How FPSB Sets Standards

FPSB’s global framework of financial planning standards are developed via an extensive, six-step consultative process that involves expert working group members consisting of academicians, certification specialists, practicing financial planners and published authors on the subject of financial planning, along with financial planning member bodies representing more than 126,000 CFP professionals from around the world.

1. Identify Standard Need
FPSB determines if a new standard is needed or an existing standard needs to be updated. FPSB’s Board of Directors and Council then review the request for a proposed standard and provide initial feedback.  FPSB takes the opinions of CFP professionals, FPSB Members, consumers and other stakeholders into consideration.



2.  Form Working Group
FPSB identifies the top skilled professionals and financial planning experts who represent stakeholders’ interests from around the world, and issues an invitation to participate in a working group. Aside from any FPSB staff that may join the group, working group participation is voluntary.


3. Create Draft Standard

The working group outlines the standard scope and writes a draft standard. Broad review and debate of the standard is encouraged during this stage. 



4. Comment Period

The draft standard is reviewed, revised and approved by FPSB Members, staff and FPSB’s Certification Committee.  A sub committee of FPSB, the Certification Committee:

• Develops, maintains and modifies competency, ethics and practice standards for the global financial planning profession;

• Monitors trends in applying/adapting FPSB’s standards and certification requirements; and

• Advises FPSB’s Board of Directors about the impact of proposed changes to any FPSB standards or certification requirements and any implementation issues among stakeholders.


5. Refine Draft Standard
The draft standard is sent to FPSB Members for a 60-day review and feedback period.  FPSB Members ensure that the standard is applicable and fits within regulatory requirements of their individual territories.  FPSB staff or working group members edit the standard based on member feedback.  The Certification Committee reviews and approves the final draft standard.



6. Standard Approval

The standard goes before FPSB’s Board of Directors for approval.  The FPSB Council ratifies the Board’s decision, and the standard is approved and published.