San Leandro, CA

Wednesday, June 17, 2009

If you know the industry, you are aware that a past president of NAPFA has been indicted for kickbacks on client accounts. Then we have a more publicized screwing of a New York Times journalist and his NAPFA advisor. And another NAPFA member in Ohio is indicted. Obviously those are just the ones that have been caught recently.

Of course the NAPFA home office reasserts its members' statement to the highest fiduciary standards, blah, blah, blah. NAPFA is a joke and always has been. As I have repeated, "it is a lot easier to talk about your ethics than to stand up for them". NAPFA has always been a fraudulent, unethical and even 'illegal' entity since it has never had legal members in most states and certainly the most populous- California. But they get all the press because of the rhetoric on ethics and fiduciary standards by the press which is generally very incompetent. Or stupid. Or they just don't care.

Actually not much different from the rhetoric from the CFP Board of Standards.

As stated, out of 8000 CFPs in California, all NAPFA members, all the thousands upon thousands of FPA members there is only one in the state who is fully licensed and legal to offer comprehensive fee planning. That is not a misprint- there is just one. And all the planning organizations including the CPA Society were told to comply with the law and all have refused. They can get away with is since the states do not have the money to follow through. But why is that at all necessary when you are dealing with the highest integrity to begin with??????????

The continuing 'lapse' of public servants and the obvious dearth of journalistic capability and  integrity is part and parcel of the reason we have taken such a financial bloodbath from 2000 forward. It will not cease as long as ethics is just a word by the various planning organizations that just like to lie and deceive under the banner of "fiduciary".

Caveat Emptor

Errold F. Moody, Jr.

PhD LLB MBA MSFP BSCE CFP

Life and Disability Insurance Analyst

San Leandro, CA

510-352-4127