The Certified Financial Planner Board of Standards periodically modifies the standards that it sets for the individuals that it certifies. In May 2007, the Board announced the adoption of new Standards of Professional Conduct. The standards took effect July 1, 2008 and began to be enforced as of January 1, 2009.
Among several changes made is a new requirement that CFP® certificants giving financial advice must always provide certain disclosures to clients and prospective clients. Certificants will be required to disclose:
a description of the services being provided,
any conflicts of interest the CFP® certificant may have, and