FPSB Convenes International Working Group to Develop Global Framework for Developing and Assessing Written Financial Plans
Education, Certification Bodies to Benefit from Guidance, Frameworks for Students in Integrated Financial Planning Programs and Assessment Tools to Evaluate Financial Planner Competency
DENVER – 15 March 2010 – Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the United States, held a two-day meeting for financial planning academic, practitioner and certification specialists to develop a global framework, written protocols, guidance documents and templates to help educators train the next generation of financial planners and certifying bodies to assess potential financial planners’ competency to deliver viable financial plans to clients.
The 10-member panel, consisting of representatives from Australia, Canada, Germany, Ireland, New Zealand, South Africa, the United Kingdom and the United States, was tasked with developing a framework that would incorporate the abilities, professional skills and knowledge a student or candidate for certification would need to cover when developing viable written financial plans for clients. Additionally, the group discussed the type and content of templates, tools and guidance documents that education, training and assessment bodies could use to ensure that financial planners were capable of integrating theory and practice when delivering financial planning to clients.
“FPSB’s Financial Planner Assessment Framework identified the ability to develop a written financial plan as one of the requirements for assessing a person’s competency to be recognized as a financial planning professional,” said Wessel Oosthuizen, CFP, Panel Chairperson and director of the Centre for Financial Planning Law at the University of the Free State in South Africa. “In 2010, FPSB is committed to providing students, educators and certification bodies around the world with a framework and set of resources to ensure that those entering the profession of financial planning have appropriate training, and are appropriately assessed for their ability, to provide clients with viable and actionable financial plans.”
In addition to Oosthuizen, participants on the FPSB Panel included:
• Marius Botha, CFP, an independent trainer in South Africa and an author who has written extensively on financial planning;
• Dan Busi, CFP, FMA, CFA, associate investment counselor at RBC PHN Investment Counsel in Canada;
• Lucy Courtenay, education director the Institute of Financial Planning in the U.K.;
• John Green, professional services manager of the Financial Planning Association of Australia;
• Paul Grimes, CFP, a consultant and lecturer at University College in Dublin, Ireland;
• Simon Hassan, CFP, a practicing financial planner and lecturer in financial planning at Massey University in New Zealand;
• Dr. Ralph Jakob, CFP, CEP, CFEP, academic director of the Private Finance Institute, European Business School, International University Schloss Reichartshausen in Germany;
• Brian Korb, Ph.D., an associate professor at Texas Tech University’s College of Human Services; and
• Debra Sawyer, CFP, CPA, ChFC, CLU, lead editor and lead instructor for courses for the CFP certification education program at Keir Educational Resources in the U.S.
“If, as we often hear, financial planning is both an art and a science, then the written financial plan is the canvas upon which the financial planner and the client mutually map out the route to achieving the client’s financial and life goals,” said Noel Maye, FPSB CEO. “We are impressed with and grateful for the caliber and commitment of those who have volunteered to join FPSB’s Financial Plan Working Group, and look forward to establishing a framework and set of tools that will further establish financial planning as a global profession.”
FPSB’s Financial Plan Working Group will complete its work by end of year 2010, assisted by a Financial Plan Writers Panel that will draft model case studies for use by educators. The draft documents developed by the Working Group will be distributed for comment to FPSB member organizations in 23 territories around the world, as well as to other FPSB stakeholders. The Panel expects to publish final draft documents for a 60-day exposure period in July or August this year, and FPSB hopes to approve final documents at its global meeting in Seoul, Republic of Korea, in October 2010.
Established in 2004, FPSB’s vision is to establish financial planning as a global profession, 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. The global number of CFP professionals topped 126,000 by year-end 2009.
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.
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