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While a cornerstone of the new Code of Ethics and Standards of Conduct ("Code and Standards") is the requirement that all CFP® professionals act as a fiduciary at all times when providing financial advice to a client, the new Code and Standards has specific implications for ‘fee-only’ CFP® professionals. This resource provides these CFP® professionals the guidance they need to continue work on a ‘fee-only’ basis and stay in compliance with the new rules.

Explore the difference between "Fee-Only" and "fee-based"
View the video on "fee-based" compensation

Highlights of this guidance document include:

  • Clear, plain English definitions on what it means to be practicing as a “fee-only” CFP® professional.
  • Decision trees to help CFP® professionals determine if they are providing financial advice and financial planning.
  • Examples of conflicts of interest and suggestions for how to address them.
  • A detailed graphic illustrating the practice standards for the financial planning process.
  • Specific requirements for what information CFP® professionals must provide clients.

Download the Implications of the Code and Standards for "Fee-Only" CFP® Professionals

Access More Guidance Materials

This compliance resource is part of a full library of resources that CFP® professionals can use to comply with the Code and Standards. More guidance materials can be found in our Compliance Resources Library.

Browse the Compliance Resources Library