New Brochure Highlights Key Elements of New Code and Standards

CFP Board wants all CFP® professionals to have a comprehensive and practical understanding of the new Code of Ethics and Standards of Conduct (“Code and Standards”), which takes effect on October 1, 2019. We are pleased to introduce a new brochure that highlights key elements of a CFP® professional’s obligations under the new Code and Standards and lets you know how to share with us what resources you believe would help CFP® professionals and their firms adopt and comply with the Code and Standards.

The new brochure includes the full text of the updated Code of Ethics, which reflects the commitment that all CFP® professionals make to high standards of competency and ethics. The brochure also highlights several new requirements introduced with the new Code and Standards, including:

• The expanded obligation to act as a fiduciary, and therefore, act in the best interests of the client at all times when providing financial advice;
• Requirements related to avoiding, disclosing and managing conflicts of interest;
• Updates to the financial planning process and Practice Standards;
• Requirements for providing information to clients;
• Updated definitions related to compensation methods; and
• Requirements for reporting potential misconduct to CFP Board.

Download the New Brochure (PDF)

CFP Board is committed to providing resources that will help CFP® professionals understand and comply with the Code and Standards. Initial resources, including a Commentary document and Side-by-side comparison of the new Code and Standards to the old Standards of Professional Conduct, are available on CFP Board’s website at www.CFP.net/Code. Additional resources will be posted as they become available.

CFP® professionals play an important role in this process. CFP Board has assembled a team of professionals — the Standards Resource Commission — that will be developing additional guidance materials to educate and inform CFP® professionals about the Code and Standards. If there are resources that you believe would be valuable to you, your firm, or your clients, please email your suggestions to SRC@CFPBoard.org. The Standards Resource Commission will carefully consider your feedback as it develops future guidance materials.