The website of the US-based organisation that administers the certified financial planner (CFP) designation has been found to contain inaccurate representations of the fee models of some US advisers.
The CFP board had been describing a number of CFP practitioners who work for ‘wirehouses’ – an American colloquialism for brokerage firms – as “fee only”, despite this being in contravention of its own rules, according to an investigation by US trade publication Financial Planning. Having been alerted to the misleading information on its website, the CFP board reportedly updated the site, changing the fee model status of these individuals to “none provided”.The report comes as the CFP board is embroiled in a scandal over allegations of misleading market behaviour by its former chair Alan Goldfarb, causing the body to issue a public admonition of its former chair in June.
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