CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC
1425 K STREET NW NO 800, WASHINGTON, DC 20005 www.cfp.net

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Organizations Filed Purposes: TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE RECOGNIZED STANDARD OF EXCELLENCE FOR COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. CFP BOARD'S CURRENT STRATEGIC PRIORITIES FOCUS ON THE FOUR A'S: GROWING AWARENESS OF THE CFP CERTIFICATION, EXPANDING ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING, ASSURING ACCOUNTABILITY BY HOLDING CFP PROFESSIONALS TO RIGOROUS STANDARDS, AND BY SERVING AS THE RESPECTED AUTHORITY FOR THE PROFESSION BY SETTING STANDARDS.

BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION FOR PERSONAL & ETHICAL FINANCIAL PLANNING.

PUBLIC AWARENESS CAMPAIGN:ONE OF THE CFP BOARD'S STRATEGIC OUTCOMES IS TO BUILD THE PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF CABLE TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING AND SPONSORSHIPS. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION.

COMMUNICATIONS AND OUTREACH:IN 2019, CFP BOARD'S COMMUNICATIONS AND OUTREACH INCLUDED MEDIA RELATIONS, PUBLIC RELATIONS, CFP PROFESSIONAL COMMUNICATIONS, DISTRIBUTION OF EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES, AS WELL AS OTHER OUTREACH TACTICS DESIGNED TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. OUR EFFORTS UTILIZED TRADITIONAL EARNED AND SOCIAL MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE AND INFORM THE PUBLIC ABOUT THE BENEFITS OF FINANCIAL PLANNING AND THE VALUE OF THE CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES THAT IS IN THEIR BEST INTEREST. THROUGH THE CFP BOARD BRAND AMBASSADOR PROGRAM, WE ALSO REACHED OUT TO NATIONAL, TRADE, AND LOCAL MEDIA AND CONSUMER GROUPS TO EXPAND AWARENESS OF THE CFP BOARD, ITS LEADERSHIP, INITIATIVES, AND SUCCESSES.

ENFORCEMENT OF PROFESSIONAL STANDARDS:AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S CODE OF ETHICS AND STANDARDS OF CONDUCT (CODE AND STANDARDS), WHICH INCLUDES THE PRACTICE STANDARDS FOR THE FINANCIAL PLANNING PROCESS. THE CODE AND STANDARDS BECAME EFFECTIVE ON OCTOBER 1, 2019 WITH AN ENFORCEMENT DATE OF JUNE 30, 2020, REPLACING CFP BOARD'S PRIOR ETHICAL STANDARDS SET FORTH IN THE STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS) BOOKLET. CFP BOARD FORMED A STANDARDS RESOURCE COMMISSION (SRC) TO DEVELOP GUIDANCE FOR CFP PROFESSIONALS AND THEIR FIRMS REGARDING THE CODE AND STANDARDS. THE SRC BEGAN TO PUBLISH GUIDANCE MATERIALS REGARDING THE CODE AND STANDARDS IN 2018, AND ITS WORK CONTINUED THROUGHOUT 2019. CFP BOARD HAS ESTABLISHED A FAIR PROCESS FOR ENFORCING CFP BOARD'S CODE AND STANDARDS (AND THE PREDECESSOR STANDARDS). THIS PROCESS IS SET FORTH IN THE DISCIPLINARY RULES AND PROCEDURES AND APPEALS RULES AND PROCEDURES, AND INCLUDES DETECTION, INVESTIGATION, AND ADJUDICATION. FIRST, CFP BOARD SEEKS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD PERFORMS BACKGROUND CHECKS ON THOSE SEEKING CFP CERTIFICATION, CFP PROFESSIONALS, AND THOSE SEEKING REINSTATEMENT OF THEIR CFP CERTIFICATION. IN 2019, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 410 INVESTIGATIONS. SECOND, CFP BOARD INVESTIGATES POTENTIAL MISCONDUCT. CFP BOARD PROVIDES NOTICE TO THOSE WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS THEM AN OPPORTUNITY TO RESPOND. AT THE CONCLUSION OF THE INVESTIGATION, CFP BOARD MAKES A PROBABLE CAUSE DETERMINATION AS TO WHETHER GROUNDS FOR SANCTIONS EXIST. CFP BOARD MAY ISSUE A COMPLAINT THAT SETS FORTH THE GROUNDS FOR SANCTIONS, INCLUDING A DETAILED FACTUAL DESCRIPTION OF THE CONDUCT AND A SPECIFIC STATEMENT OF THE ALLEGED VIOLATION. THE RESPONDENT HAS AN OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT A HEARING ON THE RECORD. CFP BOARD STAFF ISSUES AN ADMINISTRATIVE REVOCATION WHEN A RESPONDENT FAILS TO RESPOND TO A COMPLAINT. THIRD, WHEN A RESPONDENT RESPONDS TO THE COMPLAINT, CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION ("DEC"), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, ADJUDICATES EACH MATTER AND DETERMINES WHETHER THE RESPONDENT VIOLATED THE CODE AND STANDARDS, AND IF SO, WHAT SANCTIONS ARE APPROPRIATE. A THREE-PERSON HEARING PANEL HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND RECOMMENDS TO THE DEC WHETHER TO FIND THAT A VIOLATION HAS OCCURRED AND WHETHER THERE ARE GROUNDS FOR SANCTION, AND, IF SO, THE APPROPRIATE SANCTION. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE HEARING PANEL'S FINDINGS AND RECOMMENDATIONS. A RESPONDENT HAS THE RIGHT TO APPEAL AN ADVERSE DECISION TO THE APPEALS COMMITTEE OF THE BOARD OF DIRECTORS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. IN 2019, THE TOTAL NUMBER OF DISCIPLINARY ACTIONS TAKEN BY THE DEC AND CFP BOARD STAFF WAS 71. THE DEC HELD 67 HEARINGS OR SETTLEMENT OFFER REVIEWS, RESULTING IN 57 OUTCOMES, 43 OF WHICH WERE DISCIPLINARY SANCTIONS. CFP BOARD STAFF ALSO ISSUED 28 ADMINISTRATIVE REVOCATIONS.IN ADDITION TO UNDERTAKING OR SUPPORTING THE ACTIVITIES DESCRIBED ABOVE, CFP BOARD'S PROFESSIONAL STANDARDS & LEGAL DEPARTMENT ALSO REVIEWS, MONITORS AND ENFORCES CFP BOARD'S TRADEMARK RIGHTS; PERFORMS BACKGROUND CHECKS ON CFP BOARD VOLUNTEERS; PROVIDES SUPPORT TO THE APPEALS AND GOVERNANCE COMMITTEES OF THE BOARD OF DIRECTORS; REVIEWS, FINALIZES, AND ENFORCES CONTRACTS; MEETS WITH CFP BOARD'S BUSINESS MODEL COUNCIL; AND PROVIDES OTHER LEGAL AND EXECUTIVE LEADERSHIP ADVICE."

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