IAQFP Unification Initiatives & Solutions for the Profession

As a part of our natural evolution, IAQFP set about attempting to further unite the profession by endeavoring to bring together all substantially equivalent credentialing programs and their various designations that are specific to the Financial Planning learned discipline and methodology, under a single identifier; however, resistance surfaced as the various credentialing entities i.e., The American College; the CFP Board; et al, did not want to give up their “turf.” None of them would agree to come under the other’s designation as a means of achieving much needed and public desired unification.

IAQFP, being left with no alternative, introduced another way forward in achieving this much desired and also necessary unification through implementation of the following:

  • To distinguish the field of Financial Planning from the more generalized fields of insurance, finance, accounting, investments, real estate, law, etc.
  • To introduce a designation for the profession that would accomplish unification and a simplifying of the “designations alphabet soup/maze” to thereby lessen public confusion over who is who: One Profession-One Designation
  • To introduce a venue where the public, for free, is urged to both verify and can find properly and thoroughly vetted, and duly credentialed Qualified Financial Planners.

A significant aspect of this initiative involved IAQFP formalizing its vetting functions of carefully researching the criteria used by the various issuers of the varying credentials and/or academic degrees, and determining which of those had essentially equivalent criteria of education, exam, ethics, and experience covering the Financial Planning discipline and learned methodology. The result is that in addition to IAQFP being, at its core, a volunteer run organization, we also serve and function as the professions accrediting and certifying body, and are known in that capacity as the organization that issues the professions unifying IAQFP Certified—Financial Planner credential: QFP—QUALIFIED FINANCIAL PLANNER

Designation unification was thereby achieved by the consolidation and unifying of 5 Financial Planning designations (ChFC®, PFS™, CFP®, MSFS & MS, the latter two with a concentrated study of the Financial Planning learned methodology and discipline) under a single, unifying identifier: QFP—QUALIFIED FINANCIAL PLANNER.

The next aspect of this IAQFP Unification Initiative was the introduction of the QFP Verification Registry of Qualified Financial Planners, a 24/7 free online public resource, located at www.IAQFP.org/qfp-registry, consisting of only those Financial Planning professionals who are IAQFP Certified—Financial Planners and who are In-Good Standing with IAQFP Standards and other substantive criteria.

QFP Verification Registry Registrants & those affiliated with IAQFP as either a MEMBER or Associate, agree to at all times adhere to the professions highest IAQFP Code of Ethics & Professional Conduct, which are a part of the broader overall IAQFP Standards, which are all backed by an online Complaint & Disciplinary process to help in better protecting the public interest and in keeping the QFP Verification Registry a reliable, dependable, and free public resource.

Having succeeded in building this foundation, IAQFP continues to appeal to all those holding out as Financial Planners, to join the IAQFP solution by Registering and by also becoming an active, fully participating, IAQFP MEMBER or Associate.

When the professionals of a specific industry fail to act and support solutions like ours, governmental and/or quasi-governmental (SRO/PRO) authorities, like CFP Board or others, will attempt to step in, which history demonstrates often just ends up creating unintended and unwanted consequences. As that pendulum swings too far the other way, the result is often the introduction of draconian changes that really do not result in effectively benefiting either the profession, its’ professionals, or a much deserving public.

Evidence of this is seen in the passage of DOL Fiduciary Law, which we contend to have been largely unnecessary, since our IAQFP Standards, QFP Verification Registry, and other valued resources, are serving to accomplish and in far better and more practical and cost effective ways then any other means. IAQFP has achieved the kinds of public protections such laws intend, but in far more effective ways.

IAQFP continues to advocate on behalf of the profession and against such ill-conceived CFP Board and FPA initiatives, as their so-called “Financial Planning Coalition” (CFP Board, FPA, and NAPFA), and the long-standing CFP Board initiative of perhaps also becoming SRO/PRO (Self-Regulatory Organization) of the Financial Planning profession…something Stakeholders have consistently stood against and have determined unnecessary. Past industry-wide controversies like CFP-Lite and CFP PRACTITIONER are but only two examples of the chaos those created for all concerned planners.

The facts remain that the public needs access to more Qualified Financial Planners, not less, and at affordable pricing so that more, not fewer persons, can also be best served.

Financial Planners need to remain wary of attempts that steer them, and the profession, towards the creation of an SRO/PRO, and also towards a practice that focuses on an “assets gathering/assets under management.” Why? The majority of prospective client’s simply do not have such kinds of financial resources to Plan with, and they cannot afford the kinds of Fees that such overregulation, and control by an SRO/PRO have already brought about, and that will only be further compounded.

Financial Planners need to stick to the professions core principles; namely, not posing as “specialists” competent in every financial discipline, but rather as generalists who have the learned broad (general) awareness of risks and potentials, and therefore know when and who to bring into a Financial Planning client-planner situation for the best overall interests of any given prospect or existing client; hence, knowing when to coordinate and bring in professionals of other discipline’s, for their expertise, so as to arrive at the overall best planning solutions and outcomes for their Financial Planning clients.

We trust that if you hold out as, and believe you are, a qualified “Financial Planner,” that you too will voluntarily and willingly submit to the IAQFP Standards, criteria, and vetting process…and then to Register/Join IAQFP whereupon you become publicly recognized as an IAQFP Certified—Financial Planner.

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