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CFP Board Decides Not to Enforce New Fiduciary Standard Until January 1, 2009
The CFP Board has given a six-month grace period to CFP holders and their firms. While the new standard goes into effect as planned on July 1, 2008, the CFP Board will not enforce it until January 1, 2009.
According to a press release by the FPA (Financial Planning Association), the "new standards include heightened disclosure requirements as well as obligations that CFP professionals put their clients' interest ahead of their own."
Source: FPA This Week, June 18, 2008
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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
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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