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Business Wire
4 days ago
- Business
- Business Wire
CFP Board Unveils Power-Packed Agenda for 2025 Connections Conference
WASHINGTON--(BUSINESS WIRE)--CFP Board today announced the agenda for its second annual Connections Conference, which will bring together financial planning professionals, educators and industry innovators. The Connections Conference will provide timely insights on topics such as artificial intelligence (AI), tax and estate planning, working with diverse clients and the psychology of financial planning, delivering strategies CFP ® professionals can implement immediately. The conference will be held October 6-8 in Chicago at the Chicago Marriott Downtown Magnificent Mile. 'This isn't your average financial services conference — we are convening the entire financial advice ecosystem,' said CFP Board CEO Kevin R. Keller, CAE. 'From firm leaders to researchers, CFP Board is creating a space for real collaboration and practical insight that moves the profession forward.' Continuing Education and Professional Growth CFP ® professionals attending the conference can earn up to 15 CE credits — including in ethics and the psychology of financial planning — while advancing their knowledge and meeting certification requirements. Sessions will cover topics ranging from regulatory changes to retirement. A Multifaceted, Topical Platform Attendees can expect a dynamic program featuring: Policy updates from Washington, D.C., and their impact on your practice. Techniques for succession planning, employee recruitment and retention. Strategies for helping clients through marital conflict, loss and grief. Groundbreaking research shaping the future of financial planning. Networking and recruitment opportunities. Pro bono best practices for serving underserved communities. Keynote Speakers Carrie Schwab-Pomerantz, MBA, CFP ®, Director of the Charles Schwab Board of Directors Carrie Schwab-Pomerantz, CFP ® is a nationally recognized authority on financial literacy and corporate social responsibility. A former Charles Schwab executive and advisor to two U.S. presidential councils, she has shaped national policy, led major nonprofit initiatives and expanded financial education for millions. Schwab-Pomerantz serves on Charles Schwab's Board of Directors and Risk Committee. Schwab-Pomerantz will share insights on career growth, increasing women's participation in financial planning and expanding access to financial education. Kay Firth-Butterfield, CEO of Good Tech Advisory Kay Firth-Butterfield is a leading global expert on AI governance. A former Head of Artificial Intelligence & Quantum and member of the Executive Committee at the World Economic Forum, she was the world's first Chief AI Ethics Officer. A barrister, former judge, professor and entrepreneur, she has authored books on human rights, AI and modern slavery. Her upcoming book, 'Co-Existing with AI – A Guide,' will be published in November 2025. She also serves on the boards of several prominent organizations focused on responsible AI. Firth-Butterfield will discuss the responsible use of AI, and how it can transform financial planning, improve decision-making and drive innovation in financial services. Jim Obergefell, Plaintiff in the Landmark Supreme Court Marriage Equality Case A self-described accidental activist, Jim Obergefell found himself in the role of caregiver for his partner of more than 20 years, John, as he neared the end of his life due to ALS. An unexpected series of events led to their decision to marry, eventually taking Jim to the Supreme Court and the landmark decision in Obergefell v. Hodges, which secured marriage equality nationwide. Now a self-described purposeful activist, Obergefell is dedicated to the fight for equality, not just for the LGBTQ community, but for civil rights for all. Obergefell will share guidance on how CFP ® professionals can better engage with and support clients from diverse backgrounds. Register Today Registration for the Connections Conference is now open. Early registration discounts are available for those who register before July 1, 2025. For more information on the conference, including the agenda and speakers, visit CFP Board's website, where you can also register for the Connections Conference. EDITOR'S NOTE: Reporters interested in covering the Connections Conference should email media@ for registration information. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER ® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP ® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.
Yahoo
6 days ago
- Business
- Yahoo
6 Budgeting Tips for Retirees After the Social Security Fairness Act
Changes in Social Security policy can cause alarm to those currently on or soon to be claiming benefits. However, one piece of legislation, The Social Security Fairness Act (SSFA), signed by President Joe Biden in the last couple of weeks of his presidency, is designed to help certain groups of Social Security recipients. Find Out: Read Next: Financial experts explained what the SSFA means for retirees, and some budgeting tips when these changes go into effect. The SSFA repeals the Windfall Elimination Provision (WEP) from 1989 and the Government Pension Offset (GPO) from 1977, according to Don Grant, a CFP and CFP Board ambassador at CFP Board. 'Those two programs affect approximately 2.8 million government workers who were considered to have been double-dipping if they were to collect Social Security benefits while receiving pensions from non-Social Security-covered public sector jobs or a government pension,' he explained. By eliminating the WEP and GPO programs, nearly 3 million public workers, including teachers, firefighters, police officers and federal employees, will now be allowed to take their Social Security benefits in addition to their pensions, Grant explained. Learn More: While the SSFA reinstated eligible recipients' Social Security benefits, retroactive through 2024, Grant pointed out that recalculating benefits for 3 million current retirees takes time and resources. 'That effort is ongoing and may be in jeopardy due to the current administration's efforts to slash budgets and manpower in the agencies that perform those recalculations,' he urged patience to government and/or public sector workers affected by WEP or GPO, who haven't received benefits yet. 'There is no assurance that you'll receive the benefits as directed by the SSFA's repeal of those programs, but you can hold out hope.' If you do end up receiving the extra benefits, be careful of how you spend it, according to George McFarlane, president of 7 Waters Advisors. 'First and foremost, it's important these retirees don't let this income boost lead to a change in their lifestyle,' McFarlane warned. 'Increased income could lead to increased spending.' Retirees may also want to visit with a tax advisor in case the income pushes them into a higher tax bracket, McFarlane said. 'This could happen, especially if the retiree is pulling money from pensions, IRAs or other investments. Looking into strategies to reduce taxable income may be necessary,' he said. Retirees should also consider using extra funds to build a larger safety savings account, such as an emergency fund. 'This account should be earmarked for emergency expenses that may arise in retirement. This account should be enough to cover six- to 12-months' worth of living expenses,' McFarlane said. Another smart move with extra income is to purchase long-term care insurance or estate planning vehicles (life insurance or trusts), McFarlane advised. 'These products can help retirees maintain control during retirement, while ensure there is a legacy left behind for your family after you're gone.' Regardless of how you plan to spend additional income, Grant urged some smart budgeting basics. First, look at your total income, from all sources (pension, rental properties, investment royalties, annuities, etc.) and then calculate your spending across 'needs' and 'wants.''Net your earnings to your spending. Do you come up short? Or do you have a surplus of income? If it's a surplus, you should be fine. If a deficit, there are several actions you can take. You have two choices: Spend less or make more.' One way to enhance your income would be to shift your investment allocation, Grant said. He recommended working with a CFP to build a 'more income centric investment portfolio.' This means finding products that are designed for income, such as dividend-bearing stocks, hedged equity funds and options-based those who are expecting but haven't yet received these increased benefits, should stick with their existing budgets and act as though the additional money may never come. That way, you won't overspend or make plans you can't afford. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on 6 Budgeting Tips for Retirees After the Social Security Fairness Act Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
CFP Board Promotes Public Trust With Seven Actions
Upholding Ethical Standards in a Thriving Network of Over 100,000 CFP® Professionals WASHINGTON, May 16, 2025--(BUSINESS WIRE)--Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on seven individuals. CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP® marks or on the profession. CFP® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP® professional's services, but it may sanction a CFP® professional who fails to uphold their commitment. Information about how CFP Board addresses ethical issues involving CFP® professionals and those pursuing initial CFP® certification is available at At the public can verify an individual's CFP® certification status. CFP Board also provides links to other sources of information about CFP® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website, such as the Financial Industry Regulatory Authority's (FINRA's) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC's) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms. The Public Sanctions on Seven Individuals STATE NAME LOCATION SANCTION Maryland Derrick P. Myers, CFP® Glen Burnie Public Censure Oregon Robert Sevcik, CFP® Medford Public Censure California Bobby Koba San Diego Suspension Indiana Carl L. Campbell Columbus Temporary Bar Arizona Dan E. Droeg Chandler Permanent Bar New York Vincent J. Camarda Amityville Permanent Bar Texas David B. Test Frisco Permanent Bar PUBLIC CENSURE MARYLAND Derrick P. Myers, CFP® (Glen Burnie, Maryland): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Myers a public censure for violating Standard E.8 of CFP Board's Code and Standards and Rule 6.5 of its Rules of Conduct, which require a CFP® professional to refrain from engaging in conduct that reflects adversely on their integrity or fitness as a CFP® professional, on the CFP® marks or on the profession. The Commission found that Mr. Myers had failed to pay his firm's federal payroll taxes on time for the 2018-2020 tax years, resulting in a $147,901 federal tax lien against him. Mr. Myers still owed approximately $52,000 in federal taxes as of mid-September 2023, and his firm owed approximately $127,000 as of early February 2024. Both have complied with agreements they entered with the Internal Revenue Service (IRS) to pay the remaining balances in installments. In its order, the Commission also notes a $25,000 federal tax lien against Mr. Myers for the 2015 and 2016 tax years that the IRS later released. The Commission's order requires Mr. Myers to complete supplemental continuing education on tax planning, and for three years to certify to CFP Board every six months his progress toward resolving his and his firm's tax debts. The order was effective April 21, 2025. Read the order: Case History 45647. OREGON Robert Sevcik, CFP® (Medford, Oregon): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Sevcik a public censure. The Commission's order cites Mr. Sevcik's June 2021 termination from his firm over concerns that he had submitted transactions under production numbers that were inconsistent with an agreement he had with another representative. On October 11, 2022, Mr. Sevcik entered into a letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA), which contains findings that from June 2014 through May 2021, he placed a total of 218 trades under improper codes, crediting him with higher commissions than he was entitled to under commission-splitting agreements he had with two retired representatives. By causing the firm to maintain inaccurate trade confirmations, Mr. Sevcik violated FINRA Rules 4511 and 2010. In its order, the Commission found that Mr. Sevcik violated Standard A.8.a of CFP Board's Code and Standards, which requires that a CFP® professional comply with the laws, rules and regulations governing Professional Services; Rule 4.3 of the Rules of Conduct, which provides that a certificant shall be in compliance with applicable regulatory requirements governing professional services provided to the client; Standard D.2.a of the Code and Standards, which provides that a CFP® professional will be subject to discipline by CFP Board for violating policies and procedures of their firm; and Standard E.3.j, which provides that a CFP® professional must provide written notice to CFP Board within 30 calendar days after the CFP® professional has been terminated for cause from employment for conduct involving allegations of dishonesty, unethical conduct or compliance failures. Read the order: Case History 43315. SUSPENSION CALIFORNIA Bobby Koba (San Diego, California): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Koba's CFP Board certification and right to use the CFP Board certification marks. In December 2023, CFP Board enforcement counsel sent a notice of investigation to Mr. Koba concerning a customer complaint filed against him in September 2023, alleging unsuitable investments. Mr. Koba failed to acknowledge receipt of this notice or the second notice of investigation enforcement counsel delivered to him and was therefore in default under Article 4.1 of CFP Board's Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Koba's conduct, enforcement counsel filed a motion for administrative order of suspension, which counsel to the Commission granted on September 13, 2024. Mr. Koba is prohibited from applying for or obtaining CFP Board certification until he has been deemed eligible to apply for CFP® certification in accordance with Article 4.6 of the Procedural Rules. The order was effective October 13, 2024. Read the order: Case History 46113. TEMPORARY BAR INDIANA Carl L. Campbell (Columbus, Indiana): In April 2025, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Campbell's petition for a determination that he is fit for CFP® certification and barring him from applying for CFP® certification for three years, retroactive to December 2024. Mr. Campbell was required to file his petition after he disclosed to CFP Board that he had filed for Chapter 7 bankruptcy in February 2023. In reaching its determination, the Commission noted that Mr. Campbell's bankruptcy filing occurred only two years ago. The bar is effective December 12, 2024, through December 12, 2027. Read the order: Case History 46774. PERMANENT BAR ARIZONA Dan E. Droeg (Chandler, Arizona): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Droeg from CFP® certification for failing to cooperate with CFP Board's investigation into his 2021 termination from his firm and subsequent regulatory actions taken against him. On February 11, 2022, Mr. Droeg entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA barring him from associating with any FINRA member. In the AWC, Mr. Droeg consented to findings that, from 2015 to 2021, he used his authority as trustee of his client's charitable remainder trust to wrongfully convert more than $800,000 in trust assets to his own accounts. The state of Arizona brought its own action against Mr. Droeg and revoked his securities licenses. Over the course of its investigation, initiated in November 2021, CFP Board enforcement counsel allowed Mr. Droeg numerous opportunities to provide the information it had requested. Mr. Droeg failed to do so and, in November 2024, enforcement counsel issued him a notice of failure to cooperate under Article 1.3 of CFP Board's Procedural Rules. Mr. Droeg did not cure this failure and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Droeg's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP® certification, which counsel for the Commission granted on March 27, 2025. The order was effective April 28, 2025. Read the order: Case History 43681. NEW YORK Vincent J. Camarda (Amityville, New York): In April 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Camarda from CFP® certification for failing to cooperate with an investigation into several customer complaints against him. In one complaint made to CFP Board, clients alleged that Mr. Camarda misappropriated their life savings by investing them in an investment vehicle that he owned and then froze their accounts. The Commission had already imposed an interim suspension against Mr. Camarda in August 2022 after he was named in a complaint filed by the U.S. Securities and Exchange Commission (SEC), alleging securities laws violations relating to investments he had recommended and sold to clients. Mr. Camarda failed to acknowledge CFP Board enforcement counsel's January 2025 notice of investigation as required by Article 1.1 of CFP Board's Procedural Rules and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Camarda's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP® certification, which counsel for the Commission granted on April 4, 2025. The order was effective May 5, 2025. Read the order: Case History 46900. TEXAS David B. Test (Frisco, Texas): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Test from future CFP® certification. On June 22, 2023, CFP Board enforcement counsel filed a complaint against Mr. Test asserting that he had violated Standard A.8.a of the Code and Standards, which requires a CFP® professional to comply with the laws, rules and regulations governing Professional Services, and Standard D.2.a. of the Code and Standards, which states that a CFP® professional will be subject to discipline by CFP Board for violating policies and procedures of the CFP® professional's firm. The complaint alleges that Mr. Test was permitted to resign from his firm in lieu of termination for placing clients' initials on account transaction forms without the clients' knowledge or authorization. The complaint cites a January 19, 2023, Letter of Acceptance, Waiver and Consent (AWC) Mr. Test entered into with FINRA, which imposed on him a $5,000 fine and a two-month suspension from associating with any FINRA member for violating FINRA Rules 2010 and 4511. Mr. Test chose not to file an answer to CFP Board's complaint and was therefore in default under Article 4.1.e. of its Procedural Rules. Enforcement counsel filed a motion for an administrative order of permanent bar against Mr. Test based on a determination of the seriousness, scope and harmfulness of his conduct. Counsel to the Commission granted the motion on March 11, 2025. The order was effective on April 11, 2025. Read the order: Case History 43437. # # # ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge. View source version on Contacts Joseph Feese, Director of Public Relations, P: 202-379-2305, E: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
16-05-2025
- Business
- Business Wire
CFP Board Promotes Public Trust With Seven Actions
WASHINGTON--(BUSINESS WIRE)--Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization with more than 100,000 CFP ® professionals, today announced actions taken to uphold its ethical standards, imposing sanctions on seven individuals. CFP Board is a professional body that has adopted a Code of Ethics and Standards of Conduct (Code and Standards) that benefits and protects the public and advances financial planning as a distinct and valuable profession. The Code and Standards requires that a CFP ® professional meet certain duties when providing professional services to a client, and to refrain from engaging in other misconduct that reflects adversely on their integrity or fitness as a certificant, on the CFP ® marks or on the profession. CFP® professionals make a commitment to CFP Board to abide by the Code and Standards, and their compliance reinforces the integrity of the CFP Board certification marks. CFP Board does not guarantee a CFP® professional's services, but it may sanction a CFP ® professional who fails to uphold their commitment. Information about how CFP Board addresses ethical issues involving CFP ® professionals and those pursuing initial CFP ® certification is available at At the public can verify an individual's CFP ® certification status. CFP Board also provides links to other sources of information about CFP ® professionals that may be more recent or that may contain information that has not led to CFP Board discipline and does not appear on CFP Board's website, such as the Financial Industry Regulatory Authority's (FINRA's) BrokerCheck and the U.S. Securities and Exchange Commission's (SEC's) Investment Adviser Public Disclosure databases for individuals who are subject to FINRA or SEC oversight. CFP Board is not a federal, state or self-regulatory organization, and it does not sanction financial services firms. The Public Sanctions on Seven Individuals PUBLIC CENSURE MARYLAND Derrick P. Myers, CFP ® (Glen Burnie, Maryland): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Myers a public censure for violating Standard E.8 of CFP Board's Code and Standards and Rule 6.5 of its Rules of Conduct, which require a CFP ® professional to refrain from engaging in conduct that reflects adversely on their integrity or fitness as a CFP ® professional, on the CFP ® marks or on the profession. The Commission found that Mr. Myers had failed to pay his firm's federal payroll taxes on time for the 2018-2020 tax years, resulting in a $147,901 federal tax lien against him. Mr. Myers still owed approximately $52,000 in federal taxes as of mid-September 2023, and his firm owed approximately $127,000 as of early February 2024. Both have complied with agreements they entered with the Internal Revenue Service (IRS) to pay the remaining balances in installments. In its order, the Commission also notes a $25,000 federal tax lien against Mr. Myers for the 2015 and 2016 tax years that the IRS later released. The Commission's order requires Mr. Myers to complete supplemental continuing education on tax planning, and for three years to certify to CFP Board every six months his progress toward resolving his and his firm's tax debts. The order was effective April 21, 2025. Read the order: Case History 45647. OREGON Robert Sevcik, CFP ® (Medford, Oregon): In March 2025, the Disciplinary and Ethics Commission (Commission) issued Mr. Sevcik a public censure. The Commission's order cites Mr. Sevcik's June 2021 termination from his firm over concerns that he had submitted transactions under production numbers that were inconsistent with an agreement he had with another representative. On October 11, 2022, Mr. Sevcik entered into a letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority, Inc. (FINRA), which contains findings that from June 2014 through May 2021, he placed a total of 218 trades under improper codes, crediting him with higher commissions than he was entitled to under commission-splitting agreements he had with two retired representatives. By causing the firm to maintain inaccurate trade confirmations, Mr. Sevcik violated FINRA Rules 4511 and 2010. In its order, the Commission found that Mr. Sevcik violated Standard A.8.a of CFP Board's Code and Standards, which requires that a CFP ® professional comply with the laws, rules and regulations governing Professional Services; Rule 4.3 of the Rules of Conduct, which provides that a certificant shall be in compliance with applicable regulatory requirements governing professional services provided to the client; Standard D.2.a of the Code and Standards, which provides that a CFP ® professional will be subject to discipline by CFP Board for violating policies and procedures of their firm; and Standard E.3.j, which provides that a CFP ® professional must provide written notice to CFP Board within 30 calendar days after the CFP ® professional has been terminated for cause from employment for conduct involving allegations of dishonesty, unethical conduct or compliance failures. Read the order: Case History 43315. SUSPENSION CALIFORNIA Bobby Koba (San Diego, California): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order suspending Mr. Koba's CFP Board certification and right to use the CFP Board certification marks. In December 2023, CFP Board enforcement counsel sent a notice of investigation to Mr. Koba concerning a customer complaint filed against him in September 2023, alleging unsuitable investments. Mr. Koba failed to acknowledge receipt of this notice or the second notice of investigation enforcement counsel delivered to him and was therefore in default under Article 4.1 of CFP Board's Procedural Rules. Based on a determination of the seriousness, scope and harmfulness of Mr. Koba's conduct, enforcement counsel filed a motion for administrative order of suspension, which counsel to the Commission granted on September 13, 2024. Mr. Koba is prohibited from applying for or obtaining CFP Board certification until he has been deemed eligible to apply for CFP ® certification in accordance with Article 4.6 of the Procedural Rules. The order was effective October 13, 2024. Read the order: Case History 46113. TEMPORARY BAR INDIANA Carl L. Campbell (Columbus, Indiana): In April 2025, the Disciplinary and Ethics Commission (Commission) issued an order denying Mr. Campbell's petition for a determination that he is fit for CFP ® certification and barring him from applying for CFP ® certification for three years, retroactive to December 2024. Mr. Campbell was required to file his petition after he disclosed to CFP Board that he had filed for Chapter 7 bankruptcy in February 2023. In reaching its determination, the Commission noted that Mr. Campbell's bankruptcy filing occurred only two years ago. The bar is effective December 12, 2024, through December 12, 2027. Read the order: Case History 46774. PERMANENT BAR ARIZONA Dan E. Droeg (Chandler, Arizona): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Droeg from CFP ® certification for failing to cooperate with CFP Board's investigation into his 2021 termination from his firm and subsequent regulatory actions taken against him. On February 11, 2022, Mr. Droeg entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA barring him from associating with any FINRA member. In the AWC, Mr. Droeg consented to findings that, from 2015 to 2021, he used his authority as trustee of his client's charitable remainder trust to wrongfully convert more than $800,000 in trust assets to his own accounts. The state of Arizona brought its own action against Mr. Droeg and revoked his securities licenses. Over the course of its investigation, initiated in November 2021, CFP Board enforcement counsel allowed Mr. Droeg numerous opportunities to provide the information it had requested. Mr. Droeg failed to do so and, in November 2024, enforcement counsel issued him a notice of failure to cooperate under Article 1.3 of CFP Board's Procedural Rules. Mr. Droeg did not cure this failure and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Droeg's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP ® certification, which counsel for the Commission granted on March 27, 2025. The order was effective April 28, 2025. Read the order: Case History 43681. NEW YORK Vincent J. Camarda (Amityville, New York): In April 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an order permanently barring Mr. Camarda from CFP ® certification for failing to cooperate with an investigation into several customer complaints against him. In one complaint made to CFP Board, clients alleged that Mr. Camarda misappropriated their life savings by investing them in an investment vehicle that he owned and then froze their accounts. The Commission had already imposed an interim suspension against Mr. Camarda in August 2022 after he was named in a complaint filed by the U.S. Securities and Exchange Commission (SEC), alleging securities laws violations relating to investments he had recommended and sold to clients. Mr. Camarda failed to acknowledge CFP Board enforcement counsel's January 2025 notice of investigation as required by Article 1.1 of CFP Board's Procedural Rules and was therefore in default under Article 4.1. Based on a determination of the seriousness, scope and harmfulness of Mr. Camarda's conduct, enforcement counsel filed a motion seeking an administrative order that would permanently bar him from CFP ® certification, which counsel for the Commission granted on April 4, 2025. The order was effective May 5, 2025. Read the order: Case History 46900. TEXAS David B. Test (Frisco, Texas): In March 2025, counsel to the Disciplinary and Ethics Commission (Commission) issued an administrative order permanently barring Mr. Test from future CFP ® certification. On June 22, 2023, CFP Board enforcement counsel filed a complaint against Mr. Test asserting that he had violated Standard A.8.a of the Code and Standards, which requires a CFP ® professional to comply with the laws, rules and regulations governing Professional Services, and Standard D.2.a. of the Code and Standards, which states that a CFP ® professional will be subject to discipline by CFP Board for violating policies and procedures of the CFP® professional's firm. The complaint alleges that Mr. Test was permitted to resign from his firm in lieu of termination for placing clients' initials on account transaction forms without the clients' knowledge or authorization. The complaint cites a January 19, 2023, Letter of Acceptance, Waiver and Consent (AWC) Mr. Test entered into with FINRA, which imposed on him a $5,000 fine and a two-month suspension from associating with any FINRA member for violating FINRA Rules 2010 and 4511. Mr. Test chose not to file an answer to CFP Board's complaint and was therefore in default under Article 4.1.e. of its Procedural Rules. Enforcement counsel filed a motion for an administrative order of permanent bar against Mr. Test based on a determination of the seriousness, scope and harmfulness of his conduct. Counsel to the Commission granted the motion on March 11, 2025. The order was effective on April 11, 2025. Read the order: Case History 43437. # # # ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER ® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP ® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.
Business Wire
14-05-2025
- Business
- Business Wire
CFP Board Debuts AI-Powered Practice Exam Tool
WASHINGTON--(BUSINESS WIRE)--CFP Board today announced the launch of CFP ® Exam Practice App, its new official exam preparation platform designed to support candidates pursuing CFP ® certification. It's the only exam preparation tool available from CFP Board. With CFP ® Exam Practice App, CFP Board adds another valuable tool to its library of resources to help CFP ® candidates prepare for the CFP ® exam. Available starting May 12, the platform leverages AI-driven technology and microlearning tools to deliver an engaging and personalized study experience. Candidates can access the platform via app or browser on iOS, Android, Mac, PC and Chromebook, making studying flexible and convenient. ' CFP ® Exam Practice App is a game-changer in how we empower candidates on their path to CFP ® certification,' said CFP Board CEO Kevin R. Keller, CAE. 'This cutting-edge platform gives candidates the tools they need to study smarter, with personalized insights, real-time feedback and the flexibility to learn anytime, anywhere. It's a bold step forward in our commitment to their success.' Developed in collaboration with Prometric, our technology partner and administrator of the CFP ® exam, this platform features personalized tools to strengthen test-taking skills and boost exam readiness, including: CFP ® exam questions organized by Principal Knowledge Domains. Real-time performance tracking and feedback. Customizable quizzes with unlimited retakes. Detailed answer rationales to reinforce learning. One year of unlimited access. Candidates preparing for the CFP ® exam now have access to a powerful practice duo: CFP ® Exam Practice App and the CFP ® Practice Exam. CFP ® Exam Practice App offers personalized learning to sharpen strategies, improve time management and reduce exam-day stress. The CFP ® Practice Exam simulates the real exam experience, helping candidates gauge readiness and target weak spots. Together, these tools support both content mastery and exam confidence. Starting May 12, in time to prepare for the July 2025 CFP ® exam, CFP ® Exam Practice App will be available for purchase to all CFP Board account holders. Disclaimer: CFP ® Exam Practice App content is AI-generated from existing practice exam material and reviewed by CFP ® professional peer reviewers. CFP Board does not guarantee CFP ® candidates will pass if they use CFP ® Exam Practice App. It is not required to use CFP ® Exam Practice App before sitting for the exam. # # # ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER ® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP ® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.
