The longtime head of the National Association of Personal Financial Advisors (NAPFA) will step down in August of next year, the organization announced Monday.
Ellen Turf, NAPFA's chief executive, is leaving as part of a "life plan" established with her husband, she wrote in an October letter to NAPFA, the group said Monday.
NAPFA, based in Arlington Heights, Illinois, was established in 1983. Turf, 60, has been involved with the group for 20 years. She joined the organization in 1992 and was named to NAPFA's top position in 1999. Turf is also the group's executive director.
NAPFA, which provides support and education to more than 2,400 financial planners in the United States, has in recent years advocated that a fiduciary standard apply to securities brokers who give personalized investment advice.
Financial advisers who are "fiduciaries" must typically recommend securities that are in their clients' best interests. Brokers, however, need only recommend "suitable"
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