The research, being undertaken by MYMAVINS, will be launched during Financial Planning Week and will look at the quality of life, financial confidence and financial satisfaction of those who receive financial advice and those who don’t.

Financial Planning Week will also coincide with the seventh annual World Financial Planning Day on 5 October, hosted by the global Financial Planning Standards Board Ltd (FPSB) which runs and owns of the CERTIFIED FINANCIAL PLANNER® certification program outside the United States.

Sarah Abood, CEO of the FPA, says Financial Planning Week is designed to raise awareness of the value of financial planning and having a financial plan.

“The FPA has developed a toolkit for its members to help them promote the week and the value of their own services and expertise.

“We encourage our members, and all financial planners, to take part in the conversations that will be taking place throughout Financial Planning Week, and help spread the message that a financial plan gives Australians the confidence to get through today and prepare for the future, no matter what life throws at you,” she says.

“During a time of global economic uncertainty, people may feel vulnerable and concerned about their finances and their futures,” said FPSB CEO Noel Maye.

“World Financial Planning Day provides the global financial planning profession with the opportunity to educate the public about financial matters, and demonstrate how financial planners who have committed to putting clients’ interests first, like CFP® professionals, can help people navigate complex financial decisions to live their today and plan their tomorrow.”

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Noel Maye

The number of CERTIFIED FINANCIAL PLANNER® (CFP®) professionals worldwide has grown to 203,312 (as at 31 December 2021), an increase of 5.5 per cent during the course of the year.

 This is double the rate of 2020 (2.5 per cent) and is also the first time the number of CFP professionals has surpassed 200,000. 

Australia was the first country outside the USA to offer the CFP designation, and the Financial Planning Association of Australia (FPA) is the only certification body for the CFP mark in Australia. During 2021, the FPA welcomed 164 new CFP professionals, making a total of 4,966 CFP professionals in Australia.

Sarah Abood, CEO of the FPA, said the CFP certification is the global standard of excellence for financial planners, meeting extensive training and experience requirements, and committing to the highest ethical standards.

“CFP certification reflects a commitment to excellence in financial planning.

“It is particularly pleasing to see that financial planners continue to recognise the value of the CFP certification and dedicate themselves to education excellence, despite the challenges they have been facing over the past few years. 

“We have proudly welcomed 164 new CFP professionals in 2021 which is a very positive sign for our profession.  Overall, CFP professional numbers in Australia have dropped slightly in the past year, but this number has only fallen by four per cent compared to 11 per cent drop in financial planners broadly across the profession,” says Ms Abood

“CFP professionals have been growing proportionally and now make up 55 per cent of our practitioner members.”

The CFP Certification Program is now embedded into the Master of Financial Planning courses offered by four universities across Australia, allowing students to complete both a qualification and a designation simultaneously.

“We have also welcomed a number of new students as part of the Professional Year (PY) program where entrants are using the CFP Certification Program to meet their compulsory education requirements for the PY,” says Ms Abood.

“It is encouraging to see a growing number of members undertaking the CFP Certification Program, as it highlights the ongoing professionalism of financial planning in Australia as well as a commitment to education standards.”

The CFP Certification Program globally is managed by the Financial Planning Standard Board (FPSB) and currently runs in 27 countries.

“We’re pleased to report that, despite the COVID-19 pandemic, momentum in the global growth of CFP professionals remains strong, and is increasing,” says FPSB CEO Noel Maye.

“Last year, the number of CFP professionals reached the highest ever, with growth from emerging, developing and mature markets demonstrating the broad appeal of financial planning and CFP certification worldwide.

“Doubling the number of CFP professionals globally since FPSB’s creation in 2004 and increasing the number of CFP professionals ten-fold since CFP certification first went international in 1990 is a tremendous accomplishment,” added Maye.

FPSB manages, develops and operates certification, education and related programs to benefit the global community by establishing, upholding and promoting worldwide professional standards in financial planning.

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FPA to host international speakers for congress.

International leaders will address attendees at the Financial Planning Association’s (FPA) inaugural Professionals Congress (17-18 October) this year.

Mark Rantall, CEO of the FPA, will be joined by a distinguished panel of international and local financial planning professionals in a Leadership Panel at the FPA event. Panellists include ASIC Deputy Chair Peter Kell, FPSB Chair Steve Helmich, FPSB USA CEO Noel Maye and FPSB UK Director Barry Horner.

The international leaders are addressing the professional community ahead of the Financial Planning Standards Board (FPSB) meeting that will take place in Australia for the first time.

Mark Rantall, CEO of the FPA said: “The FPA Professionals Congress is an occasion not only to celebrate the largest community of financial planners in Australia but also the broader global community to which we all belong. It is an invaluable opportunity for Australian financial planners to share our successes and to learn from the insights and developments in our profession overseas.

“Our profession has been through a period of tremendous change in recent years and has made significant strides in advancing the global standing of the profession. In designing the program for the Professionals Congress we aim to equip our members with the tools to continue this journey of professionalism – and that includes bringing them some of the best global leaders who share this goal.

“The FPA is looking forward to hosting international leaders at our Professional Congress and the Financial Planning Standards Board in Australia this year. Our involvement in the global meeting provides our members with insight and also reminds us of the great work we have done towards achieving our professional status.”

Registrations for the Professionals Congress to date are more than double the amount seen at the FPA’s 2011 conference.

The Congress program has been developed to provide support and information to members in all aspects of providing advice, with streams covering Technical, Best Practice, Personal Development and Leadership. Some of the specific topics will include: Estate planning strategy, building sustainable leadership, practice valuations post-FoFA and consumer sales and marketing, among others.

Rantall said: “We are heartened by the strong response we’ve seen so far from members as it signals that the program has done what it set out to, which is position our members with the guidance and information they most need in their businesses.”

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