towards a profession cary list evp and coo financial planners standards council …. the cfp...
TRANSCRIPT
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Towards a Profession
Cary ListEVP and COOFinancial Planners Standards Council
…. The CFP Yesterday, Today and Tomorrow
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Towards a Profession
Today’s discussion: What makes a profession? Does financial planning meet the test? Should the CFP community strive for
recognition as a profession? If so, how do we get there?
….The CFP Yesterday, Today and Tomorrow
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Towards a Profession
What makes a profession a profession?
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Towards a Profession
“A calling, requiring specialized knowledge…including instruction in skills and methods [and the] scholarly principles underlying such skills and methods, maintaining, by force of organization or concerted opinion high standards of achievement and conduct, and committing its members to continued study and to a kind of work which has for its prime purpose the rendering of public service.” 1
1 Webster’s New International Dictionary
A Profession Defined – My Favourite Definition
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Towards a Profession
Is Financial Planning a Calling?• If so, what exactly is the calling that is
financial planning?• More in a few moments
A Profession Defined
One Piece at a Time:
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Towards a Profession
Do CFPs “require specialized knowledge”?• Clearly yes – but is it the “right”
knowledge?• More on this in a few moments too!
A Profession Defined – One Piece at a Time
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Towards a Profession
Instruction in Skills and Methods?• Yes, through FPSC’s rigorous
education program, but…
A Profession Defined – One Piece at a Time
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Towards a Profession
“High standards of achievement and conduct maintained by force of organization and/or concerted opinion?”• Yes, through FPSCs Examination and
Ethics standards, and through enforcement of same
A Profession Defined – One Piece at a Time
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Towards a Profession
Requirement for “continued study”?• Yes, through CE requirements.
A Profession Defined – One Piece at a Time
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Towards a Profession
Are members of the greater CFP community committed to “a kind of work which has for its prime purpose the rendering of public service”?
A Profession Defined – One Piece at a Time
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Towards a Profession
While many CFPs are committed to serving the public good, if it is to be a true profession financial planning must:• Not be seen as solely a marketing tool• Be recognized as serving the public
good
A Profession Defined – One Piece at a Time
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Towards a Profession
Two more key pieces of the puzzle
I. Two key pieces are missing:• At its heart, a profession must include
uniformity and consistency of service• That is, Financial planning is financial
planning is financial planning
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Towards a Profession
II. If a tree falls in the forest….that is, Without:
Public recognition of the CFP Perceived public value Recognition of financial planning as a
public service
Can we really call financial planning a true profession?
Two more key pieces of the puzzle
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Towards a Profession
Where is the CFP Today?• 16,000-strong• Growth exclusively through its
rigorous certification program• 97% annual retention rate• Brand awareness continues to grow• No credible alternative professional
financial planning designation
Before we proceed…
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Towards a Profession
• Commitment of key individuals and organizations to stay the course towards consolidation of “alphabet soup” of designations
• Commitment to highest standards and 4E program
• Commitment to serving the public interest• Commitment of dedicated CFP professionals….But, our work is far from done….
How did we get here?
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Towards a Profession
Recent poll and survey• Very limited provision of comprehensive
financial planning• Very few pay for financial planning service
directly• Most Canadians feel having a financial plan is
at least somewhat important to them, but…• Most don’t have a plan, and…• Of those that do have a plan, most didn’t use
a financial planner to design it!
A little reality check
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Towards a Profession
While most Canadians believe having a financial planning designation is important…• They don’t know what the
designations are! Most believe that financial planning is
regulated, and therefore assume…• “If my advisor’s a financial planner,
he must be qualified!”
A little reality check
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Towards a Profession
Clearly, much work is still needed on: Public understanding of what financial
planning is, let alone the CFP Perceived public value to using a CFP
professional Recognition of financial planning as a
public service
A little reality check
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Towards a Profession
FPSC MISSION
“FPSC benefits the public by leading the evolution of the financial planning profession in Canada through the development, enforcement and promotion of the highest competency and ethical standards in financial planning as identified by individuals who have earned the CFP designation.”
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Towards a Profession
We must:• Define “the calling” that is financial
planning• Ensure that the “specialized
knowledge” is appropriate for the delivery of professional financial planning
• Ensure relevance of the “instruction in skills and methods”
How do we achieve our mission?
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Towards a Profession
We must:• Help establish “concerted opinion”
around standards of achievement, practice and conduct
• Ensure relevance of requirements for “continued study”.
How do we achieve our mission?
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Towards a Profession
We must:• Never lose sight of “rendering of public
service” and the public good by:• Ensuring uniformity and consistency of
service• Continuing to build public awareness about
financial planning and the CFP, and the benefits that financial planning brings to Canadians
How do we achieve our mission?
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Towards a Profession
1. Spread the word2. Define financial planning3. Establish clear standards of practice
for professional financial planners4. Establish extensive, clearly defined
proficiency standards for CFP professionals
Four specific initiatives to help
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Towards a Profession
“If you build it they will come” – or will they?
Thus, FPSC’s Brand Ambassador program• Leverage the message through the
greater CFP community• Get the message out!
1. Spreading the Word
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Towards a Profession
1. What is financial planning?
2. Who can benefit from financial planning?
3. Who are qualified to offer professional financial planning?
4. Where can they learn more? www.cfp-ca.org
Brand Ambassador Program – 4 Key Messages
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Towards a Profession
The Brand Ambassador Program
It’s a heavy load…..
We can’t do it alone!
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Towards a Profession
Until now, we have not had a clear and concise articulation of exactly what financial planning is
How can we expect others to embrace financial planning as a profession if we don’t all speak the same language?
2. Defining Financial Planning
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Towards a Profession
“Financial Planning is the process of creating strategies, considering all relevant aspects of a client’s financial situation, to manage one’s financial affairs to meet life goals.”
Financial Planning Defined
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Towards a Profession
Definition underlies all other projects, including:• Practice Standards• Competency Profile
Financial Planning Defined
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Towards a Profession
What will Practice Standards accomplish?• Help establish “concerted opinion”
around standards of achievement, conduct and delivery
• Ensure uniformity and consistency of service
• Build on the definition of financial planning
3. Establishing Clear Standards of Practice
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Towards a Profession
CFP Practice Standards – the Building Blocks
Identifies what is the expected behaviour of all CFP professionals in all aspects of work
Mandatory for all CFP professionals, but not necessarily specific to the practice of financial planning
Code of Ethics
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Towards a Profession
Lays out what planners should do when performing financial planning
Financial Planning Process
CFP Practice Standards – the Building Blocks
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Towards a Profession
Financial Planning Process
Code of Ethics
CFP Practice Standards – the Building Blocks
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Towards a Profession
Bring together process and Code of Ethics
Serve to ensure consistency and uniformity of practice, while still leaving room for creativity and professional judgement
Assist CFP professionals by providing guidance and clarity
What are CFP Practice Standards?
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Towards a Profession
Apply, at least in part, to both comprehensive financial planning and to components thereof
Some professional judgement involved
Applicability of the CFP Practice Standards
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Towards a Profession
Financial Planning: Includes all components of a
comprehensive financial plan:• Financial Management• Asset Management• Tax Planning• Risk Management• Retirement Planning• Estate Planning
Definition of Financial Planning - Revisited
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Towards a Profession
Financial Management• Strategies and techniques to optimize
short- and mid-term cash flows, assets and liabilities
Asset Management• Strategies and techniques to optimize
returns on assets in consideration of the client's requirements and constraints
Financial Planning Components Defined
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Towards a Profession
Risk Management• Strategies and techniques to manage
exposure to financial risk
Tax Planning• Strategies and techniques to
maximize present value of after-tax family net worth
Financial Planning Components Defined
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Towards a Profession
Retirement Planning• Strategies and techniques for
accumulation of wealth and for withdrawal during retirement years
Estate Planning• Strategies and techniques for
preservation and distribution of accumulated assets
Financial Planning Components Defined
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Towards a Profession
The “applicability” test:
Are the creation of strategies involved?
Are all relevant aspects of the client’s financial situation to be considered?
The CFP Practice Standards
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Towards a Profession
Desired Outcomes
• Clarify expectations, both for CFP professionals and the public
• Result in better-informed public
• Raise confidence in CFP professionals
The CFP Practice Standards
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Towards a Profession
Development began three years ago
10 draft standards were introduced in September 2002
The CFP Practice Standards - Development
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Towards a Profession
Beginning in fall ‘02, focus groups solicited feedback from CFP professionals
Revised draft document in January 2003
Over 30 CFP professionals involved in the creation of the revised draft
The CFP Practice Standards - Development
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Towards a Profession
Revised draft posted on web for comment in January 2003
Dozens of comments analyzed and synthesized into a new revised draft released in September 2003
The CFP Practice Standards - Development
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Towards a Profession
Launch in October 2003
Comments considered until October 31, 2004
Final standards January 2005
Mandatory implementation April 1, 2005
The CFP Practice Standards - Development
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Towards a Profession
New draft late July or early August
www.CFP-CA.ORG
The CFP Practice Standards - Development
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Towards a Profession
Comments received on:• “Modular/Segmented” financial planning• Non-financial-planning activities• General applicability• Nature of engagement letter• Disclosure requirements• Prescriptive versus principled nature of
standards New draft will reflect comments as appropriate
The CFP Practice Standards - Comments
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Towards a Profession
Professional Competency Analysis Project• Re-evaluate the knowledge, skills and abilities
required of CFP professionals• Develop a new competency profile for CFP
professionals• Leads to a new test blueprint• Sets the foundation for new pre-certification
requirements• Lays the groundwork for new CE requirements
4. Establishing Proficiency Standards
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Towards a Profession
First time a “competent financial planning professional” is being defined
Competency be based on performance, not knowledge• “It’s not about what you know, it’s
about what you do”” Based on the clear definition of financial
planning and on the Practice Standards
Establishing new Proficiency Standards - Why?
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Towards a Profession
Provide yet more clarity as to what a CFP professional does, and expectations for competent performance
Better relate the real world of financial planning to Education and Examination
Competency Analysis - Anticipated benefits
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Towards a Profession
Built on the following:• Definition of financial planning • Statements of competency for each of
six financial planning components• Statements of broad-based pervasive
financial planning skills not unique to specific components
Competency Analysis – Building Blocks
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Towards a Profession
As well as:• Statements of professional skills• Specific knowledge required
Together, the competency statements, professional skills, and underlying knowledge form a complete Competency Profile for CFP professionals
Competency Analysis – Building Blocks
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Towards a Profession
Development began in June 2003 Independent Consultants AAC RWG
Competency Analysis – Development
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Towards a Profession
It all came together at AAC met in May 2004 to finalize the framework and the statements of competency
Now it’s the greater CFP community’s opportunity to participate
Competency Analysis – Development
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Towards a Profession
Two surveys released this week and last• Competency• Knowledge
Competency Analysis – Next Steps
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Towards a Profession
Once Competency Profile is validated• New Test Blueprint• New curriculum guidelines and
requirements• New CE guidelines and requirements
Competency Analysis – What next?
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Towards a Profession
The movement towards recognition of financial planning as a profession must continue if we are to meet the needs of the public
Four key initiatives by FPSC are helping to lead the way:• Communication of a clear and concise
definition of financial planning• the Brand Ambassador program• the CFP Practice Standards• the CFP Competency Profile
In summary
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Towards a Profession
One thing is certain:• Through these efforts, and the work
of CFP professionals like you, financial planning will be recognized as a profession and the CFP as the mark of the financial planning professional in Canada
In Summary
![Page 59: Towards a Profession Cary List EVP and COO Financial Planners Standards Council …. The CFP Yesterday, Today and Tomorrow](https://reader035.vdocuments.site/reader035/viewer/2022062621/551c0a48550346b24f8b50a5/html5/thumbnails/59.jpg)
Towards a Profession
Thank You
In Summary
QUESTIONS?