Journal of Financial Planning: September 2019
compiled by Journal staff
If you need help understanding or complying with CFP Board’s Code of Ethics and Standards of Conduct (which go into effect Oct. 1) or the SEC’s investment advice rule package, including Regulation Best Interest (which goes into full effect June 30, 2020), FPA and CFP Board offer several resources.
FPA Resources
The following FPA resources are available to FPA members through the FPA Member Advocacy Council (MAC) at OneFPA.org/advocacy:
Code of Ethics and Standards of Conduct Toolkit: This online hub is where FPA members can easily access documents, online learning, ethics CE, links to CFP Board resources, and more. The toolkit will continuously be updated with new content and resources.
Vetted templates, checklists, and sample letters: These documents, designed to help CFP® professionals comply with the new Code and Standards, are scheduled to be available in September.
On-demand webinar: “A Deep Dive into the SEC’s Investment Advice Rule Package,” presented by Kevin Walsh and David Levine of Groom Law Group, focuses primarily on Reg BI.
Live Journal in the Round (Sept. 25): FPA members are invited to continue the conversation on complying with both the CFP Board and SEC rules and regulations in this live webinar featuring Journal contributors. Details at Learning.OneFPA.org.
Live webinar (Nov. 12): “A Side-by-Side Look at Reg BI and the CFP Board Code and Standards Compliance,” will be moderated by MAC member Paul Brahim, and will feature Fi360’s Blaine Aikin, and expert fiduciary attorney Fred Reish. Details at OneFPA.org/advocacy (CE approval pending).
CFP Ethics CE: FPA provides education on the new CFP Board Code of Ethics and Standards of Conduct in both live and online formats. Details at Learning.OneFPA.org.
Public Policy and Regulation Knowledge Circle: This online community at Connect.OneFPA.org is the place for peer-to-peer learning and discussion on the latest regulatory issues affecting financial planners. Join this group’s live roundtable on the Code and Standards at the FPA Annual Conference, Oct. 16–18, 2019 in Minneapolis.
Live Panel Session at the FPA Annual Conference: This event, Thursday, Oct. 17 at 3:45 p.m., in Minneapolis, will feature Leo Rydzewski and Blaine Aiken from CFP Board answering questions from FPA members on the new Code and Standards. The panel discussion will be moderated by FPA MAC member Paul Brahim.
Public Forums: FPA and CFP Board have held several collaborative public forums around the country on the new Code and Standards. Beginning in September, eight additional public forums will be held, focusing on the Midwest and West. Schedule and details at OneFPA.org/Advocacy.
CFP Board Resources
The following CFP Board resources are available at CFP.net/code:
Roadmap to the Code and Standards: Designed to allow CFP® professionals and their firms to easily find the information they need to comply with the updated ethical standards.
Case Studies Applying the Code and Standard: Intended to guide CFP® professionals in their application of the Code and Standards to their own practice.
Frequently Asked Questions: Answers to 30 common questions about the new Code and Standards.
Implications of the Code and Standards for Fee-Only CFP® Professionals: Specific guidance for CFP® professionals who provide fiduciary financial advice to clients on a
fee-only basis.
Video series: Access to nine videos on various topics including the expanded fiduciary obligation and the seven-step financial planning process.
Additional resources available at CFP.net/code include a side-by-side comparison of the new Code and Standards to the current Code and Standards, a redline showing technical revisions to the new Code and Standards, a brochure, a poster, and a commentary document that explores the background and reasoning behind the changes.