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New Code and Standards for CFP® Professionals

by Anne Shropshire, CLU | Sep 14, 2018

WebCE Releases New Ethics CE Course for CFP® Professionals

New CFP Ethics CE courses from WebCE

A symbol of excellence, the CFP® mark represents uniform standards of competence and practice in the field of financial planning. Those who have earned this designation have demonstrated their ability to provide the highest degree of financial planning in accordance with the ideals and performance standards that define the practice as a profession.  In so doing, they commit to certain standards of conduct and a rigorous code of ethics.

In March, 2018, CFP Board—the certifying and standards-setting body for CFP® professionals—announced approval of a new code of ethics and new standards of conduct. Combined into a singular document (appropriately titled Code of Ethics and Standards of Conduct), the new Code and Standards instituted a number of important changes, including:

  • The application of the fiduciary standard (which requires CFP® professionals to act in the best interest of the client) has been extended to all times when professional advice is provided.
  • A revised definition of “financial planning” specifies that it is a collaborative process between a client and the CFP® professional which strives to maximize the potential for meeting the client’s goals through financial advice.
  • The financial planning process now begins after the engagement has been formed and goals are selected after the CFP® professional has developed an understanding of the client’s personal and financial circumstances.
  • The practice standards that pertain to the financial planning process must be applied when 1.) planning or advice requires “integration” of relevant elements of the client’s personal or financial situation; or 2.) when the client has a reasonable basis to believe the CFP® professional will provide financial planning.

In conjunction with the new Code and Standards, CFP Board also crafted the foundational structure for a new ethics course, which CFP® professionals are required to take every two years.  As an approved Ethics CE provider, WebCE developed the content into a 2-hour self-study, audio-based course with interactive case studies.   This course – “Ethics CE: CFP Board’s Revised Code and Standards” -- has been approved by CFP Board to provide the required ethics training for CFP® professionals. 

In addition to being an approved Ethics CE provider, WebCE is also recognized by CFP Board as a CE Quality Partner. Our CE for CFP® professionals includes a variety of financial planning topics designed to fulfill the Certified Financial Planner™ continuing education requirements. CFP® professionals can order “Ethics CE: CFP Board’s Revised Code and Standards” and all the courses to meet their requirements on the WebCE catalog or call our support services at 877-488-9308 to build a special CE package.  

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Anne Shropshire, CLU, is Director of Content for WebCE. She has been in the insurance training and CE business for over 20 years, and has authored many courses on a wide range of topics, including life insurance, health insurance, annuities and ethics.