CFP Board to Establish Competency Standards Commission

WASHINGTON, Dec. 13, 2022 /PRNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) today announced that it will form a Competency Standards Commission in 2023 to review and evaluate CFP Board's competency requirements for Education, Examination, Experience and Continuing Education.

CFP Board's mission is to benefit the public by granting CFP® certification and upholding it as the recognized standard of excellence for competent and ethical financial planning. The Competency Standards Commission will be tasked with validating current requirements for CFP® professionals and/or recommending changes for improvement to the standard for the profession. The commission's review will address the competency of candidates for CFP® certification as well as the continued competency of CFP® professionals — in line with best practices for certifying bodies.

The Competency Standards Commission will be a select group of volunteers consisting of individuals from financial services firms, educators, certification and credentialing professionals, and other stakeholders, including members of the public. Based on its evaluation, the commission may propose changes in competency standards or may recommend that CFP Board maintain current standards.

"As the professional organization that sets, administers, upholds and enforces competency and ethical standards for CFP® certification, CFP Board has the obligation to ensure that its certification requirements remain valid, reliable and legally defensible for the benefit of the public," said CFP Board CEO Kevin R. Keller, CAE. "As we enter the 50^th year of CFP® certification, it's timely that we review the competency standards for the profession to make sure that they remain relevant."

This first-ever comprehensive review of CFP Board's competency standards will address topics such as CE credit for pro bono service, current education requirements and the efficacy of the experience requirement. It will also ensure that CFP Board is responsive to both current trends in the financial planning profession and best practices of certifying bodies.

"The financial advice ecosystem recognizes CFP® certification as the standard for financial planning and expects CFP Board to remain current," said CFP Board chair-elect Dan Moisand, CFP®. "Periodic review of the competency standards is a core business function of a certifying organization. The Competency Standards Commission will look at not only the appropriateness of each requirement, but also at how the requirements work together to ensure financial planning competency."

CFP Board will announce the members of the Competency Standards Commission early next year. CFP® professionals and other stakeholders will also be given the opportunity to provide feedback to CFP Board on the current standards for CFP® certification.

ABOUT CFP BOARD 
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by the public, advisors and firms as the standard for financial planning, CFP® certification is held by more than 94,000 people in the United States

SOURCE Certified Financial Planner Board of Standards, Inc.