Thousands of Disclosures Missing from CFP Board Website, Investigation Finds
A recent investigation by Financial Planning has revealed troubling gaps in the public disclosure practices of the Certified Financial Planner Board of Standards (CFP Board). According to the report, thousands of financial advisors listed on the CFP Board’s website, LetsMakeAPlan.org, appear to have clean disciplinary records — yet have regulatory disclosures and even criminal records listed on FINRA BrokerCheck.
What the Report Found: CFP Board
Of the approximately 69,000 Certified Financial Planners (CFPs) listed on the CFP Board’s advisor directory, more than 9,000 advisors appear without any red flags—yet have one or more disclosure events on their FINRA BrokerCheck or SEC Investment Adviser Public Disclosure (IAPD) records. These disclosures include:
- 7,300+ customer complaints related to sales practices or investment advice
- 1,000+ criminal disclosures, including charges for domestic violence, stalking, and other serious offenses
Why the Discrepancy?
The CFP Board’s website only displays disciplinary actions issued by the Board itself and certain recent bankruptcies. It does not include complaints, regulatory sanctions, or criminal records unless they result in CFP Board discipline. Even in cases involving serious allegations, if no action was taken by the Board, the information may never appear on LetsMakeAPlan.org.
Additionally, while the site does offer links to FINRA BrokerCheck and IAPD, those links are not prominently displayed. Critics say this setup gives the illusion that a CFP advisor’s record is clean, when in reality key background information is only available through separate databases.
Why FINRA BrokerCheck Matters
FINRA BrokerCheck is a free tool offered by the Financial Industry Regulatory Authority that allows investors to research the professional backgrounds, licensing status, and disciplinary history of brokers and investment advisers. It is a crucial resource that provides a more complete picture of an advisor’s conduct — far more so than the CFP Board’s website.
Check your advisor now: https://brokercheck.finra.org
Recovery of Investment Losses through FINRA Arbitration
If you believe you have lost money due to an advisor’s misconduct, misrepresentation, or unsuitable investment recommendations, you may be able to recover your investment losses through FINRA arbitration. This is the dispute resolution process used by FINRA to resolve claims between investors and brokerage firms or registered financial professionals.
At The White Law Group, our attorneys have handled over a thousand FINRA arbitration claims involving a wide range of securities fraud, including:
- Misrepresentation or omission of material facts
- Unauthorized trading
- Failure to supervise
- Unsuitable investment recommendations
We work on a contingency fee basis, meaning we don’t get paid unless you do.
Concerned About Your Financial Advisor?
If you have concerns about your financial advisor or believe you were misled or wronged, The White Law Group can help. Our firm exclusively handles securities fraud claims and has recovered millions of dollars on behalf of individual investors nationwide.
For a free consultation, please call our offices at 888-637-5510 or visit www.whitesecuritieslaw.com.
Frequently Asked Questions – CFP Board
1. What is FINRA BrokerCheck and why should I use it?
FINRA BrokerCheck is a free online tool provided by the Financial Industry Regulatory Authority (FINRA). It allows investors to research the background, qualifications, and disciplinary history of brokers, financial advisors, and firms. You should always consult BrokerCheck before hiring a financial advisor, as it often includes important information—such as customer complaints or regulatory actions—that may not appear on other websites like LetsMakeAPlan.org.
2. Can I recover investment losses if my financial advisor misled me?
Yes. If your financial advisor made unsuitable investment recommendations, misrepresented investments, or acted negligently, you may be eligible to recover your investment losses through FINRA arbitration. This is a legal process designed to resolve disputes between investors and brokerage firms or their advisors without going to court.
3. How can The White Law Group help me?
The White Law Group is a national securities fraud law firm focused exclusively on representing investors in claims against financial professionals and brokerage firms. If you’ve suffered losses due to misconduct or poor financial advice, our experienced FINRA arbitration attorneys can evaluate your situation and help you determine whether you have a viable claim to recover your losses.
