CFP Board Sanctions Advisor Over Misleading YouTube Video Ad

By Jeff Berman

News January 17, 2023 at 05:19 PM

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A former certified financial planner has been permanently barred from reapplying for the CFP certification marks by the Certified Financial Planner Board of Standards over alleged "misleading statements" in a YouTube video ad and on his website, CFP Board said Friday.

The CFP Board alleged Fred D. Rouse III of Dresher, Pennsylvania, made claims that individuals could be "100% certain" to have all the money they needed to retire in "just 3-5 years," on his website and in a YouTube video created to advertise his retirement planning program.

CFP Board also alleged the YouTube video, which targeted individuals in their 50s and 60s with underfunded retirement savings, was misleading because it appeared to be a news broadcast when it was, in fact, actually a paid advertisement.

Rouse also failed to provide information requested by CFP Board in connection with its investigation into his actions, it said.

In September, CFP Board issued an administrative order permanently barring Rouse from applying for or obtaining the marks after he relinquished his certification and failed to file an answer to a CFP Board complaint within the required time frame. The administrative permanent bar became effective Oct. 20.

CFP Board's complaint alleged that Rouse violated Standard A.2.b.ii. of the Code of Ethics and Standards of Conduct by making misleading statements in the conduct of professional services; and Standard E.5 by failing to cooperate with CFP Board's investigation.

Rouse didn't file an answer to CFP Board's complaint within 30 calendar days of the date of service as required and was deemed to be in default, the board noted.

Rouse did not immediately respond to a request for comment on Tuesday.

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