Friday, August 9, 2013


By: Helen Modly, CFP, CPWA
President-Elect FPA NCA

Earlier this year, Investment News reported that the CFP Board of Standards is exploring whether or not they should become actual providers of Continuing Education (CE) content as well as being the entity that sets the requirements for CE, reviews and approves the content of programs and generally oversees the providers of CE content.

The Board’s reasoning is that currently available CE content is not of the caliber that the board desires and that this jeopardizes the value of the CFP marks. In their view, the way to mitigate this is to actually produce and sell CE content to members, thus becoming a competitor to the 1,250 organizations and firms that are registered with the Board of Standards as current CE content providers. Many in our industry, including FPA National and NAPFA are concerned that this foray into the business of providing CE content for a fee creates an unnecessary conflict of interest for the Board of Standards.

Not only would they now be competing financially against the very organizations that they are charged with overseeing, but they would also be in the enviable competitive position of still reviewing and approving the content of all the other providers while also developing their own content. This is just asking for trouble down the road.

If the primary concern is really the quality of commercially available CE programs, the Board could use their current authority to simply raise the standards for approving content without competing against those they regulate.  

It leads one to wonder whether their exploration of becoming a CE provider is more of a revenue enhancement issue than a real concern over content standards. A recent member survey conducted by FPA National confirmed that the majority of responders were against the Board becoming a CE provider while still being the regulator of such providers.  

The Board has indicated that it may make a final decision this fall. If you have an opinion on this issue, you can share it with the CFP Board of Standards using this link:
http://www.cfp.net/utility/contact-us. Let them hear from you!


 

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