FPSB's Financial Planner Professional Skills The Professional Skills described in FPSB’s Financial Planner Competency Profile identify the skills that a financial planning professional must be able to draw on to deliver advice to clients in financial planning engagements that involve a high degree of trust, uncertainty, complexity and mutual agreement with clients of varying circumstances, or when interacting with colleagues or others in a professional capacity.
Central to FPSB’s concept of professionalism is the need for a financial planning professional to use his or her Professional Skills to work in the interest of clients and to uphold and promote the interests of the financial planning profession for the benefit of society. FPSB had categorized the Professional Skills required of a financial planning professional into four areas: Within each Skill category, FPSB identified various components that indicate the practitioner has delivered financial planning at an appropriate level of competence and professionalism. A financial planning professional needs to be able to seamlessly integrate one or more of the Professional Skills with appropriate knowledge and abilities into each of his or her professional actions and interactions, and commit to continually updating his Professional Skills to maintain competency in the field of financial planning. A financial planning professional can use one or more of the Professional Skills to competently perform any Financial Planner Ability. While some of the Professional Skills are specific to financial planning, many are common to all professions. PS.1. Professional Responsibility PS.101 Establishes trust in all professional relationships PS.102 Acts in the best interest of the client in providing professional services PS.103 Demonstrates ethical judgment PS.104 Demonstrates intellectual honesty and impartiality PS.105 Recognizes limits of competence and voluntarily seeks the counsel of and/or defers to other professionals when appropriate PS.106 Recognizes the public interest role of the profession and acts accordingly PS.2. Practice PS.201 Complies with relevant financial services laws and regulations PS.202 Adheres to professional code of ethics and standards of practice PS.203 Makes appropriate judgments in areas not addressed by existing practice standards PS.204 Maintains awareness of changes in the economic, political and regulatory environments PS.205 Engages in continuous learning to ensure currency of knowledge and skills PS.206 Conducts appropriate research when performing analysis and developing strategies PS.207 Exercises autonomy and initiative in the performance of professional activities PS.208 Exercises responsibility for own and/or firm’s ability to deliver services to a client for the duration of engagement PS.3. Communication PS.301 Gives attention to what the client and others are saying and takes time to understand the points being made PS.302 Establishes good rapport with the client and others PS.303 Communicates information and ideas orally in a manner understandable to the client and others PS.304 Communicates information and ideas in writing in a manner understandable to the client and others PS.305 Presents logical and persuasive rationales PS.306 Deals effectively with objections and complaints PS.307 Gains agreement with the client and others PS.4. Cognitive PS.401 Applies mathematical methods or formulas as appropriate PS.402 Analyzes and integrates information from a variety of sources to arrive at solutions PS.403 Uses logic and reasoning to consider the strengths and weaknesses of potential courses of action PS.404 Arrives at informed decisions when faced with incomplete or inconsistent information PS.405 Demonstrates capacity to adapt thinking and behaviors
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