STRAIGHT DOPE ON COLLEGE FOR FINANCIAL PLANNING

In hopes of clearing the muddy waters made by reader Louis F. Gorr (Letters, June 22), the College for Financial Planning would like to clarify its role and relationship in regard to the certified financial planner designation, as well as its current business status.

It is true that the College for Financial Planning, which Mr. Gorr confused with the University of Phoenix, has had a long association — 26 years — with the CFP designation and the financial planning industry. However, the Certified Financial Planner Board of Standards Inc. is the governing and regulatory agency over the CFP designation and is a separate entity from the college. The CFP Board sets the standards for CFP licensees.

The College for Financial Planning is undoubtedly an educational leader in the financial planning industry, yet we are certainly not the only educational provider for students who wish to sit for the CFP certification examination. In addition, the CFP license, which Mr. Gorr states “should be awarded on behalf of the public” by or through “a public agency — non-profit, government or government sanctioned” in fact is awarded in this way through the non-profit CFP Board, which also regulates the use of the marks.

The College for Financial Planning administers examinations only in relation to the completion of our CFP Professional Education Program. The CFP Board is responsible for administering the CFP examination that all individuals are required to pass in order to earn the right to use the CFP designation. The college’s tests and the CFP Board’s certification examination are separate exams controlled, formulated and graded by these two separate organizations.

To further clarify the misinformation in Mr. Gorr’s letter, the College for Financial Planning, not the University of Phoenix, offers the CFP Professional Education Program. The College for Financial Planning, which was a division of the National Endowment for Financial Education, was sold to Apollo Group Inc. in September 1997. The University of Phoenix, also a subsidiary of Apollo Group, operates independently from the college.

Finally, Mr. Gorr’s letter accuses the college as well as other professional financial planning organizations of attempting to capitalize upon and control the financial planning industry — ultimately hindering the opportunity for individuals to enter into a professional career. Any efforts to fail students and stagnate the growth of the financial planning industry are counterproductive to our organization as well as all others.

The College for Financial Planning is proud of the positive impact our more than 50,000 CFP program graduates have made on the financial planning industry. We look forward to expanding the ranks of professionals from our institution. The college’s purpose is to create successful students who can then become successful professionals — ultimately serving the public at large. This professional dissemination of information and knowledge is why the financial planning industry was created. The College for Financial Planning remains committed to this focus.

WENDY KRAJEWSKI

Public relations representative

College for Financial Planning

Denver