Upload
alfredh
View
444
Download
0
Tags:
Embed Size (px)
Citation preview
1
Presented by:
Noel Maye, CEOFinancial Planning Standards Board Ltd.
CIFPs National Conference, 12 June 2007
Financial Planning and the
CFP® Marks: A World View
© 2007, Financial Planning Standards Board Ltd.
© 2007, Financial Planning Standards Board Ltd.
4210,000
20,00030,000
60,000
105,000
Global CFP Professional Count
1973 20062001199619911985
© 2007, Financial Planning Standards Board Ltd.
CFP® Professional Growth (1996-2006)Global CFP Certificant Growth
0
10000
20000
30000
40000
50000
60000
Year
# o
f C
ert
ific
an
ts
International
USA
© 2007, Financial Planning Standards Board Ltd.
FPSB Mission
To benefit and protect the global community by establishing, upholding and promoting worldwide professional standards in financial planning. Our commitment to excellence is represented by the marks of professional distinction –
PC_fpsb_final.exe
© 2007, Financial Planning Standards Board Ltd.
FPSB Affiliate Organizations
Asia Pacific Australia China Chinese Taipei Hong Kong India Indonesia Japan Malaysia New Zealand Rep. Korea Singapore
Europe Austria France Germany Switzerland U.K.
Africa South Africa
North America Canada
South America Brazil
© 2007, Financial Planning Standards Board Ltd.
Potential Growth Areas
Asia Pacific Thailand Brunei Philippines
Caribbean Bermuda
Europe Belgium Bulgaria Greece Hungary Ireland Italy Netherlands Poland Romania Spain Sweden Turkey
Middle East Egypt Israel Saudi Arabia U.A.E
South/Central America Argentina Chile Colombia Uruguay Mexico
9
(1) Our Understanding of What Financial Planning Is
© 2007, Financial Planning Standards Board Ltd.
© 2007, Financial Planning Standards Board Ltd.
Financial Planning Definition
Financial planning is the process of developing strategies to help clients manage their financial affairs to meet life goals. all relevant aspects of a client’s situation inter-relationships among often conflicting
objectives across a large breadth of financial planning
activities.
© 2007, Financial Planning Standards Board Ltd.
Financial Planning Process
1. Establishing and defining the client-planner relationship.
2. Gathering client data including goals.
3. Analyzing and evaluating the client’s financial status.
4. Developing and presenting financial planning. recommendations and/or alternatives.
5. Implementing the financial planning recommendations
6. Monitoring the financial planning recommendations.
© 2007, Financial Planning Standards Board Ltd.
1. Consumer Demand
Shrinking pensions More personal responsibility People living longer Less savings/more debt Complicated products
© 2007, Financial Planning Standards Board Ltd.
2. Shift to Relationship Model
Product-centered Sell product you have Short-term focus Transaction
Client-centered Meet client needs Long-term focus Relationship
© 2007, Financial Planning Standards Board Ltd.
3. Government Regulation
Fairness to client Disclosure Ethical behavior Certification body / regulator partnerships
© 2007, Financial Planning Standards Board Ltd.
4. Globalization
All clients are ‘international’ Multi-national firms need standard approach Portable qualifications Convergence
© 2007, Financial Planning Standards Board Ltd.
Business Week, Feb. 26, 2007
“Of all the
financial planning
designations, the
one that carries
the most clout is
Certified Financial
Planner. ...”
© 2007, Financial Planning Standards Board Ltd.
Ameriprise Financial
“With over 2.5 million clients, more CERTIFIED FINANCIAL PLANNERTM practitioners than any other firm, strong asset management capabilities, … and a robust insurance and annuities business, Ameriprise Financial will be a leader in the industry.”
Jim Cracchiolo, chairman and CEO of AEFA
announcing the launch of Ameriprise Financial
© 2007, Financial Planning Standards Board Ltd.
Bangkok Post April 2007
“There has been
great demand for
CFP
professionals,
particularly among
financial
institutions.”
© 2007, Financial Planning Standards Board Ltd.
Financial Planner Success
Aspects of Financial Planner Success [Scale of 1–4]
(1) People/Communication Skills 3.79
(2) Referrals from Clients 3.68
(3) Having the CFP® Certification 3.54
(4) Educational Background 3.39
(5) Keeping up with CE/CPD 3.32
(6) Specialization 2.93
2007 Survey of Trends in Financial Planning, College for Financial Planning
© 2007, Financial Planning Standards Board Ltd.
Smart Magazine (Chinese Taipei)
(1 January 2007)
Top Seven Credentials With Pay Increment Potential – Go For Quality Not Quantity
Test of English for International Communication (TOEIC)
IT credentials such Linux, Cisco, and Oracle, CFP certification CFA credential Securities analyst credential
© 2007, Financial Planning Standards Board Ltd.
Initial Certification Standards
Education
Examination
Experience
Ethics
Ongoing Certification Standards
Continuing education
Practice Standards and ethical review
CFP® Certification Standards
© 2007, Financial Planning Standards Board Ltd.
2006 CFP® Certificant Count ~ 104,861
Country/Region# of CFP
CertificantsCountry/Region
# of CFP Certificants
United States 53,027 Singapore 667
Canada 16,726 United Kingdom 610
Japan 14,751 China 488
Australia 5,308 New Zealand 385
South Africa 3,154 Chinese Taipei 345
Malaysia 2,689 Switzerland 242
Hong Kong 2,293 India 146
France 1,471 Austria 110
Republic of Korea 1,343 Brazil 97
Germany 1,009 Indonesia 0
© 2007, Financial Planning Standards Board Ltd.
2006 CFP® Certificant Count ~ 104,861
Country/Region# of CFP
CertificantsCountry/Region
# of CFP Certificants
United Kingdom 610
South Africa 3,154
Switzerland 242
Hong Kong 2,293
France 1,471
Republic of Korea 1,343
© 2007, Financial Planning Standards Board Ltd.
2006 CFP® Certificant Count ~ 104,861
Country/Region# of CFP
CertificantsCountry/Region
# of CFP Certificants
United States 53,027
China 488
India 146
Indonesia 0
© 2007, Financial Planning Standards Board Ltd.
Channel/Pricing for Financial Planning
Financial services firms (insurance, banks, asset management, etc.)
Solo / boutique practitioners Planning and/or implementation Commission-only Commission and fees Fee-only
© 2007, Financial Planning Standards Board Ltd.
2007 Compensation Survey
2007 Survey of Trends in Financial Planning, College for Financial Planning
© 2007, Financial Planning Standards Board Ltd.
Global Framework, Local Program
Four Es localized to academic / regulatory / marketplace needs
Education
Examination
Experience
Ethics
© 2007, Financial Planning Standards Board Ltd.
Readiness for Financial Planning
Client awareness, value Financial services firm structure, reward
scheme Regulatory environment Social network
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
Establish Financial Planning as a Global Profession
Establish CFP certification as the mark of the professional financial planner
© 2007, Financial Planning Standards Board Ltd.
Characteristics of a Profession
Specialized body of knowledge Recognized formal education process Standard of professional qualifications for admission Standards of conduct Recognition of status Acceptance of social responsibility Organization to advance group’s social
responsibility
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of competency, ethics and practice standards globally (80:20 approach)
what is possible? What is desirable?
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum/exam Global “Call for Papers” on ways to deliver global
financial planning curriculum Education Advisory Panel Education and Assessment Working Groups
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum / exam
3. Affiliate assessment/training 14 completed, four underway (Brazil, Canada,
China, Chinese Taipei) Identify the gaps in certification program Train to eliminate deficiencies
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum / exam
3. Affiliate assessment / training
4. Cross-border reciprocity among Affiliates Hong Kong, US four-hour exam Hong Kong, PRC, Chinese Taipei Germany, Austria Australia, New Zealand Commonwealth countries
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum / exam
3. Affiliate assessment / training
4. Cross-border reciprocity among Affiliates
5. Growth in existing / new markets
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum / exam
3. Affiliate assessment / training
4. Cross-border reciprocity among Affiliates
5. Growth in existing / new markets
6. Outreach to regulators / key influencers
© 2007, Financial Planning Standards Board Ltd.
FPSB Goals
1. Uniformity of standards globally (80:20 rule)
2. Core financial planning curriculum / exam
3. Affiliate assessment / training
4. Cross-border reciprocity among Affiliates
5. Growth in existing / new markets
6. Outreach to regulators / key influencers
7. Global CFP mark promotional campaign Same look, feel all over the world Localization of language, imagery
© 2007, Financial Planning Standards Board Ltd.
Global CFP Mark Promotional Campaign
Brand values for “CFP Professional” and “Financial Planning”
Brand DNA (values, personality, proposition) Brand Guidelines for promotional activities Template advertisements, body copy,
presentations, promotional brochures, etc., for Affiliates and CFP professionals