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Welcome to the global gathering place for the financial planning profession
The FPA in Australia reports that CFP professionals account for over 35% of the planner population but less than 2% of ASIC enforcement activity. This correlation is pleasantly surprising, but it doesn’t prove that CFP professionals have done everything they can for financial consumer protection. Continue reading Financial Consumer Protection: Changing Our Perspective
A financial plan is the main outcome of a CFP professional‘s services. CFP professionals pay attention to the financial plan’s quality and quantity, to ensure their value is recognized by the client.Some plans end up being the size of a small book, having tables, figures, statistics, references, and appendices in them. Continue reading How To Write Effective Financial Plans
South Korea’s suitability principle was established by the Financial Investment Services and Capital Markets Act, which was enacted in August 2007, and implemented in February 2009. The new principle calls for investors to be classified into ordinary or professional investors, and requires that investment recommendations are deemed suitable for an ordinary investor in light of his or her investment purpose, status of property and experience. Continue reading The Evolution of Suitability Principles
The topic that has newly emerged, in the aftermath of the global financial crisis that swept the world in 2008, is financial consumer protection. Korea received a lot of attention from the world over this topic, when the 2010 G20 Summit Meeting in Seoul adopted financial consumer protection as part of the agenda for the next meeting. Continue reading The Impact of the Consumer Protection Act
I didn’t know anything about life insurance until I began working for a life insurance company in1986. After I did the company training course, which involved me going to the Korea Insurance Institute, I became aware of the importance of insurance, and especially life insurance. Continue reading My Financial Planning Career Has Only One “License”: CFP Certification
An outsider would think that numbers are everything to financial planners. The number of clients they have and the size of their asset fund are examples of metrics for financial planners. Financial planners choose clients based on their income and assets. Continue reading Financial Planning is More Than Numbers
Ronald F. Duska and Julie Anne Ragatz cite seven components for a professional job: a body of technical subject matter, academic study, entrance barriers, independence, public recognition, professional societies, and a code of ethics. The CFP designation that started in the United States, in 1969, can be called a profession, as it satisfies all of these seven elements. Continue reading Pro Bono Publico: Financial Planning for Everyone
On March 9, 2012, a public hearing was held, in the Republic of Korea National Assembly Lawmakers’ Hall, over a legislation on financial consumer protection. It is uncertain, due to the General Election on April 11, whether this act will pass before April, or have to wait until the next Assembly Session, to do so. Regardless of the timing of the act’s passage, however, financial planners, in Korea’s financial product advisory profession, have a lot to feel thrilled about. Continue reading Financial Service Compensation Models Learned from William Shakespeare |
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By Sunho Kim, CFP