CERTIFIED FINANCIAL PLANNER professionals may become certified to use the CFP Marks in more than one territory by obtaining CFP certification from the FPSB Member in the new territory. Those Individuals must abide by the certification renewal requirements of FPSB Members in both the home and new territories. Use the form below to determine what the across-border certification requirements are in your territory:
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Welcome to the global gathering place for the financial planning profession
Philipp E. Ross published in August 2006 a study in Scientific American named “The Expert Mind” which pointed out that to achieve a state of full expertise in a particular subject one needs 10 years of experience.
Before that, in 1993 the psychologist Anders Ericsson, wrote an article proposing the rule of 10 hours, stating that the stage of excellence can only be achieved after practicing a subject for a such number of years.
Debt accumulation is a cancer to individual wealth and is currently the biggest threat to financial planners. Why? Because before you can do any proactive financial planning with a client, they need to have a positive cash flow.
It has long been a criticism of financial planning that it is focused too far up the wealth scale. Financial planning firms in the US at best only start serving the “mass affluent” (typically defined as $100,000 to $1 million in investment assets), and the elite independent firms often have minimums of one or several million dollars.
The financial planning profession faces a lot of challenges including a general lack of awareness from the public, competing designations that confuse the public, lack of regulation, and people claiming to be “financial planners” when they are not qualified.
As an argument for staying on commission, it’s right up there with ‘But my clients won’t pay fees’. It’s ‘If I move to fees, my older/smaller clients will not be able to afford me’. To translate this, the argument is that ‘I will have to stop looking after them because they will not be profitable enough’.
“Times, they are a’ changing”, goes a song from times gone by. For the financial services industry, the changes have started coming in, fast and thick, since 2008.
The entire financial community was viewed with suspicion, with bankers bearing the brunt, for obvious reasons.
The Institute of Financial Planners of Hong Kong (IFPHK) is proud to host the upcoming Financial Planning Standards Board (FPSB) meeting at The Langham Hong Kong from 22-26 April. The IFPHK and FPSB have committed to putting together a conference week based on past success and the best Hong Kong has to offer to ensure we have a great and productive few days together. This year, much of the focus of discussion will be on growing the financial planning profession around the world.
Financial Planning Standards Board Ltd. owns the marks above outside the U.S.
and permits qualified individuals to use these marks to indicate that they have met FPSB's initial and ongoing certification requirements.
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By Martin Iglesias, CFP
By Cora Pettipas, CFP
By Michael Kitces, CFP
By Taylor Liao, CFP
By Suresh Sadagopan, CFP
By Dennis Lau, IFPHK CEO