FPSB Convenes International Panel to Develop Guidance for Evaluating the Work Experience of Entrants to the Financial Planning Profession
DENVER – 12 March 2010 – Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, Certified Financial Planner and CFP Logo marks outside the United States, held a two-day meeting for financial planning academic, practitioner and certification specialists to develop guidance documents to assist certifying bodies in evaluating the work experience of candidates for financial planner certification worldwide. The six-member panel, consisting of representatives from China, Germany, Japan, New Zealand and South Africa, was tasked with developing a framework to evaluate a candidate’s portfolio of work experience for financial planner certification. Additionally, the Panel discussed methodologies to support a supervised work experience component for those seeking to be recognized as financial planning professionals.
“FPSB’s commitment to establishing rigorous standards for the global financial planning profession was highlighted by the introduction of a portfolio requirement within its Financial Planner Assessment Framework and a supervised work experience option within its Financial Planner Experience Requirement,” said Wessel Oosthuizen, CFP, Panel Chairperson and director of the Centre for Financial Planning Law at the University of the Free State in South Africa. “By end of 2010, FPSB’s goal is to develop guidance documents and templates for practitioners, employers, educators and certification bodies that will support a robust evaluation of independent and supervised work experience for entrants to the field of financial planning, consistent with approaches taken by more established professions.”
In addition to Oosthuizen, participants on the FPSB Panel included:
• Dr. Ralph Jakob, CFP, CEP, CFEP, academic director of the Private Finance Institute, European Business School, International University Schloss Reichartshausen in Germany;
• Michimasa Minami, who is responsible for implementing global standards for CFP certification at the Japan Association for Financial Planners;
• Nasrat Edoo Sirkissoon, CFP, senior manager of training and development at Sanlam, a leading financial services group in South Africa;
• Nigel Tate, CFP, a practicing financial planner who is chair of the professional development committee of the Institute of Financial Advisers in New Zealand; and
• Hong Xue, CFA, chief executive officer of FPSB China Ltd.
Through conference calls and in-person meetings over the first half of 2010, the FPSB Panel will develop a draft Financial Planner Supervision and Portfolio Framework and Model Supervision Program Processes and Procedures For Financial Planners, together with related guidance documents for practitioners, employers, educators and certification bodies. The draft documents developed by the Panel will be distributed for comment to FPSB member organizations in 23 territories around the world, as well as to other FPSB stakeholders. The Panel expects to publish final draft documents for a 60-day exposure period in July or August this year, and FPSB hopes to approve final documents at its global meeting in Seoul, Republic of Korea, in October 2010.
“FPSB is committed to developing standards for the global financial planning profession by relying on the expertise of financial planning experts from around the world and by seeking stakeholder input during the standards development process,” said Noel Maye, FPSB CEO. “We invite FPSB stakeholders to comment on our standards and guidance documents so that we can ensure they are meaningful for the marketplace and set at an appropriate level for the professional practice of financial planning.”
Established in 2004, FPSB’s vision is to establish financial planning as a global profession, with the CFP marks as its symbol of excellence. FPSB enforces its certification standards through its network of 23 nonprofit standards-setting organizations around the world. The global number of CFP professionals topped 126,000 by year-end 2009.
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. Territories where FPSB has a nonprofit member organization include: Australia, Austria, Brazil, Canada, Chinese Taipei, 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. For more, visit fpsb.org.
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