Becoming a CFP Professional
Almost a decade ago, financial planners were almost unheard of. With Malaysians becoming more affluent, the demand for the service of financial planners is growing rapidly. People these days have more sophisticated demands. They are no longer satisfied with simple investment planning, and are seeking out financial planners not only to manage their wealth but also to extend their kitty while maintaining or improving their lifestyle.
Who Should Be a CFP Professional?
If you are an individual involved in Personal Financial Services (PFS) such as financial planning, retail banking, unit trust, insurance, estate planning and wealth management, having the CFP credential will enhance your professional status among your peers. Consumers view CFP certification as an indication of a qualified and trustworthy personal financial planner or financial services professional.
What Is Financial Planning?
Financial Planning is the process of meeting an individual's life goals through the proper management of his finances. Life goals can include buying a home, going for vacations, saving for a child's education or planning for retirement. A financial planner is someone who uses the financial planning process to draw-up a plan with an objective to meet your life goals.
Why CFP Certification?
1. Global Recognition
An international qualification which is recognized by consumers around the world.
2. Recognition by Industry Regulators
Recognized by the industry regulators for licensing as financial planners and financial advisers.
3. Knowledge and Competencies
Equips you with the body of knowledge and competencies to enable you to holistically plan, advise and recommend the most appropriate products and services to your clients.
4. Career enhancement
Enhance your career development opportunities. Increasingly, bank and other financial institutions make the CFP certification a requirement for staff in personal financial services.
5. Satisfied clients
As clients become more sophisticated they will be interested in a wider range of products and services. They will be better served by the CFP professionals who are well equipped with the body of knowledge and competencies.
Based on a research conducted in the US, clients of CFP practitioners are more satisfied than the clients of other financial advisers and are interested in a broader range of financial advice.
6. International Community
As a CFP professional you will be part of an international community of elite financial professionals who are committed to you.
Recognition of CFP by Bank Negara for Financial Adviser License Application
Bank Negara has recognized the CFP qualification as a prerequisite for application of the Financial Adviser's license. Prior to this, Modules 1 and 2 of the CFP certification program had been recognized by Bank Negara for the purpose of complying with the requirement that all life insurance agents of more than one year need to attend these modules.
The latest recognition by Bank Negara is a further testament of the standard of the CFP qualification and its credo of the "Highest Standard in Financial Planning". Earlier, CFP was already recognized by Securities Commission as a prerequisite for application of the Investment Adviser's license.
The CFP Certification Program
The CFP certification program revolves around '4Es' – Education, Examination, Experience & Ethics – which are the cornerstones of the profession. The CFP certification course consists of 6 modules with 40 hours of classroom based lecture per module followed by examinations. Candidates who have completed the AFPM program (Module 1) will go through only the last 5 modules. Shortest time frame to complete the program is 18 months. Candidates taking the AFPM of CFP certification will be required to first be Trade Members of the Financial Planning Association of Malaysia (FPAM).
The CFP Certification Curriculum
The CFP Certification Curriculum has been developed collaboratively between the international Financial Planning Standards Board and Financial Planning Association of Malaysia (FPAM). It has a core body of subjects that are relevant with the necessary depth and breadth that professionals in the PFS industry are expected to meet; at the same time country specific requirements are incorporated into the curriculum.
The program comprises six modules:
* The shortest time frame to complete the program is 18 month
Profile of CFP Certificants by Industry
Globally Recognized, Locally Supported
Other Benefits of the CFP Mark
The AFPM Qualifications
Candidates will be pleased to note that the successful completion of Module 1 will entitle them to carry the designation of AFPM (Associate Financial Planner, Malaysia) which is recognized by the Securities Commission. This Module provides an excellent introduction to understanding the often broad and multi-faceted financial requirements of clients and how to address them in an integrated and holistic manner by offering comprehensive solutions. AFPM holders who pass an additional module are also eligible for internship program under licensed financial planners.
RECOGNITION OF CFP QUALIFICATION IN MALAYSIA