[Congressional Record Volume 148, Number 129 (Friday, October 4, 2002)]
[Senate]
[Page S9980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ADDITIONAL STATEMENTS

                                 ______
                                 

RECOGNITION OF CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS' 40,000TH 
                            CFP CERTIFICANT

 Mr. ALLARD. Mr. President, at a time when many Americans have 
witnessed the loss of their life savings and millions of others face 
difficult decisions regarding their personal finances, the need for 
competent, ethical financial planning is greater than ever. It is with 
great pride that I rise today to recognize Certified Financial Planner 
Board of Standards Inc. As of today, CFP Board has announced that 
40,000 financial planners now hold the CFP certification.
  This outstanding, Colorado-based, nonprofit regulatory organization 
has been working since 1985 to foster professional standards so that 
the public values, has access to, and benefits from, competent, ethical 
financial planning. The organization also works closely with 17 
affiliates of the International CFP Council, whose nearly 31,000 
additional certificants are helping to elevate standards for the 
financial planning professional globally.
  The CFP certification is based on the 4 E's: Education, Examination, 
Experience and Ethics. CFP Board has registered 234 education programs 
at 151 accredited U.S. colleges and universities to help CFP 
certification candidates develop competency in financial planning. CFP 
Board administers a comprehensive, 2-day, 10-hour examination and 
requires certificants to meet rigorous standards for continuing 
education developed by its subsidiary board of examiners. Every 
candidate must demonstrate at least three years of relevant experience. 
Those individuals who then qualify for certification must agree to 
abide by CFP Board's Code of Ethics and Professional Responsibility, as 
well as the Financial Planning Practice Standards. Among the many 
provisions contained in these documents is the overriding principle of 
placing the client's interests first. CFP Board's subsidiary Board of 
Professional Review strictly enforces ethical compliance.
  To fulfill its mission to the public, CFP Board publishes extensive 
printed and online materials to educate consumers regarding topics such 
as the financial planning process, selecting financial planning 
professionals and the rights of financial planning clients. Several of 
these publications have been reviewed by the Securities and Exchange 
Commission and are available through the Federal Consumer Information 
Center. Through the Web site www.CFP.net, consumers can quickly and 
easily determine whether financial planners hold the CFP certification 
and have been subject to public disciplinary action by CFP Board.
  Earlier this year, CFP Board completed implementation of the 
Financial Planning Practice Standards, establishing what clients are 
reasonably entitled to expect during financial planning engagements and 
providing a blueprint for recently deregulated and other financial 
services firms that wish to offer their clients comprehensive financial 
planning. CFP Board continues to proactively address public concerns 
such as disclosure of compensation and possible conflicts of interest 
on the part of financial planners. CFP Board's continued efforts to 
protect and educate our nation's citizens should not go unnoticed. For 
that, we owe CFP Board our recognition, gratitude, and congratulations. 
I urge my colleagues to join me in paying special tribute to Certified 
Financial Planner Board of Standards Inc. for 17 years of protecting 
the public.

                          ____________________