WASHINGTON: The Certified Financial Planner Board of Standards said it may hire an agency to help the launch of its campaign to increase consumer trust in the financial planning industry.
The concept for the campaign is driven by research conducted by the board that found consumers are more likely to trust certified financial planners if they understand the certification process.
"We found that consumers don't always know where to go for financial advice," said Tom Crowder, MD of business development and marketing for the board, which is celebrating its 25th anniversary and provides certification for 61,000 financial planners in the US.
Dan Drummond, director of PR for the organization, said trust in financial services is low and the board needs to inform and educate the public about the ethical, fiduciary, and educational standards that certified financial financial planners undergo. "It's an evolution of the organization reaching out to the consumer," he explained.
The Senate passed financial reform less than a week ago, which Drummond says could cause many financial services companies and organizations to evaluate and adjust communications strategies.
Crowder said the board is reaching out to the certification community for feedback about the campaign, which he says will be "inherent throughout the organization and all that we do" and that there is "good potential" for the board to hire an outside PR agency to handle the campaign.
He noted that this would be the first time the board had launched a campaign aimed at consumers.
*CORRECTION: A previous version of this article reported that the organization's name is the Certified Financial Planner Board of Standard. It is the Certified Financial Planner Board of Standards. We regret the error.