FPSB APPROVES GLOBAL FINANCIAL PLANNER WORK EXPERIENCE AND CONTINUING PROFESSIONAL DEVELOPMENT STANDARDS

DUBLIN – 11 November 2009 – Organizational members of Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, Certified Financial Planner and CFP Logo marks outside the United States, approved global work experience and continuing professional development standards for financial planners at FPSB’s semi-annual meeting in Dublin, Ireland. The standards are the result of a multi-year consultative process that involved expert panels and financial planning member bodies representing more than 120,000 CFP professionals in 23 territories.

“The experience and continuing professional development standards form part of FPSB’s global framework for financial planner professionalism and related competency, ethics and practice standards,” said Stephen O’Connor, CFP, FPSB Board Chairperson. “FPSB recognizes the importance of work experience to prepare someone looking to become a financial planner to work with clients in diverse and complex situations. And we see financial planners’ commitment to continuous development as key to public acceptance of financial planning as a bona fide profession.”

FPSB Financial Planner Work Experience Standard
An individual demonstrates relevant work experience, either supervised or unsupervised, working with clients while:  
•    engaging in practice described in FPSB’s Financial Planning Practice Standards;  
•    applying the abilities, skills and knowledge described in FPSB’s Financial Planner Competency Profile; and
•    adhering to ethical principles described in FPSB’s Financial Planner Code of Ethics and Professional Responsibility.

Supervised Experience
Supervised Experience can be met by completing one year of supervised practice as described above under Relevant Work Experience.  The supervisor, who must be a financial planning professional who has mastered the abilities, skills and knowledge described in FPSB’s Financial Planner Competency Profile:
•    provides candidates with experience in, and instruction about, the practice of the profession;  
•    helps candidates to develop knowledge about the practice of the profession;
•    teaches candidates the required standards of conduct; and
•    confirms candidates are able to interact with clients.

At the end of the supervised practice period, the supervisor attests to the certifying body in writing to the candidate’s readiness to competently and ethically practice financial planning.

Unsupervised Experience
Unsupervised Experience can be met by completing three years of unsupervised practice as described above under Relevant Work Experience.

FPSB Financial Planner Continuing Professional Development Standard
A financial planning professional demonstrates fulfillment of professional development obligations by engaging in learning activities that maintain and develop his or her abilities, skills, knowledge and professional conduct as described in FPSB’s:
•    Financial Planner Competency Profile;
•    Financial Planner Code of Ethics and Professional Responsibility; and
•    Financial Planning Practice Standards.  

A financial planning professional completes a minimum of 30 hours of continuing professional development every two years, the completion of which is verifiable by the certifying body. At least two of the 30 hours are in FPSB's Financial Planner Code of Ethics and Professional Responsibility and/or Financial Planning Practice Standards.  A financial planning professional maintains a record of his or her continuing professional development and reports hours completed to the certifying body each reporting cycle.

In 2010, FPSB and its member organizations will focus on developing guidance documents, processes and procedures, model documents and templates to support the introduction and oversight of these standards for financial planners around the world.

About FPSB
FPSB manages, develops and operates certification, education and related programs for financial planning organizations to benefit the global community by establishing, upholding and promoting worldwide professional standards in financial planning. FPSB demonstrates its commitment to excellence with the marks of professional distinction – CFP, Certified Financial Planner and CFP Logo Mark. Territories where FPSB has a nonprofit member organization include: Australia, Austria, Brazil, Canada, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, Ireland, Japan, Malaysia, New Zealand, the Netherlands, the People’s Republic of China, the Republic of Korea, Singapore, South Africa, Switzerland, Thailand, the United Kingdom and the United States. For more, visit fpsb.org.