Financial Planning Standards Board Develops Resources to Support Construction and Assessment of Written Financial Plans
-- Publication of Financial Plan Framework and Guidance for Certifying Bodies Supports Training
and Assessment in the Art and Science of Financial Plan Writing --
DENVER – 11 November 2010 – To support entrants to the financial planning profession in being able to develop viable written financial plans for clients, and certifying bodies in assessing competency in this practice area, Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the United States, introduced a Financial Plan Framework and Guidance for Certifying Bodies Developing a Financial Plan Case Study.
FPSB’s Financial Plan Framework provides candidates for financial planner certification with a format to integrate among fundamental financial planning practices, components, abilities and practice standards when creating written financial plans. The Framework is aligned to FPSB’s 2007 Financial Planner Competency Profile, which describes the abilities, skills, attitudes, judgments and knowledge that a financial planning professional draws on when working with clients in financial planning engagements. FPSB’s Guidance for Certifying Bodies Developing a Financial Plan Case Study provides guidance to organizations seeking to assess if individuals are capable of developing viable written financial plans for clients.
“Financial planners should be able to demonstrate that their performance meets standards for competence and practice in the profession, which includes the ability to develop viable written financial plans,” said Noel Maye, FPSB CEO. “Part of FPSB’s commitment to establishing financial planning as a distinct profession globally is to ensure entrants to the profession have adequate frameworks and resources to be able to integrate theory and practice when developing and presenting financial plans to clients.”
An international panel of financial planning practitioners, educators and certification and standards experts from Australia, Canada, Germany, Ireland, New Zealand, the People’s Republic of China, South Africa, the U.K. and the U.S., along with input from FPSB’s professional financial planning bodies in 23 territories, developed the framework and guidance document for use by candidates for financial planner certification and certifying bodies and educators involved in financial planner training and assessment.
“For clients to be motivated by the financial planning process, they need to have financial plans that are understandable, relevant and that appropriately address their goals, needs and objectives,” said Wessel Oosthuizen, CFP, FPSB working group chairperson and director of the Center for Financial Planning Law at the University of the Free State in South Africa. “FPSB’s creation of a Financial Plan Framework and guidance for certifying bodies will support those entering the profession to master, and be assessed on, the art and science of developing viable financial plans that address clients’ financial and life goals.”
In addition to the publicly available Financial Plan Framework and Guidance for Certifying Bodies Developing a Financial Plan Case Study, FPSB has created a Sample Case Study and Guidance for Candidates Developing a Financial Plan for its member organizations to use in the CFP certification program. By year-end 2010, FPSB anticipates developing a model financial plan, aligned to FPSB’s Financial Plan Framework and Financial Planner Competency Profile, that can be used as a teaching aide for those seeking to enter the financial planning profession and master the ability to create viable, written financial plans. In 2011, FPSB will work with its member organizations and educational institutions to integrate financial plan construction and client engagement components into financial planning education courses.
FPSB’s vision is to establish financial planning as a distinct profession globally, with the CFP marks as its symbol of excellence. FPSB enforces its certification standards through its network of 23 nonprofit standards-setting organizations around the world. FPSB’s global standards, frameworks and guidance documents are available online at www.fpsb.org.
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 non-profit member organization that offers CFP certification 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. There are over 126,000 CFP professionals worldwide. For more, visit fpsb.org or follow the organization at twitter.com/fpsb or facebook.com/fpsb1.
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