CFP Board sanctions two planners for improper use of 'fee-only' label

The Certified Financial Planner Board of Standards Inc. has punished two more planners for inaccurately calling themselves fee-only advisers.

In a list of disciplinary actions released Friday, the CFP Board said it sent letters of admonition to Garrett Lee Headley, a partner at Legacy Wealth Management in Lexington, Ky., and to Kelly F. Guncheon, owner of Guncheon Financial in Minnetonka, Minn., for misrepresenting their method of payment as fee-only in their profiles on the board's website.

The public rebuke of Mr. Headley and Mr. Guncheon follows CFP Board action late last year against three advisers for mischaracterizing their pay. Those cases were the first on compensation description since June 2013. 

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