Core Purpose Coalition

Reaffirming NAPFA’s Founding Mission.
Strengthening Fee-Only Financial Planning.

A volunteer, member-led initiative working to ensure that the National Association of Personal Financial Advisors (NAPFA) is governed and managed in alignment with the four purposes defined in its Articles of Incorporation.

The Core Purpose Coalition (CPC) is an independent, volunteer initiative and is not an official NAPFA committee.

On this page
  1. What Is the CPC?
  2. NAPFA's Four Core Purposes
  3. Why the CPC Exists
  4. Governance Issues
  5. A Brief History of NAPFA
  6. Why Fee-Only Matters
  7. Videos
  8. Articles & Coverage
  9. Updates
  10. How You Can Participate
  11. Advisory Council (CPCAC)
  12. Media Inquiries

What Is the Core Purpose Coalition?

The Core Purpose Coalition (CPC) is a volunteer, member-led initiative formed to help ensure that the National Association of Personal Financial Advisors (NAPFA) is governed and managed in alignment with the four purposes defined in its Articles of Incorporation (January 16, 1984). As investor advocates and long-standing supporters of fee-only financial planning, CPC participants believe that honoring these four founding purposes is essential to NAPFA’s credibility, differentiation, and long-term success.

The Core Purpose Coalition is a collaborative, volunteer member group for individuals who want to:

  • Ask thoughtful governance and strategy questions
  • Offer constructive, mission-aligned solutions
  • Help guide NAPFA back to its founding principles
  • Strengthen NAPFA as an organization for future generations of planners and consumers

Participation is open to both current and former NAPFA members and investor advocates who share a commitment to comprehensive, fee-only, client-first financial planning advice.

NAPFA’s Four Core Purposes

NAPFA was established under its 1984 Articles of Incorporation to:

  1. Foster the practice of comprehensive, fee-only financial planning.
  2. Provide opportunities for financial planners to enhance their skills, knowledge, and methods.
  3. Promote public awareness of financial planning and the value of fee-only advice.
  4. Establish and enforce criteria for membership regarding the sales of financial products.

At their core, these purposes reflect two enduring commitments:

  • Advancing comprehensive, fee-only financial planning, and
  • Promoting public awareness of client-first financial advice.

These principles are not historical artifacts — they are the foundation of NAPFA’s unique role in the financial planning profession.

Why the Core Purpose Coalition Exists

In recent years, many NAPFA members and investor advocates have expressed concern that the organization’s strategic direction and governance practices may be drifting from these foundational purposes.

While NAPFA leadership continues to voice support for fee-only planning, the alignment between stated mission, strategic priorities, and operational decisions deserves thoughtful review and constructive engagement.

The Core Purpose Coalition exists to:

  • Encourage clarity and accountability around NAPFA’s governing purpose
  • Support constructive dialogue between members and leadership
  • Help reaffirm fee-only advice as NAPFA’s defining differentiator
  • Strengthen long-term organizational trust and credibility with the public

This effort is not adversarial. It is pro-mission, pro-member, and pro-consumer.

Governance Issues Mapped to the Articles of Incorporation

  1. Mission FidelityArticles language: “The purposes for which the Corporation is formed are…”

    NAPFA exists only to pursue the purposes enumerated in Article II. All strategies, programs, and partnerships must be demonstrably tied to one or more of those purposes.

  2. Fee-Only DifferentiationArticles language (Purpose #1): “To foster the practice of comprehensive, fee-only financial planning.”

    Fee-only financial planning is not a preference or value statement — it is the primary corporate purpose and must remain central to NAPFA’s identity, strategy, and public positioning.

  3. Strategic Plan AlignmentArticles language: “The purposes for which the Corporation is formed are…”

    The strategic plan is a subordinate document. It must implement the Articles — not reinterpret, expand, or replace them.

  4. Board Duty of ObedienceArticles of Incorporation as the governing instrument

    The board has a fiduciary duty of obedience to ensure that NAPFA operates strictly within the purposes defined in its Articles of Incorporation.

  5. Purpose-Driven Decision MakingArticles language: “The purposes for which the Corporation is formed are…”

    Major decisions should explicitly identify which Article II purpose(s) they advance and how.

  6. Membership Standards IntegrityArticles language (Purpose #4): “To establish and enforce criteria for its membership with regard to the sales of financial products.”

    Membership rules regarding product sales are a core governing purpose, not an optional policy lever.

  7. Enforcement of StandardsArticles language (Purpose #4): “To establish and enforce criteria…”

    The obligation is two-part: establish clear criteria, and enforce them consistently. Failure to enforce undermines the Articles themselves.

  8. Public Awareness ObligationArticles language (Purpose #3): “To promote public awareness of financial planning and the alternative of fee-only financial planning assistance.”

    NAPFA has an affirmative duty to market and educate the public about fee-only financial planning — not merely to support members internally.

  9. Message ConsistencyArticles language (Purposes #1 and #3): “Comprehensive, fee-only financial planning” and “Public awareness… of the alternative of fee-only financial planning assistance.”

    External messaging must consistently reinforce fee-only planning as the defining alternative — not dilute it with broader or ambiguous framing.

  10. Professional Development in Service of Fee-Only PlanningArticles language (Purpose #2): “To provide opportunities for financial planners to increase their skills, knowledge, techniques, methods and tools of practicing financial planning.”

    Education and professional development must support the practice of fee-only financial planning, not unrelated or conflicting business models.

  11. Limits on Mission ExpansionArticles language: enumerated purposes only

    Activities that fall outside the four stated purposes require formal amendment of the Articles, not reinterpretation.

  12. Long-Term StewardshipFoundational governing document dated January 16, 1984

    The board’s role is stewardship across generations, preserving the organization’s original purpose and public trust — not redefining it through incremental drift.

Why this matters: Articles of Incorporation are not symbolic. They are the legal and ethical north star of the organization. The Core Purpose Coalition’s governance concerns are grounded in a single question:

Are NAPFA’s current governance, strategy, and messaging fully aligned with what the Articles of Incorporation require?

That question is not adversarial — it is fiduciary.

A Brief History of NAPFA

NAPFA was incorporated on January 16, 1984, by financial planners who believed consumers deserved advice free from the conflicts of product commissions. The video below celebrates the first thirty years of that story.

The Early History of NAPFA (1983 to 2013).Celebrating the first 30 years in the history of the National Association of Personal Financial Advisors (NAPFA).

Why Fee-Only Advisor Compensation Is Important

One of the earliest advocates for this approach was Gary Pittsford, the first president of NAPFA (1983–1984). Reflecting on the development of the profession, Pittsford emphasizes that investor expectations have remained remarkably consistent over time:

“Financial planning has come a long way since 1969, but the core issue hasn’t changed: clients want objective advice. In my experience speaking to business owners across the country, they consistently prefer advisors who are compensated directly by their clients — not by product commissions. Fee-only compensation removes the conflict and strengthens the fiduciary relationship. That’s essential for the future of this profession.”

— Gary Pittsford, first president of NAPFA

John Sestina, one of the co-founders of NAPFA and its second president (1984–1985), views the fee-only model as a straightforward way to resolve the conflict of interest with financial advisor compensation:

“In the early years, we were simply trying to do the right thing. Fee-only compensation is a logical concept for anyone who stops to think about it. Would you rather have your financial advisor focused on their personal compensation, or on your well-being as an investor? Fee-only financial planning is straightforward. It removes the product incentive and keeps the focus where it belongs — on the client.”

— John Sestina, second president of NAPFA

Mike Leonetti, NAPFA’s third president (1985–1986), believes that the fee-only compensation model represents more than just a compensation structure — it is a defining statement about the profession itself:

“For clients, fee-only compensation provides confidence that their advisor isn’t operating with a hidden sales agenda. For advisors, it’s a defining professional statement — we are here to advise, not to sell. That distinction creates trust at the outset, and it obligates us to continually earn that trust through objective, client-first advice.”

— Mike Leonetti, third president of NAPFA

Videos About the Mission Drift at NAPFA

Has the NAPFA Board of Directors Lost Their Way?David Bromelkamp from AdvisorSmart is interviewed on January 7, 2026 by Sara Grillo from Sara Grillo Investment Management on the perceived mission drift in the corporate governance at the National Association of Personal Financial Advisors (NAPFA). Both David and Sara are passionate advocates for the benefits to the consumer of fee-only financial planning and would like to see the NAPFA board of directors pay attention to the four purposes of NAPFA as defined in the 1984 NAPFA articles of incorporation. (43 minutes)

Articles By and About NAPFA and the CPC

Updates

A running record of Core Purpose Coalition milestones and activities. Check back for news about upcoming meetings and new developments.

  • November–December 2025

    FA Magazine publishes a series of articles examining NAPFA's direction. The Core Purpose Coalition forms and begins holding monthly meetings.

  • December 10, 2025

    A NAPFA member submits a formal request to the NAPFA board of directors for vendor payment records.

  • January 7, 2026

    Sara Grillo interviews David Bromelkamp on the mission drift in NAPFA's corporate governance (see Videos).

  • April 14, 2026

    Legal counsel submits a formal records request to NAPFA on behalf of NAPFA members under the Indiana Nonprofit Corporation Act.

  • April 23, 2026

    David Bromelkamp and Steven Fox are named CPC co-chairs.

  • May 2026

    NAPFA responds to the April 14 records request. CPC members also gather in person at the NAPFA Spring 2026 National Conference in Minneapolis.

  • June 22–23, 2026

    Financial Planning and The Wealth Advisor publish coverage of NAPFA's new fiduciary standard (see Articles & Coverage).

  • July 8, 2026

    Counsel sends a follow-up letter to NAPFA regarding the April 14 records request.

  • September 2026

    corepurposecoalition.org launches as the standalone home of the Core Purpose Coalition.

How You Can Participate

The Core Purpose Coalition welcomes ideas, perspectives, and engagement. Examples include:

  • Submitting governance or strategy questions for discussion
  • Encouraging the NAPFA board of directors to stay true to the articles of incorporation
  • Helping articulate how fee-only planning benefits consumers
  • Supporting transparency and accountability initiatives
  • Encouraging clear public messaging around NAPFA’s fee-only compensation differentiator
  • Participating in CPC meetings and working groups

Monthly CPC Zoom Meetings

All current and former NAPFA members are welcome. To receive a Zoom invitation, email [email protected]. Invitations and reminder emails will be sent a few days before each meeting.

CPC In-Person Gatherings

The CPC gathers at NAPFA national and regional conferences. If you plan to attend a NAPFA conference and would like to participate in a CPC meeting, please email [email protected]. Meeting details will be shared prior to each conference.

This is a forum for constructive leadership, not criticism for its own sake.

CPC Committees

The coalition organizes its work through four committees, each aligned with one of NAPFA’s four founding purposes — role modeling good governance through clear purpose, written goals, volunteer leadership, and regular reporting. Volunteers are welcome on every committee.

1. Comprehensive Fee-Only Planning

Foster comprehensive, fee-only financial planning.

  • Define comprehensive planning standards
  • Clarify fee-only compensation principles
  • Document history, research, and best practices

2. Professional Education & Development

Increase planner skills, knowledge, methods, and tools.

  • Recommend education, curriculum, and case studies
  • Support mentoring and leadership development
  • Identify professional tools and technology

3. Public Awareness & Consumer Education

Promote financial planning and the fee-only alternative.

  • Create consumer education materials
  • Develop media, digital, and public outreach
  • Explain advice vs. product sales

4. Membership Standards, Governance & Accountability

Establish and enforce criteria concerning product sales.

  • Define standards for commissions, referrals, and revenue sharing
  • Recommend monitoring and enforcement processes
  • Oversee governance, transparency, and accountability

Join the conversation.

How can the Core Purpose Coalition best support NAPFA’s mission? What steps can members take to help reaffirm NAPFA’s commitment to fee-only financial advice?

To get involved, volunteer, and/or share your name publicly as a supporter of CPC initiatives, send an email with your name, job title, and organization to [email protected].

CPC Advisory Council (CPCAC)

Fee-only financial planning leaders who support the Core Purpose Coalition.

We created our Core Purpose Coalition Advisory Council with a group of volunteer leaders who want to collaborate to advance our CPC initiatives and activities. The Core Purpose Coalition Advisory Council is a volunteer group of experienced, mission-driven professionals who support and promote the work of the Core Purpose Coalition. Advisory Council members serve as stewards of NAPFA’s founding purpose, helping to keep the NAPFA board of directors focused and aligned with the principles set forth in the 1984 NAPFA Articles of Incorporation. Our advisory council leaders bring diverse perspectives as practitioners, investor advocates, and long-standing supporters of comprehensive fee-only financial planning.

The Advisory Council’s role is not operational or political. Instead, members:

  • Help articulate and reinforce the CPC’s mission-aligned message
  • Encourage thoughtful, respectful engagement with NAPFA leadership
  • Support CPC programming, discussions, and member outreach
  • Provide historical, professional, and governance perspective
  • Promote transparency, accountability, and fiduciary-minded governance

Advisory Council members act as ambassadors for constructive reform, modeling the professionalism and integrity that have long distinguished comprehensive, fee-only financial planning. Participation in the Advisory Council is voluntary and unpaid. Service reflects a shared belief that strong governance, clear purpose, and public trustare essential to NAPFA’s long-term success — and that members have both the right and the responsibility to help uphold those standards.

Coalition Co-Chairs

Advisory Council Members

The Core Purpose Coalition Advisory Council exists to support the NAPFA mission — not to control outcomes — and to help ensure that the Core Purpose Coalition remains a positive, principled force for alignment, clarity, and credibility within NAPFA and within the financial planning profession.

Media Inquiries

Members of the media with questions about the Core Purpose Coalition, its activities, or its perspective on NAPFA governance should contact [email protected].