• News Ticker alerts

In August 2011, the Certified Financial Planner Board of Standards permanently revoked the Certified Financial Planner (CFP) certification of Martin Batstone of Wealth Advisors, Inc., but he continued to carry the CFP designation on the firm's website and through his LinkedIn resume until today (Feb. 13) when I checked with the firm.

President Paul Drolson said that he has ordered the designation removed from the firm's website, "and I called Martin and said that until this is resolved he cannot use the designation." Batstone had said the matter was under appeal. However, according to the board, Batstone's appeal was earlier denied.

I was not able to reach the firm's compliance officer. Batstone lost the designation because, according to the board, he had solicited several customers to purchase equity-indexed annuities without disclosing that his firm did not have selling agreements with the issuing companies, his firm did not approve of the sale of the annuities, and another advisor acted as the agent of record. Batstone had been disciplined by the Financial Industry Regulatory Authority for the same offenses.

  • News Ticker alerts

Comments

Burwell Feb. 14, 2012 @ 10:30 p.m.

As of today Batstone is still using the CFP mark on his LinkedIn resume and still claims to be a CFP. He is also listed as a CFP on dozens of websites. He should remove any reference to CFP on his resume without delay, and remove the CFP mark on every website where his name is listed. If he continues to misrepresent himself as a CFP, the Board could sue him and he could face additional sanctions from FINRA.

0

Don Bauder Feb. 15, 2012 @ 2:29 p.m.

Burwell, I agree. The president of the firm said the CFP designation would be removed on the firm's website. I couldn't pick up the website Monday and assumed it was down for the purpose of erasing Batstone's CFP designation. But Batstone should remove it on his LinkedIn resume and the websites. He should be reported to the CFP board of standards and to FINRA. Best, Don Bauder

0

Sign in to comment

Join our
newsletter list

Enter to win $25 at Broken Yolk Cafe

Each newsletter subscription
means another chance to win!

Close