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CFP® Makes Decision About State Regulations

How Many Rules Are Too Many in Financial Planning?

 

In the financial industry, streamlined service matters. It matters a lot.

Providing a consistent, efficient set of steps and strategies is very important when it comes to successfully helping guide clients on their unique financial journeys. As a possible “patchwork” of differing state-to-state regulations for financial planners lands on the table, many professionals are speaking out.

 

The Certified Financial Planner (CFP®) Board of Standards (CFP Board) has taken a stance in regard to state regulation of planners. Richard C. Salmen, 2018 Board Chairman of the Board of Directors for the CFP Board, Inc., said the CFP Board opposes the state regulations.


Salmen, who is also President of Family Investment Center, stated in an Investment News article that planning has developed as an interstate profession, rather than intrastate, and that many financial planners have clients in multiple states.

With most state legislatures out of session, the CFP Board is lobbying against bills that would seek to regulate the financial planning process at the state level. With a patchwork of legislation that would differ from state to state, it would make streamlined service more time-consuming and complicated for planners helping clients.

“We just don’t see that as the right way to regulate this new profession of financial planning,” Salmen said in the article. Furthermore, according to a survey by the CFP Board, only 13% of CFP® professionals favor a state regulation.

Another issue with state oversight is that some CFP® professionals would have to answer to the Securities and Exchange Commission, state regulators and the Financial Industry Regulatory Authority. Most would be encumbered by having to follow three different organizations’ rules.

While the CFP Board does not take issue with federal regulation, the Government Accountability Office carried out a study on financial planning and the results of that study did not signify cause for legislation requiring federal oversight. The CFP Board enforces educational and ethical requirements for over 80,000 CFP® professionals in the United States.

At Family Investment Center, we’re proud to have opened our offices from day one as fiduciaries – always putting the interests of our clients first and never operating on a commission-based philosophy. Contact us today and let’s talk about your next steps.

 

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Financial Planner and National Leader Richard C. Salmen Joins Family Investment Center

Family Investment Center Now Offering Expanded Financial Planning Services

 

Family Investment Center is expanding its financial planning offerings, and a nationally-known professional in the investment industry has joined the team to carry this work forward. Richard C. Salmen, CFP(R), CFA, EA is leading a new team of investment professionals from a Family Investment Center office in Lenexa, Kansas.

Salmen brings a high-impact resume and national recognition to the Kansas City region. As of January 1, 2018, Richard C. Salmen serves as president of Family Investment Center and will lead the financial planning services. Salmen’s credentials include CERTIFIED FINANCIAL PLANNER® Professional and a Certified Trust & Financial Advisor (CTFA). He received the CFA Institute Board of Governors Chartered Financial Analyst (CFA®) charter. As an Enrolled Agent (EA), he is authorized to represent taxpayers before the Internal Revenue Service at all levels.

Salmen’s previous experience includes serving as the Chief Executive Officer of Northern Financial Advisors, a Detroit, MI, fee-only financial planning and investment management firm. He graduated summa cum laude with a Bachelor of Science in Business Management from the University of Nebraska at Kearney and was a graduate business scholar while receiving his Master of Business Administration (MBA) degree from the University of Kansas.

In 2006, Salmen began a three-year term as a member of the national board of directors for the Financial Planning Association (FPA) based in Denver, Colorado, ultimately serving as national President in 2009. In 2010, he served as FPA national Chairman. In November 2014 he was elected to serve a four-year term on the Board of Directors for the Certified Financial Planner Board of Standards, Inc., beginning January 1, 2015. He is the 2018 Chair of CFP® Board’s Board of Directors.

As a true multi-tasker, Salmen is a retired air traffic controller for the Federal Aviation Administration and also spent 14 years as a member of the Army Reserves, finishing his career at the rank of Captain. Read more here in this Kansas City Business Journal article. 

Salmen’s accolades are commendable, but it’s his experience in financial planning that caught the eye of Dan Danford, CEO of Family Investment Center. Danford said in a recent news release that Salmen will expand on existing financial planning services. “This broadens the scope of Family Investment Center to solve client challenges at different levels of goals,” Danford said.

Furthermore, Salmen, like everyone at Family Investment Center, has operated as a fee-only, or commission-free, advisor. He will maintain that model as he works with Family Investment Center out of Lenexa. Areas of financial planning offered by Salmen and his team include tax preparation; estate planning; business planning; insurance planning and risk management; cash flow management; and goal setting.

 

If you’re interested in 2018 being the year that money makes sense, contact our team at Family Investment Centertoday. It’s time to start doing more of what you love.

 

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