Consumer Advocacy
NAPFA has always advocated on behalf of consumers' interests. In fact, protecting consumers was the impetus behind the creation of the organization—the radical idea in the early 1980s that Fee-Only financial planning, without high and hidden commissions, would be better for consumers.
Over the years, NAPFA's influence has resulted in greater awareness and adoption of Fee-Only principles by leading financial advisors, other major financial industry trade associations, and government regulations. Since 2008, NAPFA has joined with two other organizations in the Financial Planning Coalition (FPC) to push for greater change for consumers, at a time when an economic downturn and investment scandals have affected the financial security of nearly all Americans. NAPFA, the Financial Planning Association, and the CFP Board of Standards formed the Financial Planning Coalition to work with Congress and federal agencies to strengthen the rules on financial advisors' fiduciary conduct, fee disclosures, and conflicts of interest.
Among the FPC's successes in this area have been greater disclosure of 12b-1 marketing fees by mutual funds and the SEC study in fall 2010 of a need for a consumer-first fiduciary requirement on investment brokers.
Read more about this topic: National Association Of Personal Financial Advisors
Famous quotes containing the word consumer:
“The so-called consumer society and the politics of corporate capitalism have created a second nature of man which ties him libidinally and aggressively to the commodity form. The need for possessing, consuming, handling and constantly renewing the gadgets, devices, instruments, engines, offered to and imposed upon the people, for using these wares even at the danger of one’s own destruction, has become a “biological” need.”
—Herbert Marcuse (1898–1979)