By James Langton
(October 4 – 11:50 ET) – The
Chartered Financial Planners Board
of Governors has decided to scrap
its decision to create the
Associate CFP designation, after an
outcry from existing CFPs.
It has also withdrawn its
applications for trademarks for
“Associate CFP” and “CFP Associate”
and dumped all of the proposed
designation’s proposed
accreditation programs.
Chastised as “CFP Lite”, the
new designation would have granted
the designation after a four hour
exam on 25 topics. The full-
fledged CFP designation requires a
10-hour, 106-topic exam..
The board has pledged that in
future CFPs will be consulted
before inaugurating any sweeping
changes. “We acknowledge that the
lack of involvement of CFP
licensees in the new initiatives
was wrong and we would again like
to apologize,” the Board said in a
letter to CFPs.
The board will make its minutes
available to all CFPs. It will
institute a process for
canvassing CFP opinion before
voting on proposed measures.
“We realize that many of you
may distrust the CFP Board’s
actions and intent, and we are
going to work hard to win back
your trust,” the Board stated in
its letter.
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