Certified Financial Planner Board of Standards
 |
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| Founded | 1985 |
|---|---|
| Type | Professional Organization |
| Focus | Financial Planning |
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Area served
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United States |
| Method | Certification, Industry standards, Conferences, Publications |
|
Members
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73,970 |
|
Key people
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Kevin R. Keller, CEO |
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Employees
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51-200 employees |
| Website | www.CFP.net www.LetsMakeAPlan.org |
Certified Financial Planner Board of Standards, Inc. (CFP Board) is the non-profit certifying and standards-setting organization that administers the Certified Financial Planner certification program and oversees more than 73,970 professionals using the CFP certification in the United States.
CFP Board’s formation took place relatively early in the development of the movement that became known as the financial planning profession. As new financial products and services evolved to meet the needs of Americans developed soon after World War II, so did the idea that people could benefit from professional assistance from a profession that integrated knowledge and practices from the many often-fragmented areas of the financial services industry.
On December 12, 1969, thirteen men met in Chicago and outlined the first steps needed to establish these integrated practices as a new profession called financial planning. At the meeting, resolutions were made to create a membership organization named the International Association for Financial Planners (IAFP) and a new educational institution that would be named the College for Financial Planning.
Those resolutions took concrete form in 1972, when IAFP enrolled its very first group of students for the Certified Financial Planners (CFP) course offered by the newly established College. The 35 members of the first graduating class formed a new membership organization, the Institute of Certified Financial Planners (ICFP), upon their graduation in October 1973.
More than a decade after the introduction of the educational program that led to CFP certification, it became clear that while the College had made great strides in developing the body of knowledge that was a vital component of developing financial planning professionals, an educational institution was not the proper entity to enforce the ethical standards that were also an integral part of the developing profession. The College entered an agreement that established an independent, non-profit certifying and standards-setting organization to which it would transfer ownership of the CFP marks and responsibility for administering and enforcing the standards required to attain the right to use those marks.
In July 1985 came the announcement of the formation of the new non-profit certifying body, the International Board of Standards and Practices for Certified Financial Planners, Inc. (IBCFP), which was renamed Certified Financial Planner Board of Standards Inc. in 1994. While the wording of CFP Board’s mission and objectives have changed over the years, CFP Board’s paramount objective is to benefit the consumer public by promoting the value of professional, competent and ethical financial planning services, as represented by those who have attained CFP certification.
In April 1995, CFP Board’s certification program received accreditation from the National Commission for Certifying Agencies (NCCA) of the National Organization for Competency Assurance (now the Institute for Credentialing Excellence), the first such accreditation for a non-health related certification in the U.S. CFP Board earned NCCA accreditation because it showed that its certification program is grounded in, and continues to meet, legal testing requirements and generally accepted certification standards.
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