A recent post from Jamie on his WealthAdviceMadeSimple blog regarding potential impacts of the CFP® Board’s new code of ethics and standards of conduct.

But the Commercials Are So Good!

For years now, I’ve been railing about what I believe to be misleading commercials on TV from big insurance companies that talk about trust, and helping clients reach their goals. In reality, they wrap a “financial plan” in a life insurance policy and make a huge commission. This is anything but helping clients reach their goals. To protect the innocent, these are my words and I will own them: “Life insurance is not an investment.

An interesting turn of events though recently may be giving the public a fighting chance of better understanding the overwhelming conflict of interest (more ‘my words’) these insurance agents face. The CERTIFIED FINANCIAL PLANNER Board of Standards (CFP® Board) recently passed a new code of ethics and standards of conduct for their credential-holders. I must admit, the CFP® Board is not perfect, but they are attempting to force salespeople and brokers to better inform clients if they carry the CFP® designation. BEWARE: If your insurance agent or broker do not hold the CFP® credential, these new disclosures do not apply!

Recently, Northwestern Mutual has begun requiring…