"Institute two new titles, under a new Financial Agents Act: 1. Financial Product Sales Agent - this person receives a commission for selling products. 2. Financial Services Agent - this person cannot receive commissions. They can only charge fixed or hourly fees and are bound by a statutory code of ethics to act only in the objective best interests of the client. This is a degree qualified position (Finance Major) with a practical experience requirement. NO GRANDFATHERING OF EXISTING CFP/FPA MEMBERS."
For those who want to know, if you ask an Adviser "are you independant" and they say yes, then they are already # 2 as independant advisers cannot accept commissions (which will be outlawed in the next few years anyway). If an adviser is not independant then they rely on commissions/adviser service fees etc being paid from the product provider.
Epsilonminus, couldn't agree more with your degree qualified position especially the grandfathering provisions. Some people are CFP's because they have been in the profession for a certain amount of time. Now you have to have a degree before you can study to be a CFP.
