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FPA Hires Coaches, Cuts Ties with NY Chapter

April 4, 2018

The Financial Planning Association has brought on several financial experts to serve as coaches to its 23,000 members, according to a press release from the group. But the FPA has also cut ties with its New York chapter following allegations of unethical practices, according to InvestmentNews.

The FPA Coaches Corner is designed to provide FPA members with advice on practice management, including marketing and “messaging,” cybersecurity, compliance, team development and more, according to the press release from the organization. The coaches hired include eight experts in the fields of financial planning, compliance, team development, marketing, cybersecurity and business growth strategies, FPA says. The platform will include online learning tools, podcasts, and a blog, and FPA is looking for ways to integrate the coaches and various tools across all 86 chapters nationwide, according to the press release.

But the FPA is dissolving its New York chapter and transferring out about $80,000 in the chapter’s funds, according to a complaint filed with the New York Attorney General’s office reviewed by InvestmentNews.

The complaint, filed last month by Devika Kamboh, president of the Financial Planning Association of New York, alleges “nefarious” activities among the chapter’s board of directors and a “systematic breach of ethics” that the chapter used underhanded tactics to hide, according to the publication.

These included conflicts of interest, self-dealing, improper use of personal data for soliciting and retaliations against Kamboh after she spoke out about the issues, Kamboh says in the complaint, according to Investment news. David Brand, chief operating officer of the national FPA, tells the publication that the association would seek to “reconstitute” ties after a leadership transition.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.