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FPSB Releases Global Position Paper on Financial Planning Profession - Celebrating its five-year anniversary on 1 December, Financial Planning Standards Board Ltd (FPSB) released a global position paper, “The State of the Financial Planning Profession in the ‘Post-Trust’ Era”
FPSB Releases Global Position Paper on Financial Planning Profession

 

NewswireToday - /newswire/ - Denver, CO, United States, 2009/12/01 - Celebrating its five-year anniversary on 1 December, Financial Planning Standards Board Ltd (FPSB) released a global position paper, “The State of the Financial Planning Profession in the ‘Post-Trust’ Era”.

   
 
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The 21-page position paper, available for download at FPSB's website, examines the drivers that have contributed to interest in and demand for financial planning globally and financial planning’s evolution as a recognized profession around the world. The paper highlights several issues that need to be addressed to establish financial planning as a distinct professional practice that benefits consumers globally.

“The need for advice from competent and ethical financial planners who put their clients’ interests first has never been greater,” said Stephen O’Connor, CFP, 2009 FPSB Board chairperson. “On its five-year anniversary, FPSB seeks to initiate a global conversation about the state of the financial planning profession around the world, and to discuss what FPSB and our stakeholders need to accomplish to ensure consumers value and benefit from financial planning delivered by qualified professionals.”

The “State of the Financial Planning Profession in the ‘Post-Trust’ Era” paper highlights how consumer demand, shifting firm practices, regulatory initiatives and globalization have shaped the emerging financial planning profession and driven growth of CFP certification globally. In analyzing the stage of evolution of the financial planning profession, FPSB’s position paper discusses the problems caused by inconsistent definitions of the terms “financial planning” and “financial planner,” and reviews some of the barriers to consumers recognizing financial planning as a distinct professional practice.

“As the international standards-setting organization for financial planning, FPSB’s mission is to establish global standards and a professional framework for the practice of financial planning,” said Noel Maye, FPSB CEO. “For financial planning to gain worldwide recognition as a profession and for members of the public to receive appropriate standards of care in financial planning engagements, FPSB needs to engage regulators, consumer groups, educators, financial services firms and the global financial planning community in discussing and introducing programs and practices consistent with those of established professions such as law, medicine and accounting.”

Following the release of its global position paper on the state of the financial planning profession, FPSB plans to engage global stakeholders in discussions on topics ranging from: compensation and conflicts of interest; standards of care for financial planning clients; title protection for those holding out as financial planners; pathways to financial planner professionalism; financial literacy and consumer outreach efforts; and building trust in the aftermath of the global financial crisis.

About FPSB
Celebrating its five-year anniversary on 1 December 2009, FPSB (fpsb.org) 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.

With more than 120,000 CFP professionals worldwide, 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.

CFP Certification Global excellence in financial planning.

 
 
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Written by / Agency / Source: Financial Planning Standards Board Ltd

 
 

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FPSB Releases Global Position Paper on Financial Planning Profession

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Publisher Contact: Alicia Olson - FPSB.org 
720-917-0960 aolson[.]fpsb.org
 
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