Sheryl Rowling’s appeal to NAPFA to restore accepting CPA/PFSs as members even if they do not hold a CFP designation reflects a deeper problem in the movement to make financial advising a real profession.
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Each segment of the financial services world thinks it is the answer, the designation, the real professional.
This myopia obscures commonalities and gets in the way of creating a single profession comprised of practitioners from all the different disciplines of financial advising.
I’m not proposing that CFA Institute merge with CFP Board and the AICPA’s Personal Financial Planning Practice Section. I’m just saying that the different corners of the profession all have to find common ground instead of erecting new barriers the way NAPFA members did to CPA/PFSs.
All of these groups need to stop thinking of what’s best for their professional status and start thinking about what’s best for consumers. Finding common ground on ways to help consumers would be a lot more productive than bickering.
CFPs, CIMAs, CPA/PFSs, ChFCs, CFAs and lawyers all have the same goal: serving clients well and making a living. Each segment of the profession has something of value to consumers and each other.