{ "media_type": "text", "post_content": "Not a CFP so I’m not truly in the know. That said, if I’m reading this article right, 10/2019 to maintain your CFP, you will have to drop your 7 license if you are dually registered?", "post_id": "5cf03e833deb25001d8b5739", "reply_count": 4, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Not a CFP so I’m not truly in the know. That said, if I’m reading this article right, 10/2019 to maintain your CFP, you will have to drop your 7 license if you are dually registered?

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Woah, what is the article

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B/Ds are struggling with this as we speak. It’s a stupid line in the sand that the CFP board has made. In a nutshell, the CFP board is forcing all firms to attest that an advisor who holds the CFP designation acts as a fiduciary in all capabilities. This includes such remedial tasks like documenting recommendations on attorney and CPA referrals...and/or things like spending/borrowing advice. Most wirehouses and regionals simply don’t have the systems in place to guarantee adherence to these rules within current SEC regulations. I don’t honestly know how RIAs are going to handle this. The proposed best interest rule further complicates things because the draft of rule changes defines terms differently than the CFP board and creates confusion and potential firm and personal liability. So while you may not have to give up your 7 if you’re dually registered...it’s nearly impossible for your firm to show they are compliant.

The CFP board just issued a guide to advisors about the changes and tries to clarify what is planning. Interesting read

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