A new survey of CFPs indicates that the recent scandals have shaken the confidence of both the planners and their clients in the securities markets. In fact, almost 90 percent of the planners said their clients have less confidence in the markets as a result of the series of corporate governance, accounting, and mutual fund scandals. In the case of the planners, just over 60 percent said they were less confident in the markets.

What is so interesting about the survey is not the clients' reaction, but rather the planners'. They are the ones that are trying to encourage investments and they are now admitting that they have less confidence in the vehicles being used for their clients' investments.

How about the fact that some 87.3 percent of the planners surveyed supported enforcing the 4 p.m. deadline for investors to receive that day's closing price as important to restoring investor confidence? It seems these planners already know where some of the reforms are needed. Are they quick learners or were they always aware of the dangers and the possible safeguards?

Like accounting reform, the mutual fund industry reform is shifting into high gear. It is probably about time in both cases. It seems that some proponents, the accountants and planners with vested interests, knew better than their clients what was really going on, but did very little until the problems became public. Perhaps they didn't want to bite the hand that feeds them or weren't aware of how pervasive the abuses were.

So why have things changed now? Maybe with all that has come out, it is simply the disillusionment of their clients' is alarming to those with a vested interest.

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