Rick Considering Giving Up CFP Designation

by | *Financial Awakenings, Fee Only Financial Planning, In The News | 6 comments


CFP logoSince becoming the first Certified Financial Planner (CFP) in South Dakota in 1983, “I’ve been an ardent supporter of the CFP designation,” Rick says in a July 23 article in Financial Planning.

Keeping that designation may no longer be possible for Rick and other staff members at KFG. After a year of discussions with representatives of the CFP Board over new regulations, Rick received a letter this week informing him that, beginning August 1, he can no longer describe his practice as “fee-only.” The requirement is based on his 50% ownership of a family-owned real estate firm, even though Rick has not sold real estate for around 10 years, doesn’t actively participate in the day-to-day management, and does not receive any salary or commissions from the business.

Rick told Financial Planning, “I will either drop my CFP or bring a lawsuit against them.” He added, “It’s sad to become a fatality of friendly fire and an unintended consequence of a poorly constructed policy.”

The Financial Planning article, by Ann Marsh, is titled “Planner Threatens Suit After CFP Board Order.” You can read it here.

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