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Statement on Fee Guidance

October 14, 2022

On September 12, 2022, CFP Board submitted a comment letter to the Colorado Division of Securities with respect to the “Ongoing Financial Planning Guide” issued earlier in the year by the Division. In its letter, CFP Board expressed its concern that the Guide reflects an unjustified bias in favor of the asset under management (AUM) fee model. Under the traditional AUM fee model, access to financial planners is reserved primarily for those who have already accumulated a certain level of investible assets. CFP Board encouraged the Division of Securities to support community-wide access to financial planning services and flexible fee structures. To increase consumer access to financial advice, CFP requested that Colorado rethink the Guide’s position on using a fee-for-service model in financial planning and investment advice to help CFP® certificants better serve Colorado’s diverse communities.

Read CFP Board’s statement (PDF, 92 KB)