FPA CEO: Financial Planning Should Be Treated As a Profession

Dennis J. Moore, chief executive of the Financial Planning Association, told members that financial planning should be described as a profession rather than an industry because it involves specialized training, enforceable standards and a commitment to public service. He presented those three elements as the basis for his argument.

Moore outlined the education pathway for certified financial planners, noting that CFP certification requires completion of CFP Board-approved coursework covering investments, estate planning, regulation and the psychology of advising. He said the certification pathway is paired with a required bachelor’s degree from an accredited college or university, which he described as combining technical skills with broader academic training.

On professional development, Moore cited continuing education rules that apply to CFP professionals. He noted that certificants must complete 30 hours of continuing education every two years, including two hours of ethics instruction and 28 hours on core financial planning topics.

Moore highlighted the fiduciary standard that applies to certified financial planners as a formal expectation that client interests come first. “A profession earns trust when it places the client’s interest above the professional’s and makes that expectation part of its formal structure,” he said.

Moore also discussed public-service activity within the field. He pointed to pro bono financial planning and cited data from the Foundation for Financial Planning showing more than 30,000 hours of volunteer help provided. He said local FPA chapters organize volunteer projects to assist people facing financial crises or who cannot afford paid help.

Moore described the FPA as a membership organization and trade association for certified planners and compared financial planning to established professions such as medicine, law and engineering, noting they combine technical expertise, human judgment and public trust. He said the field requires education, ongoing professional development and adherence to enforceable standards.