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Rick Considering Giving Up CFP Designation

by | Jul 25, 2014 | *Financial Awakenings, Fee Only Financial Planning, In The News

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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