The CFP Board will substantially increase the fees educators must pay in 2010 to have their courses approved for CFP® continuing education. By my estimation, small providers of CE credits may be priced out of the market.
For example, I usually do one CE program a year designed for a maximum of eight attendees. In the past the charge to have that program accepted for 15 CE’s was $50. In 2010 the charge for that one program will be $575, over a ten-fold increase.
The new fee is almost the full tuition cost for one participant. I will need to raise my fees by 20% to cover the CE costs or do the program without the CE credit, which may result in attracting fewer participants. Either way is a lose/lose for everyone involved.
I can understand the need of the CFP Board to increase their revenue in tough times. I wonder if in doing so they will be eliminating CE choices for CFP®’s and increasing costs for tuition and travel.