Almost 60 per cent of Financial Planning Association of Australia (FPA) members seeking Certified Financial Planner (CFP) certification in the past year have passed, which the Association says reflects “the increasing standards of members undergoing CFP certification”.
Of 213 members who sought certification, 125 passed. The overall pass rate of 59 per cent is slightly higher than the 51 per cent average over the past seven years.
Mark Rantall, chief executive of the FPA, says the “pass requirements for Certification have been set extremely high to ensure only the best quality professionals carry the CFP designation”.
The FPA plans to set its members apart from other financial planners in the future, as CFP professionals have worked hard to commit to a “global standard of excellence”, Rantall says.
“We will continue to raise the bar on educational standards within the profession and we applaud the CFP professionals who have met those standards.”
According to The Value of Financial Planning report, commissioned by the Financial Planning Standards Council (FPSC) in Canada, consumers are more optimistic about their personal wellbeing when they receive advice from a professional CFP.
The report found 83 per cent of Canadians believe they are in control of their finances with a comprehensive financial plan.
It also revealed 61 per cent of individuals who received comprehensive, integrated financial planning feel confident in their future retirement.
Cary List, president and chief executive of FPSC, says the report demonstrates the significance and benefits of using a trusted professional for financial advice.
“These results further underscore how comprehensive, integrated financial planning is salient for one’s financial and emotional wellbeing – not just in the good times but particularly through the tougher times,” List says.
The Value of Financial Planning report was based on a survey of more than 7300 people over five years.
The FPA 2010 National Conference starts on the Gold Coast today and runs until Friday afternoon.
