FPSB Panel Designs New Learning and Assessment Tools to Enhance Professionalism in Financial Planning Sample Case Studies, Financial Plans to Guide Entrants to the Profession and Certifying Bodies’ Assessment Programs
DENVER – 23 July 2010 – Financial Planning Standards Board Ltd. (FPSB), the preeminent international standards-setting body for financial planning and owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the United States, convened a panel of international financial planning experts this week to develop tools and content to guide entrants to the financial planning profession on how to develop viable financial plans. The samples and guidance documents developed by the panel will also support certifying bodies’ efforts to assess candidates’ ability to competently practice financial planning.
Chaired by Wessel Oosthuizen, CFP, director of financial planning law at the University of the Free State in South Africa, the six-member group finalized a global financial planning case study based on FPSB’s Financial Planner Competency Profile, and will spend the next several months drafting model financial plans that demonstrate mastery of fundamental financial planning practices and financial planner professional skills. The case study and financial plans will serve as learning tools in practice-based teaching environments and also as templates for territory-specific assessments of financial planner competency.
“There are many people who call themselves financial planners, but they don’t actually develop financial plans,” said Lawrence Lynch, coordinator of financial planning services and professor of financial services at Fanshawe College in London, Ontario, who participated in the panel. “By providing the structure and framework for how to create a financial plan, we’re giving financial planners a tool that will not only increase their professionalism, but also benefit their clients.”
As the global standards-setting body for financial planning, FPSB works with its 23 member organizations around the world so that consumers receive consistent, high-quality financial planning advice. FPSB’s vision is to gain recognition for financial planning as a distinct professional practice, similar to law, medicine or accounting.
“Consumers around the world have common needs,” said John Green, a panel member who also serves as professional services manager for the Financial Planning Association of Australia. “People have concerns about education for their children, as well as for their own retirement and financial security. By developing guidance for how to write a viable financial plan, FPSB is building the profession’s body of knowledge to help financial planners satisfy the needs of clients everywhere.”
In addition, to Oosthuizen, Lynch and Green, panel members at the meeting included Lucy Courtenay, education director the Institute of Financial Planning in the U.K.; Paul Grimes, CFP, chief executive officer of FPSB Ireland and a consultant and lecturer at University College Dublin, Ireland; Ralph Jakob, Ph.D., CFP, CEP, CFEP, academic director of the Private Finance Institute, European Business School, International University Schloss Reichartshausen in Germany; Mark Kordes, chairperson of CFP Board’s Council on Education in the U.S.; and Kyra Morris, CFP, president of Morris Financial Concepts and founder of a U.S. residency program for financial planners.
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 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.
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