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This chapter reviews US federal and state regulation of financial planners, and it also addresses concerns related to consumer confusion over the standards of care that planners provide and the titles, designations, and certifications that they use. We discuss the advantages and disadvantages of some alternative regulatory approaches, and conclude that an additional layer of regulation specific to financial planners may not be warranted at this time.
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All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2012 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.
This research was undertaken as part of a 2011 study conducted by the US Government Accountability Office. The authors acknowledge Sonja J. Bensen, Jessica Bull, Sarah Kaczmarek, and Ronald Ito, who were the key members of the team that conducted and reported on this study.
Date Posted: 28 June 2019