Membership Requirements
Membership
An individual is eligible to become a member if he/she agrees to be bound by the ACP Canon of Ethics, Pledge to Clients, and Intellectual Property Policy, and meets all of the educational and training requirements detailed below. Because ACP as an organization is committed to the practice of holistic fee-only financial planning, all ACP members must offer consultation in all areas of comprehensive financial planning to their clients. This requirement does not imply that every client receive comprehensive financial planning services, but only that such services are made available by the member to his or her clients.
Member
A. Eligibility Requirements
a. Abide by the ACP Canon of Ethics
b. Adhere to the ACP Pledge to Clients
c. Comply with all provisions of the ACP Intellectual Property Policy
d. Offer or supervise others who offer holistic financial planning services
e. Complete the ACP Success Program1
f. Maintain membership in NAPFA with NAPFA-Registered Financial Advisor status2
An exemption to this requirement may be requested by:
1. Founding members (those who transitioned their membership from Cambridge Advisors, LLC in 2002) who have not secured NAPFA-Registered Financial Advisor or provisional member status in NAPFA by September 15, 2007
2. Holders of the PFS credential who are not eligible for NAPFA-Registered Financial Advisor status
3. Any member who does not wish to belong to NAPFA and agrees to comply with the requirements provided in this section f(i) below
i. Provided in each case that they attest annually to (a) fee-only status, (b) no adverse action, (c) continuing education equivalent to NAPFA requirements and that they pay an annual administrative review fee. Continuing education that satisfies the requirement imposed on PFS holders by the AICPA will be deemed equivalent to NAPFA requirements for this purpose.
g. Maintain CFP or CPA/PFS designation or educational equivalent as determined
by ACP3
h. Maintain registration as RIA or RIA Agent with SEC or appropriate state
regulatory agencies4
i. Disclose to clients and on Form ADV all referral fees paid to third parties
j. Actively participate in furthering the goals of the corporation
k. Make timely payment of all ACP dues and/or other fees
l. Participate in the periodic ACP Benchmarking Survey
m. Attend ACP Conference5
PROVISIONAL MEMBER STATUS
1Within one year, complete the ACP Success Program
2As soon as eligible, secure NAPFA-Registered Financial Advisor status, unless exempted under the provisions of Section 1(f)(i), above and further provided that the provisional member make the annual attestation and pay the administrative review fee provided in Section 1(f)(i) above
3Within the maximum time period permitted by the issuing organization (the CFP Board or the AICPA, respectively), including any extensions granted to the member by such organization)
4Within one year register as RIA or RIA Agent with SEC or appropriate state regulatory agencies
5Within two years of membership