CERTIFIED FINANCIAL PLANNER PROFESSIONALS RANK “ACTING IN CLIENTS’ BEST INTEREST" AMONG MOST IMPORTANT TASKS IN GLOBAL STUDYOver 11,000 CFP Professionals Benchmark Practice of Financial Planning Worldwide
WASHINGTON, D.C. – 3 November 2011 – Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP logo trademarks outside the United States, released “The Global Practice of Financial Planning,” a research report on a ground-breaking global study on the practice of financial planning, at its semi-annual meeting in Washington D.C. today. Survey results from 11,147 CERTIFIED FINANCIAL PLANNER professionals in 11 FPSB territories reveal that compliance with relevant laws and regulations, adherence to an ethical code and acting in the best interest of the client in providing professional services are the most important tasks in the practice of financial planning.
“FPSB’s research shows that CFP professionals’ practices and principles align with the interests of clients, which should provide confidence to those seeking expert advice on their financial and life goals,” said FPSB CEO Noel Maye. “At FPSB, we work to benefit consumers by establishing, upholding and promoting worldwide professional standards for the financial planning profession. The feedback we received from CFP professionals around the globe indicates that they have embraced a commitment to ethical behavior and to establishing relationships of trust when working with clients.”
From November 2009 through March 2011, FPSB member organizations in 11 territories administered a localized version of FPSB’s Financial Planner Job Analysis Questionnaire to 38,294 CFP professionals and received a total response rate of 29 percent, or 11,147 responses. FPSB compiled the results of the research into a global job analysis study report, the first research of its kind that provides a benchmark for understanding the practice of financial planning worldwide. To download a report, go to http://www.fpsb.org/component/content/article/326.html.
The primary goal of FPSB’s job analysis survey was to identify the applicability, importance and frequency of the tasks, skills and knowledge required to practice financial planning. Using the research findings, FPSB has been able to validate the standards and requirements for the global CFP certification program and develop a global set of test specifications to guide the development of CFP certification exams and education courses. Additionally, the study helps FPSB understand current practices and expectations within the financial planning profession, which will guide FPSB member organizations on their training, certification and professional development efforts.
In gathering the research, FPSB was able to develop a global profile of the CERTIFIED FINANCIAL PLANNER professional community. Although significant variation exists among territories, the average CFP professional appears to be male, aged 35 to 54 years, with a high level of education, at least six years’ of experience in financial services, working in a firm with 50 or more employees and with over 100 clients, and who received CFP certification within the last five years. The territory-specific demographic results of the study reveal gaps in certain demographic niches, identifying opportunities for FPSB member organizations in those markets to attract younger candidates or more women to financial planning.
“FPSB and FPSB member organizations will use the data gathered from our global research to strengthen the relevancy and impact of the global CFP certification program, and track our progress towards establishing financial planning as a recognized global profession,” added Maye. “FPSB will update the findings on a regular basis as more FPSB member organizations conduct territory-specific research, thereby deepening our understanding of the actual practice of financial planning worldwide.”
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. FPSB has a nonprofit member organization in the following 24 territories: Australia, Austria, Brazil, Canada, Chinese Taipei, Colombia, 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. By year-end 2011, FPSB expects approximately 140,000 individuals to hold the CFP certification worldwide. For more, visit fpsb.org. Follow FPSB at twitter.com/fpsb or facebook.com/fpsb1.
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