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Remember the Effective Date (July 1, 2008) for the CFP Board's Revised Ethical Standards (Fiduciary Standard)
About 55,000 fiduciaries will enter the marketplace, perhaps unknowingly, on July 1, 2008.
The CFP Board adopted revised standards, which will require one holding the CFP (Certified Financial Planner) designation to "at all times place the interest of the client ahead of his or her own" and will require a CFP to do so with the duty of a fiduciary.
The language replaces "reasonable and prudent professional judgment". The CFP Board of Directors has issues an alert to CFPs that they should double-check their practices to ensure they are operating within that standard.
Source: Investment News
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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