10 Must-Dos for CFPs Who Advise Clients on Crypto

The Certified Financial Planner Board of Standards on Monday issued crypto-related guidelines for CFPs.

The guide is in response to questions about the application of the CFP Board’s Code of Ethics and Standards of Conduct to financial advice about cryptocurrencies and other financial assets whose value is tied to cryptocurrencies.

“Developed with our Standards Resource Commission, this guide on cryptocurrency-related assets is a much-needed addition to our compliance resource library, which is designed to benefit and protect the public by educating CFP professionals on how to put their clients’ best interests first,” Kevin Keller, CFP Board’s CEO, said in a statement.

Keller said that CFPs “continually seek a better understanding of what they should consider when providing financial advice to a client.” As part of their certification, Keller added, “they make a commitment to CFP Board to act as a fiduciary when providing financial advice.”

CFP Board’s Code and Standards “applies to cryptocurrency-related assets in the same way that it applies to all Financial Assets. However, as regulators and consumer advocates have noted, cryptocurrency-related assets have particular attributes and present significant risks and uncertainties that warrant careful analysis,” CFP Board said. “This includes whether a particular cryptocurrency-related asset is now or in the future may be regulated as a security or a commodity or another type of asset.”

Read the gallery to see 10 must-dos for CFPs to ensure compliance with CFP Board standards.