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The FPA is now brought to you by MetLife, for better or worse

The insurer's cash is the good news but some see it as tainted money

Author Lisa Shidler April 23, 2014 at 5:42 AM
no description available
Lauren Schadle: Nothing has changed to accommodate MetLife.

RIA Compliance

Jeff McClure

Jeff McClure

April 23, 2014 — 6:30 PM

Hmmm, so they are supporting the “CFF” practitioner? Certified Financial Fundraiser?

The term “fiduciary” is being stretched a bit here. Somehow having a financial product vendor paying an undisclosed sum to an organization that claims to be a fiduciary adviser seems to be rather seriously out of bounds. Perhaps though it does represent where the majority of people providing “financial planning” really are. If one considers that NAPFA only has about 1,400 registred members, and some of them are clearly receiving compensation for and from the sales arena, while the CFP Board claims 70,000 or so “certificants,” the vast, vast majority of whom are primarily compensated by some form of sales commissions, the FPA’s decision to belly up to the trough is just a representation of the status of financial planning in general and the real meaning of “financial planner.” The ICFP tried the pure approach, and it is gone. NAPFA is trying it but finding mighty few takers.

Actually, way back in 1982 when I first came into “the business,” my branch manager who was one of the very first <a rel="nofollow" title="r">CFP</acronym> planners in this part of Texas spoke a foundational truth. “The purpose of personal financial planning is to get full disclosure of all of a customer’s investable assets and commissionable needs. The end result of financial planning is that the planner makes a lot more money than a regular securities salesman.” That is pretty much what it says on the CFP Board’s website too. </a>

Mister RIA

Mister RIA

April 23, 2014 — 6:56 PM

Can you imagine the AICPA or Bar Association being sponsored by and insurance company? Pathetic. I hope NAPFA steps up and nabs all the fiduciary CFP’s from the FPA. Basically FPA is splitting apart into the ICFP and IAFP again. Let it happen, please.

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Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Financial Planning Association
Top Executive: Lauren S. Schadle, CAE, Executive Director and CEO

Consulting Firm
Top Executive: Michael Kitces

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