leader- ship, innovation and effectively serv- ing the American public. This ongo- ing process ensures CFP® certification remains relevant and valuable as the financial planning profession contin- ues to evolve.” What’s Next? CFP Board received comments from more than 2,000 people on the nine proposals it released for public com- ment, including one education rec- ommendation, three experience rec- ommendations, one examination recommendation and four continu- ing education recommendations. The Board of Directors also requested feed- back on allowing CFP® professionals to fulfill part of the CE requirements through community service. The Board of Directors will review public comments and other relevant data into 2025. A final decision on the proposed changes is anticipated by November 2025.
IN 2023, CFP Board took a significant step in the evolution of the financial planning profession by convening the Competency Standards Commission. This commission was tasked with con- ducting the first comprehensive review of the competency standards, which in- clude the education, experience, exam and continuing education require- ments for CFP® certification. “Because the marks are so mean- ingful to certificants, to firms and to consumers, CFP Board is committed to ensuring that the requirements not only remain valid, reliable and legally defensible, but — most importantly — relevant,” said CFP Board CEO Kevin R. Keller, CAE. Taking a Holistic Approach Over the years, there have been piece- meal changes to the Competency Stan- dards, including the addition of the col- lege degree requirement in 2007 and the Capstone course requirement in 2012. However, this was the first time CFP Board has taken a holistic review of all the competency standards. Led by 2020 CFP Board Chair Jack Brod, CFP®, the 15-member commission met over a period of 18 months, reviewing best practices in testing and certification, soliciting input from CFP® professionals and candidates for CFP® certification, and consulting with representatives who over- see well-regarded designations for orga- nizations including the CFA Institute, the American Speech-Language-Hearing As- sociation and the Society for Human Re- source Management. Guiding Principles Key principles shaped the commis- sion’s discussions and recommenda- tions, which the group delivered to the Board of Directors in 2024. These principles emphasize that CFP® certi- fication must demonstrate value and relevance, not just to those who earn
CFP® Certification Competency Standards: Modern, Relevant and Practical
BY LYNN MCNUTT
ON JUNE 25, 2024, the U.S. Patent and Trademark Office registered the CERTIFIED FINANCIAL PLANNER ® mark. At first glance, you may not notice the new ® rather than a TM after the phrase. But this small symbol change marks a significant achievement for CFP Board, CFP ® professionals and the American public. It means the CERTIFIED FINANCIAL PLANNER ® mark has earned a level of recognition broadly associated with CFP Board, CFP ® certification and CFP ® professionals. It means our efforts to elevate awareness of the brand associated with competent, ethical financial planning have been successful. And it means we have stronger standing to protect the commitment that more than 103,000 CFP ® professionals have made to the CERTIFIED FINANCIAL PLANNER ® mark. TheTMsymbolstandsforatrademark that has not acquired registration with the USPTO. The ® symbol stands for “registered trademark” and indicates the USPTO’s recognition of trademark ownership. The ® provides a much higher level of legal protection for our brand and recognizes CFP Board’s right to exclusive ownership and use of the CERTIFIED FINANCIAL PLANNER ® mark. When CFP Board first applied to register CERTIFIED FINANCIAL PLANNER ™ in 2005, the USPTO examiner denied registration. In the years since, the stature of the marks has risen dramatically. The number of CFP ® professionals in the U.S. has more
COMPETENCY STANDARDS COMMISSION
Jack Brod, CFP ® (Chair) Savant Wealth Management Khiara Cureton Appollo MD Nandita Das, Ph.D., CFP ® Das Financial Health Kamila Elliott, CFP ® Collective Wealth Partners H. Amos Goodall, JD Steinbacher, Goodall, Yurchak Jake Greenberg, CFP ® Pure Financial Advisors, LLC Archie Hoxton, CFP ® Hoxton Planning & Management Susan John, CFP ® F.L. Putnam Investment Company Sonya Lutter, Ph.D., CFP ® Texa Tech University/Enlite Peter Richardson, JD, CFP ® Northwestern Mutual Josh Schneider, CFP ® The Bethesday Group at Morgan Stanley Joyce Schnur, CFP ® Kaplan Neal Solomon, CFP ® WealthPro, LLC Roy Swift, Ph.D. WorkCred Grace Yung, CFP ® Midtown Financial Group, LLC
than doubled. CFP Board has earned broad recognition among consumers, across financial services firms, in the courts, with regulators, consumeradvocates,investorprotection organizations, financial associations, and colleges and universities nationwide. This recognition has been vital in establishing CERTIFIED FINANCIAL PLANNER ® as a regis- tered trademark. Growing awareness means more consumers understand that CERTIFIED FINANCIAL PLANNER ® certification is the standard for competent, ethical financial planning and that those who have earned the marks have completed rigorous training, have knowledge and skills that have been tested in a high-stakes exam and have committed to CFP Board to uphold standards that warrant public trust. Since 2011, CFP Board has spent more than $160 million to
raise consumer awareness of and preference for CFP ® professionals. This year, our brand tracking survey measured “total awareness” among our target audience at 91%, the highest ever recorded. “Preference for” CFP ® certification came in at 89%, and ”intent to use” a CFP ® professional was 90%, both also record numbers. Strengthening the value and protecting the marks has been a CFP Board priority for nearly 20 years. This achievement came as a result of an effort championed by CFP Board General Counsel Leo Rydzewski, JD, CAE, with legal support from both Webster, Chamberlain & Bean LLP, and ArentFox Schiff LLP. We are proud of our work to raise awarenessofthevalueofCFP ® certification, expand access to competent, ethical financial planning and advance the financial planning profession for the benefit of the public.
THE STANDARD
A LOOK AT 2024
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