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Opponents of DOL fiduciary rule raise same concerns about CFP Board proposal
InvestmentNews; Aug 28, 2017 @ 1:56 pm
Opponents of the Labor Department fiduciary rule are leveling the same criticisms they made of that measure on a proposal to strengthen advice standards for certified financial planners, with one trade association asserting the changes could result in a "CFP tax."
Earlier this summer, the Certified Financial Planner Board of Standards Inc. released a draft update of its code of ethics and standards of conduct that would require all CFPs, including brokers who use the mark, to act in the best interests of their clients at all times when they are providing investment advice. The current standard holds CFPs to a fiduciary standard only during the financial planning process.
Similar to what it said in opposing the DOL regulation, the Financial Services Institute, which represents independent brokers and financial advisers, said the CFP fiduciary rule would not be "workable."