Options for Future Regulation of Financial Planners, Part II

Macey, Jonathan R.
July 2002
Journal of Financial Planning;Jul2002, Vol. 15 Issue 7, p90
Academic Journal
This article reprints the second and final section of a white paper on the future regulation of the financial planning profession, written oh behalf of the Financial Planning Association. It often has been argued that the financial planning profession will not be able to take its place in the ranks of such true professions as medicine or law until it achieves the same regulatory protections as these other professions. Those who adhere to this point of view would like to see states enact laws prohibiting the practice of financial planning without a license. A licensing regime for financial planners would have the advantage of having qualification requirements specific to financial planning. Whatever organizations become involved in the regulation of the financial planning profession, they not only must regulate with regard to fraud issues, but also ensure a certain standard of professionalism in the financial services industry. The job of the financial planner is not easily defined because of the breadth and scope of the financial planner's advice. With no universally accepted definition of financial planner, the states and the U.S. Securities and Exchange Commission as default regulators have the difficult responsibility of overseeing people who practice those tasks included under the broad definition of financial planning.


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