August 10, 2010
The main issue is not the standard of care, but the issue off any and everyone using the term "financial planner" in their daily dealings or on a one of circumstance.
The regulation of the term "financial planner" is all that is needed in this first sweep of regulation.
It will not eliminate all issues, but today's investing public have no idea if they are looking at a retirement plan or a financial plan. They hear, "yes, I do planning, I am a financial planner"....they assume that what they get is true planning.
CPA, JD, EA, all regulated terms and professions as far as designations.
Take all the firm created and various other designations off the table when dealing with financial planning and have one, whether its CFP or another one you decide on...choose one and regulate it so that the public knows, this person is educated in comphrehensive planning...no firm specific tests or qualifications.