The other day, I received an e-mail from a friend who is a highly knowledgeable industry insider. I greatly respect his thought processes and his opinions, and thought you might find our exchange interesting. Here's what he wrote:
"I personally think your recent columns have been misdirected. While we may not fully understand all the reasons the Financial Planning Coalition took the positions it did, and some aspects of its positions might be troubling–or as you point out, at times inconsistent–the Coalition is, in my view, an important force for good. Think about it … Would you have thought five years ago that the CFP Board and the FPA would both be staunch advocates for the fiduciary standard of conduct found in the Advisers Act? I think it is truly amazing to see how the CFP Board and FPA have evolved in such as short time since the CFP Board first proposed revising its Rules of Professional Conduct in mid-2006. Let's give them credit, where credit is due."
And my reply: Thanks much for your thoughts, but I'm having a hard time buying that the CFP Board has any interest in creating a profession. The Board has had 25 years to do so, and made little progress–and what progress it has made has been done haltingly and grudgingly. Isn't that a clue about itsintentions?
