Related Posts
Hi Fishies! (Is that what we are? I’m going with it)
I just came across a Google Research and Insights role that got me SUPER excited and I was about to apply when I had the idea of seeing if anyone would be willing to give me a referral. I understand (and respect) that most of you Googlers on here feel that a referral is only useful if you know the person but I would be happy to jump on the phone to give you some info about me. It would mean so much! 4 YOE at a major audio steaming service
More Posts
Planning Directors: market and salary?
Hanging v. not hanging diplomas in office?
Additional Posts in Financial Advisors
What kind of shoes do you guys rock at work?
Anyone have the CTFA designation?
New to Fishbowl?
unlock all discussions on Fishbowl.
For those asking about this. here’s the cliff notes: it used to be that CFPs only engaged in a financial plan triggered the fiduciary rule. But if the CFP was not engaged in a financial plan, but just doing one part (like investments or insurance ) then the CFP board did not require us to act as fiduciaries in that capacity. (There’s a fine line that is defined to determine what is a financial plan vs not.
Now, the new rule, which goes into effect 10/1 is that CFPs, when engaged in any type of financial advice (much, much broader definition), must act as a fiduciary.
For non-fiduciary firms and companies, this will likely become problematic for the CFPs working at those firms
Got it thanks for the clarification. Yeah our firm is fine there. Maybe update some paperwork for disclosures but that’s it
I’m with EJ...would not surprise me if we are no longer able to hold the CFP. They are already doing a pilot for other, much lesser known designations
Not good. We know no concrete details yet
What is this regulation ?
https://www.cfp.net/about-cfp-board/code-and-standards
Just best interest standard?
So I work at a large regional bank, dually registered. Do you guys think the bank will have issues? I sell A shares and annuities not in wrap accounts, in addition to fiduciary bound wrap accounts
I'm in the same boat. No straight answer from my firm yet, because they don't know. They are hoping to disclose it away, but my argument was now we're adding another form, for a discussion that could hurt a sale.
I sell an A share and I have to say this may not be in your best interest. But a managed account would?? What if they get in at NAV, still not I their best interest? It's a shit show.
Yes. Anytime you have a conflict of interest proposed now with the fiduciary standard, it becomes nearly impossible to wear two hats as the CFP board allowed before