ME-P Readers Respond
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As the difficult economic environment continues, bankruptcy filings in the United States continue to occur at an elevated rate.
And it appears that financial planners are having their share of bankruptcies as well … requiring the CFP Board via their disciplinary process to adjudicate whether a CFP® certificant should receive a public letter of admonition, or has his/her marks suspended or revoked.
With a rising number of financial planner bankruptcies putting pressure on their disciplinary resources, the CFP Board has proposed a change to how it treats such bankruptcy situations. The upshot: a bankruptcy by a financial planner will no longer bar him/her from getting or keeping the CFP® marks. However, going forward, any bankruptcy by a financial planner will be publicly disclosed for the following 10 years on the CFP Board’s website.
Question: And so, as a doctor, nurse, management consultant or even another financial advisor, would you ever retain a Certified Financial Planner® who had declared bankruptcy?
VOTE AND OPINE
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Filed under: Breaking News, CMP Program, Ethics, Financial Planning, Voting Polls Tagged: | certified financial planner, certified medical planner, CFP Board, CMP, financial planner bankruptcies, Mike Kitces, Would you Retain a Bankrupt CFP® for Advice?