CFP Board owns the CFP certification mark. Swiss Financial Planners Organization (SFPO) has exclusive authority in Switzerland to certify individuals who successfully 1 inancial Planning s nternational Standard Nicolas Koechlin CEO SFPO Swiss Financial Planners Organization ICFC Certified Financial Consultants / Capital Bulgarian National Bank Financial Supervisory Commission VEGA-BTD, Bulgaria Conference, October 14, 2005
2 1973 42 CFP Certificants
3 Year-end 2005 > 100 000 CFP Certificants Worldwide
4 By 2010 200,000 CFP Certificants Worldwide
1990 5
6 1992 Japan Association for Financial Planners JAFP
7 1995 United Kingdom Institute of Financial Planning IFP 1996 Canada Financial Planners Standards Council FPSC 1996 New Zealand Financial Planners and Insurance Advisers Association FPIA
8 1997 France Association Française des Conseils en Gestion de Patrimoine Certifiés CGPC 1997 Germany
9 1998 South Africa Financial Planning Institute of South Africa FPI 1998 Singapore Financial Planning Association of Singapore FPAS 1999 Switzerland Swiss Financial Planners Organization SFPO
10 2000 Malaysia Financial Planning Association of Malaysia FPAM 2000 Rep. of Korea 2000 Hong Kong Korea Financial Planner Association KFPA Institute of Financial Planners of Hong Kong IFPHK
11 2001 India Association of Financial Planners AFP 2002 Austria 2002 Brazil Austrian Financial Planners AFP Instituto Brasileiro de Certificação de Professionais Financeiros IBCPF
2003 12
13 Associate Members BELGIUM Association belge des Conseillers en Planification globale de patrimoine Belgische Vereniging van Adviseurs in globale Vermogensplanning (ACP-VAV) BERMUDA Financial Planning Association of Bermuda (FPAB)
Potential Affiliates Asia Pacific Brunei China Indonesia Thailand Macau Philippines Caribbean Barbados Middle East Egypt Israel Saudi Arabia United Arab Emirates Euro Zone Greece Ireland Italy The Netherlands Poland Spain Sweden Turkey Bulgaria Russia South America Argentina Colombia Uruguay Venezuela 14
15 Why the interest in financial planning, CFP certification?
16 Drivers of Financial Planning (1) Consumer demand (2) Government regulation (3) Globalization (4) Process not a product
6-Step Financial Planning Process 1. Establishing and defining the client-planner relationship 2. Gathering client data including goals 3. Analyzing 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 17
Consumers who have NOT benefited from working with a financial planner 14% 13% 12% 10% 8% 6% 4% 2% 1% 0% 0% Clients of CFP Certificants 1 3% Clients of non- CFP Certificants 1999, 2002 Certified Financial Planner Board of Standards Consumer Surveys 18
19 Drivers of Financial Planning (1) Consumer demand (2) Government regulation (3) Globalization (4) Process not a product (5) National & International financial services company support
20 International Support for the CFP Certification AXA Financial Services American Express Financial Advisors Charles Schwab Prudential Securities John Hancock UBS INVESCO Fidelity Credit Suisse Merrill Lynch Deutsche Bank HSBC
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23 International CFP Certification Program To benefit the clients and potential clients of financial planners by establishing, upholding and promoting worldwide professional standards in financial planning.
24 Worldwide Financial Planning Standards The Four Es Initial & Continuing Education Examination Experience Ethics & Practice Standards
25 Cross-Border Agreements Cooperative Policies
26 Awareness of Benefits of Financial Planning CFP, widely considered the gold standard for those who give financial advice. USA Today, January 24, 2004
27 Benefits of CFP Certification Expertise, credibility instantly communicated Career, earnings opportunities enhanced Clients are more satisfied Forefront of an evolving profession Prestige of meeting the international standard for professional financial planning
28 FPSB Activities Global engagement Unified CFP program Assistance of affiliated organizations Global standard setting Protection of trademarks Cooperation with local regulators Fundraising New affiliations
29 Future One global brand Global education program Different levels in financial planning Enforced protection of the consumers True partner to the financial industry Assistance to local regulators
30 Thank you! Nicolas Koechlin Krneta Partner Münzgraben 6 CH 3000 Bern 7 +41 31 326-2728 +41 31 326-2729 +41 79 434-1127 koechlin@krneta-partner.ch www.krneta-partner.ch