CFP Board Chair to Step Down

Alan Goldfarb, chairman of the board for the Certified Financial Planner Board of Standards, resigned his post effective immediately.

The Board of Directors of Certified Financial Planner Board of Standards Inc. announced the resignations of Goldfarb, CFP, from the board and two members of the Disciplinary and Ethics Commission (DEC).

The CFP Board became aware of broad allegations that members of the Board and other volunteers may have violated provisions of CFP Board’s Standards of Professional Conduct. The Board of Directors created a special committee made up of public Board members who have no ties to the financial services industry. The special committee of the Board retained outside counsel to investigate and report its findings directly to the committee.

The committee found sufficient merit in the allegations against Goldfarb and the two DEC members to refer them for further proceedings under CFP Board’s Disciplinary Rules and Procedures. When presented with the committee’s findings, they decided to resign.

The board of directors was informed of the resignations during a special October 31 meeting and elected new board leadership. All proceedings under CFP Board’s Disciplinary Rules and Procedures are confidential. Any proceedings that result in a public sanction will be made public.

“I am certain that this was a misunderstanding, and I welcome the opportunity to engage in good faith the CFP Board’s enforcement process consistent with its Disciplinary Rules and Procedures,” said Goldfarb in an October 30 letter to the board of directors.

The 2012 Chair-elect Nancy Kistner, CFP, was chosen to fill the remainder of Goldfarb’s term. She will continue to chair the board of directors through December 31, 2013.