Enrolment for this year’s second intake into the Certified Financial Planner (CFP) Certification Program closes at the end of the week (July 13), amid claims that clients increasingly expect their planner to hold the CFP mark.
Australian financial planners who hold the qualification number about 5500 – out of 130,000 around the world who have achieved the professional standard.
“Amid some uncertainty surrounding financial planners with the FoFA reforms, the CFP designation has stood firm as the global standard representing the highest professional standards in financial planning today,” says Mark Rantall, chief executive of the FPA.
“Feedback we receive from FPA members is that an increasing number of clients expect their planners to hold the CFP mark.”
Asked by Professional Planner Online to respond to industry speculation that the FPA would consider offering the CFP credentials to non-FPA members, Rantall was adamant that this is not the case.
“This is not just an education program but an ongoing standard of professionalism and we have no plans to unbundle the one from the other,” he says.
The FPA cites recent research by market analyst Investment Trends, which shows that 67 per cent of financial planners believe the CFP designation has a positive influence on their reputation and 41 per cent believe it has a positive influence on their business growth prospects.
“We encourage financial planning practitioners to take up their certification journey as it demonstrates to clients that they embrace the highest standards and accountability of their profession,” Rantall adds.
The CFP Certification Program is comprised of the Four Es: Ethics, Education, Examination and Experience. The program can be completed over a four-year period.
To enrol in the CFP Certification Program, individuals must:
- Hold either an approved Bachelors or a Masters degree;
- Hold Authorised Representative or representative status with an Australian Financial Services Licensee (AFSL); and
- Be employed in a position that satisfies the definition of ‘approved practitioner experience’.
Sitting alongside the CFP designation are two further specialist designations – Life Risk Specialist (LRS) and Accredited Estate Planning Strategist (AEPS).
These three designations are complementary and there are currently only four FPA practitioners in Australia who hold the trio.
Sean McGowan is one such FPA practitioner.
“Financial planning is a continuous process of discovery and applying your knowledge and skills. New strategies occur all the time, and of course, you need to keep on top of legislation,” he says.
“That’s why ongoing education is so important in our profession. By doing these additional designations, you’re improving your own learning and understanding of the financial planning process.
“Then you can improve outcomes for your clients, which is a sure measure of professional success.”
More information on the CFP Certification Program can be made through the FPA website.
Leave a Comment
You must be logged in to post a comment.