Kevin Keller Defends the Integrity of the CFP® Mark
Interesting developments have occurred over at Financial Advisor magazine’s online extras this week. First, on April 6, Dr. Somnath Basu wrote an article titled Restoring Trust in the CFP Mark. I encourage you to read it.
While Dr. Basu is correct that the industry needs to do better in its service to clients, he lumps CFP® practitioners together with all financial service professionals, whether they be regulated or not.
So in response, CFP Board CEO Kevin Keller published a response to Dr. Basu titled In Defense of the CFP Mark. Keller clarifies several of Dr. Basu’s misconceptions in his original article and stresses how all advisers must operate with “full accountability and transparency” to clients.
Take a few mintues to read these articles and post comments on FA Magazine’s website.
Update: Now read this post by Dr. David Edward Marcinko at the Medical Executive Post. Dr. Marcinko finishes his comments with this:
And so, why do I shake my fist at Somnath Basu? It’s admittedly with congratulations, and a bit of schadenfreude, because he wrote an article more eloquently than I ever could, and will likely receive much more publicity [good or slings-arrows] for doing so. You know, it’s very true that one is never a prophet in his own tribe. Oh well, Mazel Tov anyway for stating the obvious, Somnath. The financial services industry – and more specifically – the CFP® emperor have no clothes! Duh!
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May 1st, 2009 at 1:54 pm
On Being Harry Markopolos … and Me
Did you know that Harry Markopolos and I went to the same Jesuit University? Yep; it’s true. We both attended Loyola University in Baltimore, Maryland. He was in the Class of 1981, and I was in the Class of 1977.
So, after ten years of trying to blow the whistle on Bernard Madoff’s alleged $50 billion Ponzi scheme; we now know what an absolute fool he make of the impotent SEC, and incompetent NASD, etc. Moreover, we know how strong the BD industry is – or was – after the recent financial meltdown on Wall Street. In fact, in 2005, he sent the SEC a paper with 29 red flags, under a boldfaced headline: “The World’s Largest Hedge Fund is a Fraud.” How easily Harry was dismissed as a bottom-feeding eccentric … Remind you of anyone?
Now, we realize all FA’s must be held to fiduciary accountability in the financial services sales industry; and why the Certified Medical Planner™ program is especially necessary for the healthcare space? Duh!
Dr. David Edward Marcinko; MBA, CMP™
[removed by moderator: unauthorized use of certification mark]
[Publisher-in-Chief]
http://www.CertifiedMedicalPlanner.com
http://www.HealthcareFinancials.com
http://www.HealthDictionarySeries.com
http://www.MedicalBusinessAdvisors.com
May 1st, 2009 at 3:54 pm