If a proposal from Democrat Senator Herb Kohl finds its way into the financial reform bill, and if that bill is passed, the financial planning profession could soon be regulated.

Currently there are no restrictions or laws governing people who call themselves financial planners. This is in stark contrast to other financial professions. For example, an investment adviser has to be registered with the SEC, and an insurance agent needs a license to sell insurance policies. There are many laws that govern what these professionals can and cannot do when selling their products or when providing a particular service. [Read more…]