CFP Board Publishes Technology Guide for CFP® Professionals

CFP Board has published the Guide to CFP Board’s Technology Standard, a comprehensive resource to assist CFP® professionals in selecting, using and recommending technology for client service, including advanced artificial intelligence (AI) tools. The guide is part of an ongoing series of resources to help CFP® professionals with their practice.

“The Guide to CFP Board’s Technology Standard helps CFP® professionals navigate evolving technology while adhering to our standards,” said CFP Board CEO Kevin R. Keller, CAE. “CFP Board is committed to providing resources like this to support competent, ethical financial planning.”

Developed in close collaboration with CFP Board’s Standards Resource Commission, this guide is a valuable resource that will aid CFP® professionals in complying with the Duties When Selecting, Using, and Recommending Technology, outlined in Section A.14 of CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards).

“We appreciate the clarity this guide brings to navigating the complexities of technological integration in financial planning,” said Patrick Spencer, Managing Director, Moneytree Software. “The ability for financial planners to adapt swiftly to changing technology is crucial.”

In addition to the guide, CFP Board also developed sample questionnaires that address core financial planning technologies, common features and capabilities, technology and the vendor relationship, plus assumptions and outcomes. CFP Board also published a checklist for CFP® professionals to use when evaluating their technology platforms, determining whether to add or replace technology or selecting vendors.

The guide presents key considerations for meeting CFP Board’s Technology Standard, including the following:

• Reasonably understand the technology platform and how each component is used to provide professional services.
• Monitor and assess the technology platform for any issues or gaps that would prevent the CFP® professional from acting in the client’s best interests.
• Know which assumptions are embedded in the technology and whether those assumptions are appropriate.
• Review the reliability, accuracy and objectivity of the technology’s outcomes against the client’s information and underlying assumptions.

"The Guide to CFP Board’s Technology Standard is a valuable resource for CFP® professionals, offering practical insights for responsible use of cutting-edge technology,” added Matthew Schulte, Head of Financial Planning, eMoney Advisor. “Kudos to CFP Board for promoting a tech-savvy financial landscape with a focus on ethical considerations.”

Access the Guide to CFP Board’s Technology Standard here.