What will new stipulations for CFPs mean for fiduciaries?

With all of the ongoing regulation by the SEC and DOL, it’s about time more parties join the ring. As reported recently by InvestmentNews, the CFP board will now be entering the fray. Now that we know that the SEC rule is not going to enforce a fiduciary standard onto brokers, the chief executive of the CFP board has decided that their certification will be picking up the slack. After new rules went into effect for CFP’s, now all those using this designation are obligated to act in the best interest of their clients.This change indicates that there are plenty of parties out there in support of a strict SEC or DOL fiduciary rule. Like the SEC and DOL before them, the CFP board is also receiving some fierce opposition by those that are fighting for less regulation when it comes to fiduciary responsibility. For now this opposition is just in the form of letters and declarations, but the InvestmentNews article may be pointing towards some impending legal battles for the CFP board ahead. We’ll be keeping a close watch to find out what happens next on the fiduciary landscape.

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