Organization Pulls Planner’S Certification Privilege Financial Planner Group Says Davis Did Not Respond To Complaint Notice

The organization charged with maintaining standards for financial planners has revoked the right of Richard N. Davis to use its professional certification.

The investigation that led to the permanent revocation originated with a Spokane complaint, but it was unclear Wednesday whether Davis still remains in the area.

Noel Maye, of the national Certified Financial Planner Board of Standards, said Davis also provided planning services in Tampa, Fla.

Information filed with the National Association of Securities Dealers indicates Davis works in Florida.

The Spokane complaint accused Davis of misrepresentation, breach of fiduciary duty, lack of due diligence and recommending investments that did not conform to the client’s objectives.

But Maye said the board never got to the substance of the allegations because Davis never responded to a letter advising him of the complaint.

There was no claim that Davis misappropriated funds, Maye said.

NASD records list one notice of termination based on a complaint about Davis in Michigan 10 years ago.

Records show he worked for three Spokane brokerages in the 1990s.

Deb Bortner, director of the Securities Division of the Washington Department of Financial Institutions, said the state contacted Davis in 1998 about possible sale of unregistered securities. No action was taken, but he was advised to desist, she said.

The CFP board was created in 1985 to set professional standards for financial planners. Individuals the board certifies can use the marks “Certified Financial Planner,” “CFP,” and CFP with a flame logo.

Davis was certified in 1985, Maye said, but has let his license lapse occasionally over the past 15 years. The board listed his age as 69.

This sidebar appeared with the story: ON THE WEB Planner check

Investors can check the background of the planners they are working with by calling 1-800-237-6275 or by visiting the national Certified Financial Planner Board of Standards’ Web site at www.cfpBoard.org.