The CRP, which includes CFP professionals and public members, developed this guidance following feedback from a recent survey.
In the survey, CFP and QAFP professionals expressed a need for more detailed explanations regarding their professional duties when withdrawing services and making referrals. In addition, the Standards Council has received public complaints related to these issues, prompting further clarification.
The guidance outlines situations that may lead to the termination of a planner-client relationship and details the planner’s obligations in each instance. Among these are confidentiality obligations, with a clear reminder that the duty of confidentiality continues even after the client engagement has ended.
It also covers the essential duties related to referrals, including the rules governing conflicts of interest, referral fees, and other critical factors.
Jeff Cormier, CFP, and chair of the Conduct Review Panel, emphasized the importance of understanding these responsibilities.