This webpage provides background to the proposed Statement on Standards in Personal Financial Planning Services.
Substantive guidance and minimum guidelines
for professional behavior were issued between 1992-1996 by the PFP Executive Committee as five separate statements, Statements on Responsibilities in Personal Financial Planning Practice (SORs). These statements were vetted by the membership through the exposure process prior to being issued. The primary objective of the SORs was, and is, to provide process-based guidance when planning, developing, presenting, implementing, monitoring, and updating a financial plan to protect both the public and the CPA planner. In December, 2010, a revised Statement on Responsibilities in PFP Practice (SOR) was issued, merging the five statements into one, adding illustrations as well as ensuring that they continued to be contemporary and relevant in a dynamically changing environment
On October 22, 2012, AICPA's governing council granted the PFP Executive Committee standard-setting authority, paving the way for the creation of enforceable PFP professional standards. These new professional standards will provide AICPA members who offer financial planning services with practice and competency guidelines.
The exposure draft of the proposed Statement on Standards in Personal Financial Planning Services was available for public comment. Comments on the exposure draft were due September 9, 2013. If you have questions, please contact Sarah Bradley at firstname.lastname@example.org.
The PFP Executive Committee is holding a meeting on December 11, 2013 to discuss the proposed Statement on Standards in Personal Financial Planning Services and the related comment letters. Email email@example.com for information about this public meeting and how to participate as an observer.
Responsibilities in Personal Financial Planning Services Subcommittee
Clark Blackman II, Past Chair - PFP Executive Committee and Past Chair - Subcommittee
Dirk Edwards, Past Chair - PFP Executive Committee and Chair - Subcommittee
Richard Fohn, Past Chair - PFP Executive Committee
Charles Kowal, Past Member – PFP Executive Committee
Personal Financial Planning Services Standards Review Task Force
Dirk Edwards, Chair
Nancy Hyde, Tax Practice Responsibilities Committee
Anthony King, PCPS Executive Committee
David McIntee, PCPS Executive Committee
William Pirolli, Past Chair - PCPS Executive Committee
Thomas Purcell, Tax Practice Responsibilities Committee
Norma Schrock, Vice Chair - Tax Practice Responsibilities Committee
Anthony Pugliese, Senior Vice President & Chief Operating Officer
Michael Buddendeck, General Counsel
Edward Karl, Vice President, Taxation
James Metzler, Vice President, Small Firm Interests; Public Practice and Global Alliances
Jeannette Koger, Director, Member Specialization & Credentialing
Andrea Millar, Senior Technical Manager, Personal Financial Planning Division
Sarah Bradley, Manager, Personal Financial Planning Division
Thank you to all of our volunteers and staff
who have contributed over the last two decades!