Standards To Support Financial Planner Professionalism

The concept of financial planning as a distinct professional practice got its start in the United States in the early 1970s with the introduction of the CERTIFIED FINANCIAL PLANNER certification program. Since then, the global financial planning community has grown to encompass practitioners around the world who work in many disciplines, including banking, insurance, independent advisory services, securities and law. Within those sectors, financial planning professionals work in a variety of capacities and in organizations that range from boutique practices to multi-national firms employing thousands.

The practice of financial planning has not only grown significantly since its beginnings – it has had to change and adapt as the needs of consumers in various territories and regions change; as products, markets and regulatory/legislative environments evolve; and as financial planners develop new approaches and solutions to help their clients reach their financial and life goals. In response, FPSB has a global financial planning standards framework that includes:

  • Competency and Education standards that describe the abilities, skills, attitudes, judgments and knowledge that a financial planning professional draws on when working with clients in financial planning engagements;
  • Ethics standards that provide guidance to financial planning professionals on appropriate and acceptable professional behavior and judgment when delivering financial planning advice to clients, as well as responsibilities to the public, clients, colleagues, employers and the profession;
  • Practice standards that establish the level of practice expected of a financial planning professional engaged in the delivery of financial planning to a client; establish norms of professional practice and allow for consistent delivery of financial planning by financial planning professionals; and clarify the respective roles and responsibilities of financial planning professionals and their clients in financial planning engagements.

Each of the featured booklets explains FPSB’s professional standards in greater detail.

 
 
 
  • Competency

    FPSB’s Competency Profile:

    FPSB’s Competency Profile: FPSB’s Competency Profile is a comprehensive analysis that describes the abilities, skills and knowledge that a financial planning professional draws on when working with clients in financial planning engagements.

     

     

    Financial Planner Competency Profile (PDF)

  • Education

    FPSB-educationFPSB’s Financial Planning Education Framework:

    FPSB developed learning outcomes and content for its Financial Planning Education Framework that relate to the competencies, skills and knowledge needed to practice financial planning (described in FPSB’s Financial Planner Competency Profile). FPSB encourages educators to be directed by the actual practice of financial planning when developing financial planning curricula, so that students develop thinking and capabilities that prepare them to practice as competent financial planning professionals.

    Financial Planning Education Framework (PDF)

  • Ethics

    FPSB-ethicsFPSB’s Code of Ethics:

    FPSB’s Financial Planner Code of Ethics and Professional Responsibility sets out eight aspirational principles that express in general terms the professional and ethical behavior that financial planning professionals should adhere to in their professional activities.

     

    Financial Planner Code of Ethics and Professional Responsibility (PDF)

  • Practice Standards

    FPSB-practice-standardsFPSB’s Financial Planning Practice Standards:

    FPSB’s Financial Planning Practice Standards establish the level of practice expected of a financial planning professional engaged in the delivery of financial planning to a client; establish norms of professional practice; clarify the respective roles and responsibilities of financial planning professionals and their clients in financial planning engagements; and enhance the value of the financial planning process.

     

    Financial Planning Practice Standards (PDF)