CFP Board to Consider Constructive Feedback
WASHINGTON, – Certified Financial Planner Board of Standards, Inc.’s Board of Directors announced today that there are no forthcoming changes to the continuing education (“CE”) requirements for CFP® certification and it is seeking further review of previously proposed changes before making any modifications.
During its November meeting, the Board of Directors passed a resolution calling on the Council on Education (“Council”) and staff at CFP Board to “study and develop recommendations on the appropriate level of CE to maintain CFP® professionals’ competency for the benefit of the public.” The Council is CFP Board’s volunteer group that advises the organization and Chief Executive Officer on education standards, policies and programs. CFP Board staff and the Council are now in the process of conducting further research into current practices in CE and addressing comments received by stakeholders. Additional public comments will be sought when proposed changes are developed.
In August, CFP Board requested public comment on proposed changes to its CE requirements. These recommended changes were developed based on a careful review process that considered research on best practices for CE among comparable designations and licenses, recommendations from CFP Board’s Council, and input from the Board of Directors. CFP Board originally proposed a number of changes that included increasing CE requirements from 30 to 40 hours every two years; increasing the CE ethics requirements from two to four hours; granting some CE credit for practice management courses and for pro bono activities; and expanding professional activities that qualify for CE.
CFP Board received a record number of comments – more than 1,100 – in response to its proposed changes with the majority being reflective and providing pragmatic viewpoints. Eighty-five percent of those commenting opposed increasing the CE requirement from 30 to 40 hours.
“We are grateful for the very thoughtful and constructive feedback from our CFP® professional community on our proposed CE changes. The additional review requested by the Board will ensure that any CE changes balance the interests of the public in maintaining the ongoing competency of CFP® professionals with the interests of our CFP® professionals in standards that are professionally acceptable, economically affordable and do not create unnecessary administrative burdens,” said CFP Board Chief Executive Officer Kevin R. Keller, CAE.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes more than 67,000 individuals to use these marks in the U.S.