TWO NEW MAJOR INITIATIVES IN STANDARDS DEVELOPMENT NOW UNDERWAY
Financial Planning Practice Standards - The latest draft of the first Financial Planning Practice Standards (Practice Standards) for CFP professionals is currently posted on www.cfp-ca.org in the "For CFP professionals" hub. Industry participants are invited to review this draft and provide comment before the standards are finalized and released to the public later this year. The Practice Standards are the result of a comprehensive development effort involving extensive industry consultation over the past year.
Designed to provide practical direction to CFP professionals engaged in the practice of financial planning, the Practice Standards interpret the application of the FPSC Code of Ethics as it relates specifically to the practice of financial planning. They also provide guidance for CFP professionals who may at times offer services outside of the financial planning realm. For the public, the standards will clarify the respective roles of the CFP professional and the client throughout the financial planning engagement. We expect the implementation of these Practice Standards will result in increased consistency of professional practice among the community of CFP practitioners. Their adoption by CFP professionals and others will advance the financial planning profession to the benefit of the industry and consumers of financial planning advice.
Financial Planning Professional Competency Analysis - Ensuring the CFP certification process continues to lead the development of the financial planning profession in Canada, FPSC begins a major Professional Competency Analysis this April that will re-determine the knowledge, competencies and skills financial planners must have to best serve Canadians' current and future financial planning needs.
To ensure ongoing relevancy of the financial planning profession, the primary goal of the analysis is to create a revised competency profile for CFP professionals. This profile will guide the ongoing development of the CFP Examination and financial planning curriculum for providers of financial planning education programs leading to the CFP designation. The analysis involves consultations and surveys of practicing financial planners conducted by the Ottawa-based testing and certification consulting firm, Assessment Strategies Inc. (ASI). The initiative is overseen by FPSC Vice President, Standards & Certification in association with an Academic Advisory Committee representative of the financial planning academic community, all sectors of the financial services industry and all regions of Canada.
BANKERS' FINANCIAL PLANNING PROGRAM ON CFP TRACK
FPSC has approved the financial planning education program offered by The Institute of Canadian Bankers (ICB) as a course of study that meets the educational requirements for CERTIFIED FINANCIAL PLANNER® (CFP®) certification. The ICB is one of four national education program providers that have courses of study accredited by FPSC.
There are 28 programs directly accredited by FPSC that are delivered by 24 institutions (including colleges and universities). However, some program providers have entered into academic partnerships bringing the number of institutions that offer courses of study leading to the CFP designation to over 70. These courses are accessible to students across Canada through in-class and distance-learning programs. Successful completion of one of these programs qualifies individuals to write the CFP® Examination, offered twice a year in centres across Canada.
CANADIAN CHAIRS INTERNATIONAL FINANCIAL PLANNING STANDARDS BOARD
Financial Planning Standards Board Ltd. (FPSB), formed to oversee the global development of CFP™ certification, at its inaugural Board of Directors meeting on January 7-8 in Denver, Colorado, appointed FPSC past-chair John S. Carpenter as its 2003 chair. Additionally, FPSC President Don Johnston becomes chair-elect of the international advisory council to the Board. The advisory council includes representation of organizations in 19 countries supporting CFP certification as the highest standard in financial planning.
The FPSB represents an international community that embraces financial planning's best practices globally, continually evolves and raises the standards in this dynamic profession and will establish CFP certification as the premium global designation for financial planning. Its inaugural board meeting was the culmination of two years of intense effort by CFP Board of Standards, Inc. and the International CFP Council (of which FPSC is the second largest member) to develop a structure to establish, maintain and enforce consistent standards for CFP professionals worldwide.
FPSC EDUCATING CANADIANS OF ALL AGES STEP-BY-STEP
FPSC is now entering its third year of the "Take the Next Step" national program to increase Canadians' awareness of the importance of financial planning and the significance of CFP certification to the financial planning profession. The program was launched two years ago with a national advertising campaign that has expanded from print magazines to include radio advertising and education outreach and career recruitment programs targeting Canada's youth.
Our career recruitment program takes FPSC to career fairs across Canada where we introduce to university and college students, financial planning as a career as well as a process of meeting life-goals through the proper management of finances. Our education outreach program takes us to secondary school educators' and counsellors' forums where we exchange ideas and offer our support materials along with CFP professionals to help increase student awareness of financial planning. Additionally, we have partnered with print and online magazines presenting work and life-style options for youth to provide content on financial planning as a process and as a career choice.
Working with Scouts Canada to encourage activities that will teach children and youth basic financial planning concepts, FPSC is currently developing an activity guide to be distributed this Spring to leaders of Scouts Canada and posted on the FPSC website for use by all educators and youth activity leaders. Contributing to the content development of the activity guide are Junior Achievement, World Wildlife Fund and CFP practitioners.
FPSC WEBSITE TOPS LIST FOR ONLINE INFORMATION ON FINANCIAL PLANNING
Launched in April 2002, the new FPSC website supports all our education and communication efforts. It is currently rated by Google (a major Internet search engine) as the top Canadian website for individuals searching the web for information on financial planning. Averaging about 40,000 site visits per month, www.cfp-ca.org helps planners with their practice, the financial media with their stories, the consumer with their search for information on financial planning and qualified planners, and educators and students with their search for information on financial service careers.
FPSC SURVEYS CANADIANS TO FIND OUT WHAT MORE THEY'VE LEARNED
This Spring, FPSC will once again commission an independent survey of Canadians' understanding of and attitudes toward financial planning and financial planners. Results will be compared with FPSC's 1999 benchmark survey to determine the progress the industry has made in educating the public about financial planning and those who are qualified to offer it as a professional service. The analysis will be made public in Fall 2003.
For more information contact: Ann Bowman, abowman@cfp-ca.org, 416.593.8587 x 225 (1.800.305.9886)
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
are certification marks