As Congress begins looking at fundamental reforms to financial services regulation, the Financial Planning Association® (FPA®) is working with Certified Financial Planner Board of Standards, Inc. and the National Association of Personal Financial Advisors - together the Financial Planning Coalition - to examine how future regulation of financial planners fits into the debate.

A Statement of Understanding by the Financial Planning Coalition, released last week, will advocate that financial planning services should be provided with fiduciary accountability and appropriate disclosure. Additionally, the services should be specifically regulated to distinguish and differentiate professionals who have met appropriate examination, education, experience and ethics requirements. The coalition believes the public should be able to easily identify who is a financial planner, subject to those standards.

The joint statement follows on the heels a December survey by the three groups to assess their members' views on possible regulatory reforms relating to financial planners.

View the letter FPA President 2009, Richard Salmen, CFP®, CFA, EA, sent to the FPA membership last week.