CFP Board Statement of Support for Freedom to Invest in Tomorrow’s Workforce Act

CFP Board supports the bipartisan legislation, H.R. 1477 and S. 722, “Freedom to Invest in Tomorrow’s Workforce Act,” introduced in the House of Representatives on March 8, 2023, by Representatives Rob Wittman (R-VA) and Abigail Spanberger (D-VA) and in the Senate by Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN).

CFP Board is a nonprofit certification and standard-setting organization that sets competency and ethical standards for more than 96,000 CERTIFIED FINANCIAL PLANNER™ professionals throughout the United States. CFP® professionals voluntarily agree to comply with CFP Board’s rigorous standards, including education, examination, experience and ethics, and to be subject to CFP Board’s disciplinary oversight program.

The legislation would permit owners of 529 plans to use those savings for fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional certifications. As such, it would allow individuals to use 529 funds for expenses and fees associated with obtaining or maintaining CFP® certification. Post-secondary certification programs, such as CFP Board certification, provide opportunities for career growth for financial advisors seeking to enhance their knowledge, skills and careers. This in turn will help increase access to competent and ethical financial planners for consumers seeking financial advice.