Financial planners no longer have to deal with two certifying organizations, an industry group has announced.
The organization, called the International Association for Financial Planning, is getting out of certifying financial planners. That leaves only one group left in the business, the Certified Financial Planner Board of Standards.
The transfer is aimed at consumers who were confused when their financial planner lacked credentials from one organization or the other, according to a. senior official of the International Association, which is based in Atlanta.
The International Association runs workshops for financial planners and until recently also allowed members to display its trademarked logo.
Now members included in the International Association's registry will be reviewed by the Certified Financial Planner Board and use its logo as a sign of competency.
Martin Jaffe, president of the International Association, said he agreed to the transfer because the organization was "never able to get a critical mass that was necessary" to efficiently operate their own certification program.
The International Association will continue to support members through educational programs.
The International Association has more than 12,500 members but only 900 were included in its registry. By comparison the Certified Financial Planner Board has issued licenses to 28,000 financial planners.