An online directory that helps consumers find financial planners fails to disclose potentially damaging information about the planners listed, including customer complaints and criminal charges, The Wall Street Journal reported Tuesday.

LetsMakeAPlan.org is run by Certified Financial Planner Board of Standards and purports to help consumers "get a financial planner partner committed to working in your best interest." More than 72,000 planners are listed on the site. However, a Journal investigation found that more than 6,300 planners were listed on the site without including negative information that could potentially drive customers away.

"Among the planners the Journal's analysis flagged, more than 5,000 have faced formal complaints from their clients over investment recommendations or sales practices, and hundreds have been disciplined by financial regulators or left brokerage firms amid allegations of misconduct," the newspaper reported. "At least 140 faced or currently face felony charges, including one who pleaded no contest to a charge of possessing child pornography." https://on.wsj.com/2SVJqlZ

CFP Board responded to the story in a statement saying it is "addressing the issues raised in the article and will continue to look for ways to improve." The organization said it will no longer rely on self-disclosure by planners on disciplinary matters and that it already vets candidates for certification.

"In the past, CFP Board has relied heavily on self-disclosure, complaints from either clients or other CFP professionals, and news scans," the group said. "Every two years, CFP professionals are required to make disclosures when renewing their certification. Effective immediately, we are reviewing BrokerCheck and IADP for existing CFP professionals. We continue to monitor and follow up on regulatory actions by the federal government and self-regulatory agencies if CFP professionals are named." https://bit.ly/2MzYx3B