Vol 10, No 3 - Financial Planning Association of Malaysia

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CFP CERTIFICATION GLOBAL UPDATES July - September 2010 New Learning and Assessment Tools to Enhance Professionalism in Financial Planning Denver: Financial Planning Standards Board Ltd (FPSB), the preeminent international standards-setting body for financial planning and owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the U.S., convened a panel of international financial planning experts recently to develop tools and content to guide entrants to the financial planning profession on how to develop viable financial plans. The samples and guidance documents developed by the panel will also support certifying bodies’ efforts to assess candidates’ ability to competently practice financial planning. Chaired by Wessel Oosthuizen, CFP, director of financial planning law at the University of the Free State in South Africa, the six-member group finalised a global financial planning case study based on FPSB’s Financial Planner Competency Profile, and will spend the next several months drafting model financial plans that demonstrate mastery of fundamental financial planning practices and financial planner professional skills. The case study and financial plans will serve as learning tools in practice-based teaching environments and also as templates for territory-specific assessments of financial planner competency. “There are many people who call themselves financial planners, but they don’t actually develop financial plans,” said Lawrence Lynch, coordinator of financial Brazil, India, Indonesia and China Lead Global Growth of CFP Professionals Denver: The Financial Planning Standards Board Ltd (FPSB) recently announced that its member organisations in Brazil, India, Indonesia and China achieved an average of 19.25 percent growth in the number of CFP professionals in the first three months of 2010. For the quarter ended March 31, 2010, Instituto Brasileiro de Certificação de Profissionais Financeiros (IBCPF), an FPSB Member since 2002, reported Oosthuizen chaired the six-member group that finalised a global financial planning case study based on FPSB’s Financial Planner Competency Profile. planning services and professor of financial services at Fanshawe College in London, Ontario, who participated in the panel. “By providing the structure and framework for how to create a financial plan, we’re giving financial planners a tool that will not only increase their professionalism, but also benefit their clients.” As the global standards-setting body for financial planning, FPSB works with its 23 member organisations around the world so that consumers receive a gain of 50 new CFP professionals, up 13 percent over the previous quarter. FPSB India, an FPSB Member since 2001, increased its number of CFP professionals by 142, or 16 percent for the same period. FPSB Indonesia, which joined FPSB in 2006, added 104 CFP professionals in the first quarter, up 29 percent from the previous quarter, and FPSB China, a member since 2006, added 1,193 CFP professionals for an increase of 19 percent. “As individuals struggle to cope with consistent, high-quality financial planning advice. FPSB’s vision is to gain recognition for financial planning as a distinct professional practice, similar to law, medicine or accounting. “Consumers around the world have common needs,” said John Green, a panel member who also serves as professional services manager for the Financial Planning Association of Australia. “People have concerns about education for their children, as well as for their own retirement and financial security. By developing guidance for how to write a viable financial plan, FPSB is building the profession’s body of knowledge to help financial planners satisfy the needs of clients everywhere.” In addition, to Oosthuizen, Lynch and Green, panel members at the meeting included Lucy Courtenay, education director the Institute of Financial Planning in Britain; Paul Grimes, CFP, chief executive officer of FPSB Ireland and a consultant and lecturer at University College Dublin, Ireland; Ralph Jakob, PhD, CFP, CEP, CFEP, academic director of the Private Finance Institute, European Business School, International University Schloss Reichartshausen in Germany; Mark Kordes, chairperson of CFP Board’s Council on Education in the U.S.; and Kyra Morris, CFP, president of Morris Financial Concepts and founder of a U.S. residency programme for financial planners. uncertainty in the global financial markets, we’re finding increased interest in financial planning as a career choice. Those who choose CFP certification meet rigorous initial and on-going certification requirements, and are committed to placing their clients’ interests first,” said Corinna Dieters, 2010 chairperson of FPSB’s Board of Directors. “In territories like Brazil, India, Indonesia and China, where financial planning is still an emerging profession, career seekers are embracing FPSB’s high standards of ethics and professionalism, and are recognising 40 The 4E Journal
Starting Them Early Denver: The Financial Planning Association® (FPA®), the Academy of Financial Services, Ameriprise Financial and the Certified Financial Planner Board of Standards, Inc. (CFP Board) recently announced the 2010 Financial Planning Challenge, a competition designed exclusively for college and university finance undergraduate degree programmes registered with the CFP Board, or related fields of study. The groups developed the Financial Planning Challenge to support the next generation of financial planners by: engaging students and programme directors in the financial planning community; raising awareness of career opportunities; and encouraging learning and networking in the financial planning profession. The Challenge’s inaugural year will feature 19 teams from 13 schools across the U.S. who will compete to advance through three phases: 1. Financial Planning Case Study 2. The “How Do You Know Challenge,” a trivia-style financial planning knowledge contest 3. Financial Planning Case Study Presentation In the first phase of the competition all student teams have been given profiles for two hypothetical clients. They will prepare a client welcome letter and a one-page summary outline of an Investment Policy Statement that identifies the hypothetical clients’ objectives, risk tolerance, appropriate asset allocation ranges and benchmarks for performance evaluation. Student teams must also submit a written explanation about how the investment strategy fits into the hypothetical clients’ overall financial plan. After the first phase is judged and awarded, the top eight teams will advance to the second phase of the competition. Sponsored by the participating organisations, teams will receive monetary support to attend FPA Denver 2010 and the AFS Annual Meeting to participate in The Financial Planning Challenge’s inaugural year will feature 19 teams from 13 schools across the U.S. who will compete to advance through three phases. the “How Do You Know Challenge.” During this question and answer trivia format, teams will showcase their knowledge as the host fires questions based on relevant (continues to page 43) CFP certification as the global symbol of excellence in financial planning.” The 2009 gains in these territories also were impressive. Last year, the numbers of CFP professionals in India and the People’s Republic of China grew by nearly 80 percent over the previous year, while Indonesia recorded an increase of 41 percent and the number of CFP professionals in Brazil rose 28 percent. “The Chinese economy’s unprecedented growth over the past 30 years has created a great demand for financial planning services,” said Feng Liu, PhD, chairperson of FPSB China. “FPSB China introduced the CFP certification programme at the right time to meet the increased demand for financial planners. We attribute the success of the CFP certification programme in China to the combination of strong global standards and effective local practices.” Brazil is also experiencing a period of accelerated economic growth. Ulf Mannhardt, CFP, president of IBCPF said, “As incomes increase and more consumers recognise the importance and benefits of financial planning, the need is growing for financial planners seeking to distinguish themselves as competent and ethical financial planners through the world-class CFP certification programme.” Overall, the number of CFP professionals grew in 2009 by 6.4 percent to more than 126,000 in the 23 territories where FPSB has member organisations. The 4E Journal 41
Page 1 and 2: 4E JOURNAL Education • Examinatio
Page 3: EDITORIAL Editorial Board Dear Memb
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Page 8 and 9: ISLAMIC FINANCE July - September 20
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Page 12 and 13: INDUSTRY July - September 2010 Bull
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Page 16 and 17: Traditional Family Practice of Fili
Page 18 and 19: Normal Living & Life Physical Care
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Page 35 and 36: 2:00PM Session 5 Clinical Hypnosis
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Vol 10, No 3 - Financial Planning Association of Malaysia

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