CFP Board Code of Ethics, SEC Reg BI & Retirement Rollover Conflict Audits
Follows a dual-registered RIA / Broker-Dealer wealth practice during an unannounced SEC & CFP Board inquiry into $48M of 401(k)-to-advisory IRA rollovers, undisclosed 12b-1 custodial revenue sharing, and a senior client diminished-capacity power-of-attorney dispute.
CFP Board Fiduciary Duty at All Times vs. SEC Reg BI Care & Disclosure Obligations
On October 17, 2024, an unannounced joint examination by the SEC Division of Examinations and the CFP Board entered its document-review phase at dual-registered advisory firm Veridian Wealth Management. Managing Partner, David Miller, paced, muttering about 'boilerplate disclosures.' The initial document request, a thick binder of client files and firm disclosures, lay open. The regulators were specifically scrutinizing the firm's Form CRS and Form ADV Part 2A against actual client fee schedules and internal revenue logs. This wasn't just about fines; Veridian's reputation, and potentially David's CFP® certification, hung in the balance. The first task: a deep dive into the firm's disclosure practices, starting with the fundamental differences between CFP Board's 'fiduciary duty at all times' and SEC Reg BI's 'best interest' standard.