Hindustan Times Journalist Tells Financial Planners to "Exterminate" Commissions
Gautam Chikermane Encourages Transparency on Behalf of Global Consumers
TAIPEI – 26 April 2010 – The executive editor (business) of India’s Hindustan Times advocated on behalf of the clients and potential clients of financial planners at FPSB’s World Financial Planning Summit in Chinese Taipei. Gautam Chikermane said financial planners should end hidden costs embedded in the sales of financial products, be more transparent in discussing their fees, and that consumer interest must come first before financial planning can be recognized as a distinct, global profession. Financial Planning Standards Board Ltd. (FPSB), the preeminent international standards-setting organization for financial planning and owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the United States, hosted the one-day summit. “Commissions and hidden fees are costs that need to be exterminated. Note: I’m not saying “reduced,” but “exterminated,” said Chikermane. “Like it or not, one country after another is going to go the no-load way, one product at a time, and the financial planning community needs to take a lead on this issue,” he added.
Addressing concerns that clients tend to undervalue financial planning advice, Chikermane, who also serves as the vice chairman of FPSB India, said consumers would value advice more if commissions and load fees were eliminated. “From my conversations with some of the best planners in India,” he added, “I find clients are not only willing, but happy to pay them for advice.”
The World Financial Planning Summit engaged global leaders in the financial planning sector in a dialogue about the steps needed to gain recognition financial planning as a distinct, global profession. The event kicked off with a keynote address by Sean C. Chen, chairperson of the Financial Supervisory Commission in Chinese Taipei. Other speakers at the World Financial Planning Summit included:
• Corinna Dieters, 2010 chairperson of FPSB’s Board of Directors;
• Ian Johnston, deputy chief executive and managing director for Dubai Financial Services Authority in the United Arab Emirates; and
• Wessel Oosthuizen, director of the Centre for Financial Planning Law at the University of the Free State in South Africa.
The World Financial Planning Summit also included small-group discussions on the topics of regulation and professional oversight, building the body of knowledge for financial planning and consumer advocacy. Attendees included the leaders of more than 17 financial planning standards-setting bodies, as well as regulators, financial planning educators and other invited guests. Video highlights of the event and speech transcripts are available at WorldFPSummit.org.
About FPSB
Host of the World Financial Planning Summit, 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. FPSB has 23 member organizations around the world that together have certified more than 126,000 CFP professionals globally. For more, visit fpsb.org or follow the organization at twitter.com/fpsb or facebook.com/fpsb1.
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