CFP ®  Certification:  A Global Perspective Noel Maye, CEO Financial Planning Standards Board Ltd. 22 November 2006
Wall Street Journal, 1/28-29/06
 
Wall Street Journal, 2/28/06
Wall Street Journal, 2/28/06
Wall Street Journal, 2/28/06
Ameriprise Financial <ul><li>“ With over 2.5 million clients,  more CERTIFIED FINANCIAL PLANNER TM  practitioners than any...
 
Financial Planner Success 2004 Survey of Trends in Financial Planning, College for Financial Planning 2.81 (6)  Specializa...
Financial Planner Earnings <ul><li>“ For 2002, 2003 and 2004, respondents consistently report an  increase  in median annu...
International CFP ®  Certification 1973 42 2006 102,000 1 20
102,000 CFP ®  Certificants (2qtr06) <ul><li>Australia 5,414 </li></ul><ul><li>Austria  100 </li></ul><ul><li>Brazil  55 <...
Countries Interested in CFP ®  Marks <ul><ul><li>Asia Pacific </li></ul></ul><ul><ul><li>Brunei  </li></ul></ul><ul><ul><l...
 
Financial Planning Standards Board <ul><li>Established in 2004 to manage international CFP ®  certification program (est. ...
FPSB Objective #1 <ul><li>FPSB is recognized as the preeminent international financial planning standards authority for co...
FPSB Objective #2 <ul><li>Each FPSB Affiliate is the premier organization in its country or region administering a profess...
FPSB Objective #3 <ul><li>FPSB Affiliates increase awareness of the value of the personal financial planning process and o...
FPSB Objective #4 <ul><li>Personal financial planning is recognized as a distinct profession in FPSB Affiliate countries o...
FPSB Objective #5 <ul><li>FPSB Affiliates have adequate resources to succeed and are in full compliance with CFP ®  certif...
FPSB Objective #6 <ul><li>Each FPSB Affiliate’s CFP ®  professional count meets national/regional demand. </li></ul><ul><l...
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MAYE, Noel

  1. 1. CFP ® Certification: A Global Perspective Noel Maye, CEO Financial Planning Standards Board Ltd. 22 November 2006
  2. 2. Wall Street Journal, 1/28-29/06
  3. 4. Wall Street Journal, 2/28/06
  4. 5. Wall Street Journal, 2/28/06
  5. 6. Wall Street Journal, 2/28/06
  6. 7. Ameriprise Financial <ul><li>“ With over 2.5 million clients, more CERTIFIED FINANCIAL PLANNER TM 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 .” </li></ul><ul><li>Jim Cracchiolo, chairman and CEO of AEFA </li></ul><ul><li>announcing the launch of Ameriprise Financial </li></ul>
  7. 9. Financial Planner Success 2004 Survey of Trends in Financial Planning, College for Financial Planning 2.81 (6) Specialization 3.26 (5) Educational Background 3.34 (4) Keeping up with Continuing Education 3.35 (3) Referrals from Clients 3.43 (2) Having the CFP ® Certification 3.68 (1) People/Communication Skills [Scale of 1 – 4] Aspects of Financial Planner Success
  8. 10. Financial Planner Earnings <ul><li>“ For 2002, 2003 and 2004, respondents consistently report an increase in median annual gross earnings after receiving CFP ® certification .” </li></ul><ul><li>2004 Survey of Trends in Financial Planning, College for Financial Planning </li></ul><ul><li>“ Financial planners with the CFP certification earn about 30 percent more in pay and have better promotion opportunities .” </li></ul><ul><li>Paul Pong, Institute of Financial Planners of Hong Kong </li></ul><ul><li>“ Having a CFP certificant on staff meant owners realized over 50 percent greater pretax income .” </li></ul><ul><li>2004 FPA(US) Financial Performance Survey </li></ul>
  9. 11. International CFP ® Certification 1973 42 2006 102,000 1 20
  10. 12. 102,000 CFP ® Certificants (2qtr06) <ul><li>Australia 5,414 </li></ul><ul><li>Austria 100 </li></ul><ul><li>Brazil 55 </li></ul><ul><li>Canada 16,350 </li></ul><ul><li>China 0 </li></ul><ul><li>Chinese Taipei 250 </li></ul><ul><li>France 1,433 </li></ul><ul><li>Germany 1,002 </li></ul><ul><li>Hong Kong 2,005 </li></ul><ul><li>India 146 </li></ul><ul><li>Indonesia 0 </li></ul><ul><li>Japan 13,830 </li></ul><ul><li>Malaysia 3,684 </li></ul><ul><li>New Zealand 368 </li></ul><ul><li>Rep. Korea 1,136 </li></ul><ul><li>Singapore 632 </li></ul><ul><li>South Africa 3,150 </li></ul><ul><li>Switzerland 235 </li></ul><ul><li>UK 560 </li></ul><ul><li>US 51,754 </li></ul>
  11. 13. Countries Interested in CFP ® Marks <ul><ul><li>Asia Pacific </li></ul></ul><ul><ul><li>Brunei </li></ul></ul><ul><ul><li>Philippines </li></ul></ul><ul><ul><li>Thailand </li></ul></ul><ul><ul><li>Caribbean </li></ul></ul><ul><ul><li>Bermuda </li></ul></ul><ul><ul><li>Barbados </li></ul></ul><ul><ul><li>Europe </li></ul></ul><ul><ul><li>Belgium </li></ul></ul><ul><ul><li>Bulgaria </li></ul></ul><ul><ul><li>Greece </li></ul></ul><ul><ul><li>Ireland </li></ul></ul><ul><ul><li>Italy </li></ul></ul><ul><ul><li>Netherlands </li></ul></ul><ul><ul><li>Poland </li></ul></ul><ul><ul><li>Spain </li></ul></ul><ul><ul><li>Middle East </li></ul></ul><ul><ul><li>Egypt </li></ul></ul><ul><ul><li>Israel </li></ul></ul><ul><ul><li>Saudi Arabia </li></ul></ul><ul><ul><li>U.A.E. </li></ul></ul><ul><ul><li>The Americas </li></ul></ul><ul><ul><li>Argentina </li></ul></ul><ul><ul><li>Chile </li></ul></ul><ul><ul><li>Mexico </li></ul></ul><ul><ul><li>Uruguay </li></ul></ul>
  12. 15. Financial Planning Standards Board <ul><li>Established in 2004 to manage international CFP ® certification program (est. 1990) </li></ul><ul><li>Nonprofit standards-setting organization for international federation of 19 certifying bodies (including FPAA) </li></ul><ul><li>Mission to benefit and protect the global community by establishing, upholding and promoting worldwide professional standards in personal financial planning. FPSB’s commitment to excellence is represented by financial planning’s marks of professional distinction </li></ul><ul><li>CFP ® </li></ul>CERTIFIED FINANCIAL PLANNER TM
  13. 16. FPSB Objective #1 <ul><li>FPSB is recognized as the preeminent international financial planning standards authority for competent and ethical personal financial planners. </li></ul><ul><li>Achieved By : </li></ul><ul><li>Global Competency Profile for Financial Planning </li></ul><ul><ul><li>uniform global platform for 4Es and financial planning process </li></ul></ul><ul><ul><li>validated by FPSB network, FPAA rep on Certification Committee </li></ul></ul><ul><li>Cross-border reciprocity among Affiliates </li></ul><ul><ul><li>Hong Kong  Mainland China  Chinese Taipei </li></ul></ul><ul><ul><li>Australia  New Zealand (+ commonwealth) </li></ul></ul>
  14. 17. FPSB Objective #2 <ul><li>Each FPSB Affiliate is the premier organization in its country or region administering a professional financial planning certification program to benefit and protect the public. </li></ul><ul><li>Achieved By : </li></ul><ul><li>Certification Program Feasibility Index to choose new markets, partners </li></ul><ul><li>Presentation to, vote by FPSB Council (FPSB Indonesia) </li></ul><ul><li>Peer review program among 20 FPSB members </li></ul><ul><li>FPAA – a leading certification program in region </li></ul>
  15. 18. FPSB Objective #3 <ul><li>FPSB Affiliates increase awareness of the value of the personal financial planning process and of CFP ® certification. </li></ul><ul><li>Achieved By : </li></ul><ul><li>FPSB Task Force to leverage global brand by country/region (formed at Nov ’06 meeting)- </li></ul><ul><ul><li>FPA Australia led initiative </li></ul></ul><ul><ul><li>FPAA campaigns as reference for global messaging </li></ul></ul><ul><ul><li>FPAA can leverage other FPSB program in region </li></ul></ul>
  16. 19. FPSB Objective #4 <ul><li>Personal financial planning is recognized as a distinct profession in FPSB Affiliate countries or regions. </li></ul><ul><li>Achieved By : </li></ul><ul><li>FPSB outreach to International Securities Commissions Organization (IOSCO) </li></ul><ul><li>FPSB meetings with regulators in each Affiliate region </li></ul><ul><li>Affiliate relationships with/outreach to local regulators </li></ul><ul><li>“Best practices” sharing at FPSB Council Meetings </li></ul>
  17. 20. FPSB Objective #5 <ul><li>FPSB Affiliates have adequate resources to succeed and are in full compliance with CFP ® certification program standards. </li></ul><ul><li>Achieved By : </li></ul><ul><li>FPSB Assessment Program </li></ul><ul><li>FPSB Affiliate Development/Training Program </li></ul><ul><li>Community forum at FPSB Council Meetings </li></ul>
  18. 21. FPSB Objective #6 <ul><li>Each FPSB Affiliate’s CFP ® professional count meets national/regional demand. </li></ul><ul><li>Achieved By : </li></ul><ul><li>Benchmarking market penetration needs </li></ul><ul><li>Growth in terms of breadth (new) and depth (existing) </li></ul><ul><li>Outreach in Europe, South America, Middle East </li></ul>
  19. 22. Questions?

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