Financial Advisors

What’s your firm’s position with regard to the regulation of the CFP standards coming Oct 1st?

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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

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Got it thanks for the clarification. Yeah our firm is fine there. Maybe update some paperwork for disclosures but that’s it

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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

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Not good. We know no concrete details yet

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What is this regulation ?

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Just best interest standard?

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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

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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.

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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

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