Certified Financial Planner Board of Standards Inc. (CFP Board), the leading professional organization for financial planning, announced today that after being situated for more than 20 years in the city of Denver, the organization plans to relocate its headquarters to the nation's capital. CFP Board will transition its business operations from Denver, Colorado to Washington, D.C. over the course of the next several months, with the move likely to be completed in the fourth quarter of 2007. The organization will remain fully operational during the transition.
Karen P. Schaeffer, CFP®, Chair of CFP Board's Board of Directors, said: "The financial planning profession and the people it serves are being significantly impacted by public policy developments and trends in the financial sector that can best be monitored, influenced and managed from our nation's capital.
"Because these events have serious implications for all Americans, the organization feels it necessary to undertake certain strategic shifts to fulfill its mission to provide the public with the most competent and ethical financial planning advice available. We are convinced that having our headquarters in Washington, D.C. will enable us to more effectively serve the interests of the public as a whole," she said.
CFP Board has consistently advocated high professional standards for financial planners and emphasized its special responsibility to the public. With this in mind, the Board of Directors feels the organization must assert itself more vigorously as emerging policy debates in Washington influence the ability of consumers to make informed financial decisions.
"Sound and ethical financial planning advice is essential to the increasing number of Americans pondering retirement and other critical decisions that will impact their financial security and quality of life. As an organization dedicated to ensuring responsible financial planning for the public, a foothold in Washington, D.C. will allow us to advance our mission and promote our standards to protect the interests of Americans," Ms. Schaeffer added.
The Board's decision was based upon an ongoing review of how CFP Board could best respond to America's increasing need for CERTIFIED FINANCIAL PLANNER™ professionals. After careful study, the Board recently concluded that the future success of the organization was dependent upon its close proximity to regulators, policymakers, and other industry and credentialing organizations that influence debates within the industry.
CFP Board's transition plan will include steps to ensure that there is minimal disruption in service to those dependent on the organization's activities which includes over 54,000 certificants and more than 7,000 applicants each year.
The Board of Directors recognized the hard work and dedication demonstrated by its 40 Denver-based employees who have been instrumental in the growth of the organization and the success of the CFP® credential. Once the new staffing model has been formalized, current employees of the organization will have the opportunity to apply for a position in the Washington headquarters. The organization will provide compensation, support and incentives for those who choose not to exercise this option.
"We are extremely appreciative of the foundation CFP Board employees have provided to the organization through their contributions," said Ms. Schaeffer. "The Board would also like to express its gratitude to the city of Denver for its support throughout the years."
The mission of Certified Financial Planner Board of Standards Inc. is to help people benefit from competent, professional and ethical financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 54,000 individuals to use these marks in the United States.
