Orion's The Weighing Machine Skip Schweiss of the Financial Planning Association - The Merits of CFP Credentials and Fiduciary Standards
In today’s episode, Rusty and Robyn talk to Skip Schweiss, President of the Financial Planning Association (FPA).
Skip has long been passionate about educating financial planners on how they can increase the value they provide to consumers. Before FPA, Skip oversaw TD Ameritrade’s retirement plan services business and public policy advocacy efforts among others. When not in his office, he's hiking somewhere in Colorado.
Skip talks with Rusty and Robyn about the merits of a CFP credential, the importance of personal finance education, and the impact of recent legislative developments and emerging secular trends on the financial planning industry.
"My philosophy is maximum consumer protections, consistent with a reasonable regulatory level of regulatory burden on the providers. If you burden the providers so heavily that they can't even provide the services, you haven't done consumers any good. So, you've got to balance those out." ~ Skip Schweiss
Main Takeaways
- Being CFP-certified is one way to increase your credibility and easily gain trust from clients. The profession of financial planning is embedded in the CFP designation.
- Promoting consumer protection and minimizing regulatory burdens for financial advisors can go hand in hand. It’s good to have balance in the industry.
- There’s a secular trend in the finance industry where advisors are going from being commission-based to fee-based. Conflict of interests can still arise in both approaches so it’s important to remember that financial planning should not be focused on the money, but on how you can help clients.
- Urge young people to dive into programs that involve financial planning. The industry can be lucrative since there are a variety of career paths to follow.
Links
- Skip Schweiss on LinkedIn
- Something for Nothing by Rush
- Financial Planning Association (FPA)
- Certified Financial Planner (CFP) Credential
- Accredited Investment Fiduciary (AIF) Credential
- Fiduciary of the Year
- TD Ameritrade
- Natixis Investor Survey – individual investors expecting 17.5% returns after inflation
- Chip and Skip’s Excellent Adventure
- Four Pass Loop Colorado
- Klement on Investing
- Financial Literacy and Planning: How financial planning adds 2-3x more wealth by retirement by Lusardi and Mitchell
- Triumph of the Optimists by Dimson, Marsh, and Staunton
- Credit Suisse Global Investment Returns Yearbook 2021
- Michael Kitces
- Bob Veres
- FINRA
- Bernie Madoff
- Mary Schapiro
- Dodd-Frank Act
- SECURE Act of 2019
- Tax Cuts and Jobs Act of 2017
- SEC Regulation Best Interest
- DOL Conflict of Interest Rule
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2002-OAS-7/13/2021