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.”


OppenheimerFunds has launched the Oppenheimer Portfolio Series Fixed Income Active Allocation Fund, the newest addition to its Portfolio Series. The offering employs a multi-manager approach and employs active asset allocation for a portion of the fund. The result, the company says, is a diversified portfolio comprised of fixed-income sectors that, when combined, can serve as a complete fixed income allocation within an investor’s portfolio. For more information, visit


Loss of principal, comfortable retirement, and market volatility topped the list of concerns and reasons for investors to seek professional money management, according to a survey conducted by Rochdale Investment Management. Its 2007 Private Client Survey polled investors whose portfolios ranged between $1 million to $10 million. For more information, visit


The American College has named Charles “Tip” Cronin as vice president of its Advancement Division. In that role, Cronin will be a member of the senior management team, and is responsible for providing strategic and operational leadership while building relationships with key constituents and developing voluntary support. Prior to coming aboard at TAC, Cronin served as vice president and chief operating officer of eMoney Advisor.


The much-anticipated Rand Corp. report, Investor and Industry Perspectives on Investment Advisers and Broker/Dealers, which examines practices in the investment advisor and broker/dealer industries, has been posted on the Securities and Exchange Commission Web site.

The study concluded that investors often fail to discern distinctions between investment advisors and broker/dealers — even when the differences are explained to them. While Rand, a think tank and researcher, declined to make policy recommendations, it intimated that a “comprehensive harmonization of the laws and regulations governing broker/dealers and investment advisors” may be necessary to address the current realities of the financial markets.

The SEC has already said that its Divisions of Investment Management and Trading and Markets will consider what actions the SEC should take based on the study. “The report will assist the commission’s efforts to update our regulations to improve investor protections in today’s new marketplace. Our staff is now studying the report and the potential regulatory implications of its findings,” said SEC Chair Christopher Cox.

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