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Zero-tolerance-for-conflict NAPFA rewrites rules to lift membership ban on commission revenues; advocates say principles upheld, but critics say door opened to 'corruption'

The 4,600-member association in Franklin Park, Ill. will enlarge its addressable market but some existing members say they may drop out becuase the pure fiduciary standard was the lure.

Author Lisa Shidler June 29, 2023 at 1:15 AM
no description available
Sara Grillo: It’s just opening up the doors for corruption.
Brooke Southall and Keith Girard contributed to the editing of this article.

Alan Moore



June 29, 2023 — 3:36 AM
Fee-Only/ Fee-Based. Got it!
Brian Murphy

Brian Murphy

June 29, 2023 — 4:20 AM
NAPFA's move is nothing more than a money grab by yet another institution who's betrayed their existing membership in a gambit to grow. It's bullshit quite frankly and I do hope the member ranks rebel accordingly. Far too many grifters (into which camp I now place NAPFA and CFP) in every industry that begin with good intentions then sell out at the first opportunity. Meaningful industry organizations change industries. NAPFA and the CFP have shown their hands; they are not change agents, they're "me too" opportunists. Kudos to Sara, Kelly and all other members who push back.
Knut Rostad

Knut Rostad

June 29, 2023 — 10:25 AM
Lisa and Brooke, well done in telling this story of NAPFA allowing members who accept trailing commissions. I believe NAPFA has smacked its membership principles with a "2 by 4" in this decision. I've read everything from NAPFA and those I respect who defend it, including Alan and Ron Rhoades. The "devil's playground" is apt framing. What NAPFA decides is important; how it decides is more important. NAPFA is not the SEC, that can pretty much do as it pleases. If NAPFA does nothing else, it should hold a live public forum that allows for civil discussion. The Institute for the Fiduciary Standard offered to hold such a forum ten days ago and does so again here. NAPFA has a higher standard it should proudly show off by publicly explaining its decision in front of those members who strongly disagree.

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National Association of Personal Finance Advisors
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