On March 29, 2018, the Certified Financial Planner Board of Standards, Inc. (the CFP Board) adopted a revised Code of Ethics (the Code) and Standards of Conduct (the Standards) that require a certified financial planner (CFP) to act as a fiduciary. Pursuant to this new fiduciary standard, and as discussed more fully below, the CFP must act in the best interest of the client at all times when providing financial advice.

The new Code and Standards become effective on October 1, 2019. However, on July 16, 2019, the CFP Board announced that it would not enforce the new Code and Standards until June 30, 2020. The revised enforcement date aligns with the effective date of the SEC’s new Regulation Best Interest, which was adopted by the US Securities and Exchange Commission (SEC) on June 5, 2019, and imposes a “best interest” standard on broker-dealers and their natural associated persons when making certain securities recommendations to retail customers.