Practice Management
CFP Board proposes new process for assessing bankruptcy, misdemeanors
Lilly Riddle / Mar 26, 2025
The credentialling body is seeking public input on its proposal to create ‘an expedited process’ for assessing candidates with bankruptcy filings or multiple misdemeanor charges.
The CFP Board, a nonprofit that administers the certified financial planning designation for advisors, announced Wednesday that it is seeking public comment on a potential rule change that would allow individuals with a history of bankruptcy or certain misdemeanor criminal charges to obtain their CFP marks.
Specifically, the Board has proposed to amend its procedural rules to create an expedited process for ‘assessing the fitness’ of CFP candidates with a single bankruptcy filing or one or more misdemeanor convictions stemming from drug or alcohol use.
If the proposed changes are approved, candidates with a single bankruptcy filing would be able to apply for CFP certification if they can prove to the Board’s enforcement division that the circumstances of the filing don’t have any bearing on their ability to manage their own or someone else’s finances at present. Candidates could apply for CFP marks with either a ‘Caution’ or ‘Public Notice’ label, depending on whether the bankruptcy happened...
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