ME-P Readers Respond
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According to colleague and financial advisor, Mike Kitces CFP®:
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
Assessment
Conclusion
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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?
Broke Doctors
Maybe the doctors are broke precisely because they went to these CFPs!
OR, the CFPs ate their own advice?
Remember, no one cares about your money … more than you … No One!
Dr. J.P. Clippers
Hell no!
Anonymous
Chubby Doctors Could Be Bad for Your Health
Study finds they’re less likely to counsel heavy patients on weight.
http://healthland.time.com/2012/01/30/fat-doctors-are-less-likely-to-help-patients-lose-weight/
So, I would not go to a bankrupt financial advisor – and I would not go to a fat doctor for weight loss control. Seems like common sense to me.
Calvin
A Trade Organization?
As one financial advisor said to me the other day, and I paraphrase him:
The CFP Board’s Message is we are a trade organization who’s bureaucracy depends on membership increasing – not decreasing. So one might suspect this is about the Board’s revenue and not the integrity of the business.
Disgusted CFP®
Editorial Noteworthy: The commentator used the term “business”. He did not use the term “profession”.