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New CFP Board Chair Pledges 'Governance Review and Reform' in 2020

By Patrick Donachie January 23, 2020 WealthManagement.com

Jack Brod, the new chair at the CFP Board, said the review may include examining the board’s composition and revising term limits for its members.

Several months after an independent task force report recommended that the CFP Board amend several of its governance and enforcement policies, the new chair of the CFP Board said the group intends to address many of the questions raised in the report by the end of 2020. At the top of Chairman Jack Brod’s agenda is a plan to conduct a governance review and reform, which could include examining the board’s composition and revising term limits for members. Brod said the review would be "comprehensive" and that the early stages of it were already underway.

“The CFP Board has already implemented several of the recommendations that were part of the report,” Brod said. “There are others that we intend to implement but will take more time to put things in place, and there are ones that will require much more discussion and deliberation which will occur as 2020 unfolds.”

In an interview with WealthManagement.com, Brod, who retired as the head of Vanguard’s U.S. sales and distribution to RIAs, broker/dealers, and banks and has been a member of the CFP’s Board of Directors since 2017, shared his upcoming priorities in the new role, which include preparations for the upcoming compliance date for the organization’s new fiduciary standard for CFP professionals, as well as continued efforts to diversify its ranks...