CFP BOARD REVISES ETHICSThe CFP Board of Standards has adopted a revised version of its Standards of Professional Conduct, which sets forth the ethical standards for CFP professionals.
Effective July 1, 2008, the revised guidelines require a CFP professional to “at all times place the interest of the client ahead of his or her own.” The new language replaces the lower standard of “reasonable and prudent professional judgment.” The enhanced standards also require CFPs who provide financial planning services to do so with the duty of care of a “fiduciary,” a term partly defined as acting “in the best interest of the client.”
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