The Certified Financial Planner Board of Standards has proposed a set of revisions to its Standards of Professional Conduct setting ethical standards for CFPs.

The draft, called a Code of Ethics and Standards of Conduct, would broaden the application of the fiduciary standard, effectively requiring CFPs to put their client’s interest first at all times. Under the CFP Board’s current standards, CFPs are required to act as fiduciaries when providing financial planning. Many accountants, including CPAs, are also CFPs, particularly those who specialize in offering financial planning services. The Labor Department’s fiduciary rule took effect earlier this month after repeated delays, requiring advisors to put their client’s interest first when providing advice on retirement plans such as 401(k)s and IRAs.

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