SOURCE : Financial Planning Standards Board India
Q. What skill sets are required of a CFPCM practitioner?
The best financial planners have two vital skills - people skills and analytical skills. If you have good counselling skills and are driven by a genuine desire to help other people, then financial planning offers a good career. You need to fulfil a mandatory requirement of three years’ work experience in the field of financial services that tests your counseling skills to become a CFPCM practitioner. Financial planners also take a ‘big picture’ approach to their clients’ finances. The ability to synthesise information and not ‘miss the forest for the trees’ is a part of the financial planner’s analytical skills.
Q. Educational Qualification.
Though a candidate with any background can strive for the CFPCM certification, it has been noticed that candidates with a background in accountancy, law, insurance, finance, investment and taxation stand a better chance at being successful financial planners.
Q. What is unique in career as a CFPCM Certificant ?
FPSB India is a group of 49 charter member's organization in the personal financial Services industry who have come together to promote the financial planning education and profession in India.
CFPCM certificants always get priority in recruitment in the charter member companies and other institutions..
Job satisfaction, career opportunities, challenge, personal and professional growth and an income that allows you to follow your dreams...
A career in Financial Planning offers all the above and something extra: the ability to help people from all walks of life, fulfill their life goals through the sound financial advice/ plan.
A career in Financial Planning will help a student to choose to be a part of one of India's most dynamic and fastest growing professions in the financial services industry.
Choosing a career in Financial Planning is not about dealing with numbers but it involves dealing with people, working with their goals, and means of achieving those goals.
Financial Planning strives to help Financial Planner build trust and long term relationships with people to whom he would be offering Financial Planning advice. It helps Financial Planner to find out about their needs and goals and create comprehensive financial strategies to help them achieve those goals.
Q1. What does a financial planner do?
A financial planner determines the client’s short, medium and long term aspirations, then develop and apply the plan agreed upon. Together the financial planner and the client will review the plan at least once a year and revise it if need exists.
All practicing CFPCM Certificants use a six-step process to help their clients take an overall view of where they are and where they want to be financially.
Using this process, a financial planner can help his clients work out what needs to be done and where they want to be financially on the following lines:
1. Establishing and defining the client-planner relationship.
2. Gathering client data, including goals.
3. Analysing and evaluating the client’s financial status.
4. Developing and presenting financial planning recommendations and/or alternatives.
5. Implementing the financial planning recommendations.
6. Monitoring the financial planning recommendations.
Q2. What specific services does a financial planner provide?
A financial planner can offer general wealth-creation advice and assistance across all financial markets or specialise in areas such as:
1. Retirement Planning.
2. Superannuation.
3. Estate Planning.
4. Small Business Financial Management and Planning.
5. Trusts.
6. Tax.
7. Stock Broking and Investments.
8. Debt and Risk Management.
Q3. What are the distinctive qualities of a Financial Planner?
The best Financial Planners have two vital skills - people skills and analytical skills. If you have good counseling skills and are driven by a genuine desire to help other people, Financial Planning offers a good career option. You need to fulfill a mandatory requirement of being a graduate in
any subject and three years' work experience in field of financial services by the time you pass all the examinations.
Financial Planners also need ability to take a 'big picture' approach to their clients' finances. The ability to synthesize information and not miss the forest for the trees is part of the Financial Planner's analytical skills.
Though a candidate with any background can strive for the CFPCM Certification , and world wide a wide variety of Professionals have become
very successful CFPCM Certificants, it has been noticed that candidates with a background in the following areas stand a better chance at being successful Financial Planners:
• Counseling
• Accountancy
• Law
• Insurance
• Investments
• Finance
• Taxation
Q4. What are CFPCM marks ?
The Certified Financial PlannerCM, CFPCM marks are reserved for those FPSB members who have qualifications and experience attesting to their expertise in financial Services. It is the highest level of professional endorsement offered by the FPSB and carries international recognition.
Q5. How do I become a Financial Planner?
The FPSBI offers the highest Financial Planning credential called the Certified Financial PlannerCFPCM. The CFPCM Certification is one of the most prestigious qualifications within the Financial Planning industry and can be obtained in India only through the FPSB India. To be eligible for CFPCM Certification, you must meet the mandatory requirements and complete the CFPCM Certification education program through a FPSBI recognized education provider.
Q6. How does CFPCM certificants course help me in me in profession?
The CFPCM Certification is designed to provide you with a sound understanding of the process of Financial Planning, together with fundamental skills and knowledge required in professional practice. Offered as a distance-learning course currently, through FPSBI recognized educational providers, the CFPCM Certificantion Education program covers the following modules:
Module 1: Introduction to Financial Planning
Module2: Risk Analysis and Insurance Planning
Module 3: Retirement Planning and Employee Benefits
Module 4: Investment Planning
Module5: Tax Planning and Estate Planning
Module6: Advanced Financial Planning The course materials are written by leading industry practitioners and are reviewed each semester to ensure that the curriculum is up-to-date and relevant to those working in the Financial Planning industry.
Q7. Where would I work as a Financial Planner?
Financial Planners often choose to establish their own Financial Planning practice either by themselves or together with other planners. However a large number of opportunities are also available at:
• Banks
• Financial Planning organizations
• Life insurance companies
• Accounting or law firms
• Accounting or law firms
• Stocks and securities brokers
• Funds managers
• Credit counseling organizations
• Large companies to look after employee benefits
Q8. What could I expect to earn and how are Planners paid?
This industry offers great financial security. Financial Planners are among the highest paid professionals abroad. Financial Planners earn income in a variety of ways:
• Fees charged to the client based on an hourly rate, a flat rate per plan, a percentage of the value of the client's assets and / or income or a combination of these methods.
• Commissions from investment or insurance companies for product sold as the plan is implemented.
• A combination of fees and commissions.
• Salary for those employed by financial organizations or other institutions. Whatever the method of payment, practicing members of the Financial Planning Standard Board must disclose their method and source of income to their clients according to the Rules of Professional Conduct.
Q9. How can I learn more about becoming a Financial Planner?
Start by contacting the Financial Planning Standard Board . A person can go through all the information provided online. After talking with practising Financial Planners or career advisors and learning more about working as a Financial Planner, one would definitely want to be a part of this dynamic, knowledge based industry with an exciting and rewarding career.
Q10. What is Continuous Education (CE)?
Once Certified, CFPCM Certificant must fulfill the Continuing Education (CE) requirement to stay current on Financial Planning strategies, products and trends affecting their clients.A CFPCM Certificant is required to earn 15 points in a year.
Q11. What are the Approved CE Programs?
Continuing Education (CE) plays a vital role in the CFPCM Certificant’s pursuit of on-going professional competence. Recognizing the importance of staying proficient in an ever-changing industry, Financial Planning Standards Board India (FPSB India) has made continuing education one of the requirements for continued use of CFPCM Certification Mark. Find the complete list of Approved CE Activities / Points
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