An Open Letter To NAPFA's Board Regarding Ron Rhoades Hot

cblackmancblackman  
 
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Here is why NAPFA needs to re-instate Ron Rhodes for the betterment of our loosely defined and still evolving financial planning profession. Setting aside the fact that Mr. Rhoades is brilliant, and tireless in his efforts to improve an industry that desperately needs improvement, the fact is that if what essentially constitutes a deficiency from a state (or federal) regulator becomes cause for not holding a leadership position with a credible organization like NAPFA, then quite frankly I imagine that many officers (CEOs, CCOs, COO's, etc.) of regulated firms could not meet this litmus test. 
 
The precedent being established is neither reasonable nor supportable. Anyone who has been in this business at an officer level knows full well that an examiner's goal when performing an exam is to find deficiencies. It is what they do. Individual examiners will tell you that the likelihood of surviving an exam without a deficiency is about 1 in a hundred (and some will confide that in their experience it never happens).  And let's be realistic, if the state of Florida has decided not to assess a penalty or fine, then this filing deadline oversight constitutes little more than a minor administrative deficiency.
 
So here we have an individual of unquestioned character who, because he is all about full disclosure and is scrupulously honest, confesses a minor deficiency and in return is rewarded with a vote of no confidence from the board he has faithfully served and stripped of his much deserved leadership role.   
 
So here's my plea - NAPFA, we all know that Mr. Rhoades not only deserves this position, he can and will elevate the status of the organization throughout the financial services industry. The message that you will send by reinstatement will be positive and important - the character, reputation and contributions of an acknowledged thought-leader are not so tenuous, frail and unimportant as to be lost forever through the inadvertent oversight of a filing rule that any innocent and well meaning firm could find itself subject to. Please, rethink your position and re-elect Ron Rhoades as chairman of NAPFA's Board of Directors. It's the right thing to do for the membership of NAPFA, the profession, and every volunteer who ever made the hard and selfless decision to contribute time, energy and expertise to our emerging "profession."
 
There will be those who will criticize giving Mr. Rhoades his due. To them, and to those that might give their criticism some weight, I’d suggest contemplating the words of President Theodore Roosevelt:
 
“It is not the critic who counts; nor the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood. Who strives valiantly; Who errs and comes short again and again; Who knows the great enthusiasms, the great devotions; Who spends himself in a worthy cause; Who at the best knows the triumph of high achievement and who at the worst, if he fails, at least fails while daring greatly, So that his place shall never be with those cold and timid souls who know neither victory nor defeat.”
 
Clark M. Blackman II
CPA/PFS, CFA, CFP, CIMA, AIF

 

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