Answer:
The false statement is D, that a CFP® certificant must have an advanced degree to meet the competency requirements. In reality, a CFP® certificant is deemed qualified to practice financial planning without an advanced degree but must pursue ongoing professional development.
Step-by-step explanation:
The false statement in the options provided is D. A CFP® certificant must have an advanced degree in the area of services being provided to meet the competency requirements. While the Certified Financial Planner (CFP) certification process requires a comprehensive understanding of financial planning, it does not mandate an advanced degree for certification. Once a CFP® designation is earned, the certificant is considered qualified to practice financial planning and must adhere to the ongoing professional development and ethical requirements set forth by the CFP Board.
A is correct because it is the responsibility of a CFP® certificant to recognize the limits of their knowledge and refer clients to other professionals when appropriate. B is also correct as it emphasizes the importance of continuing education to maintain the CFP® designation. C is a true statement, as obtaining the CFP® certificant implies one is qualified to practice financial planning.
To maintain their certification and competency, CFP® certificants are encouraged to explore professional development options and learn about the certification process for their field continuously. This is essential to provide the most accurate and updated financial planning advice to their clients.