Certified Financial Planner

The Certified Financial Planner (CFP ) ( " certified financial planner " ) is an internationally disseminated certificate that will be awarded at the request of persons who in private financial planning involved professionally and meet the certification requirements. The trademarked term and the globe logo are the property of the Financial Planning Standards Board ( FPSB ) Ltd.. based in Denver, USA.

In 25 countries, the certificate is issued under license by each local organizations in Germany by the Financial Planning Standards Board eV Germany, based in Frankfurt / Main, in Austria by "Austrian Association of Financial Planners " (Austrian Financial Planners - AFP ) and Switzerland by the Swiss Financial Planners Organization ( SFPO ).

Worldwide certified (December 31 2013) 153 376 persons, in Germany there are 1,426 certificate support, in Austria and in Switzerland 308 251

4-E rule

To be CFP certificate support, the candidate has to its suitability based on the " 4-E - rule" document, ie meet the quality criteria in four areas: Education, Examination, Experience, Ethics.

Training requirements (Education)

CFP Certificate carrier must complete an accredited training program successfully from FPSB. In Germany, currently (as of 3/2013 ) approved three programs:

  • " Contact studying financial economics " at the European Business School, Oestrich- angle
  • " Financial Planner " at the Frankfurt School of Finance & Management
  • " Financial Planner [ ] " in MLP Corporate University, Wiesloch

The accreditation requirements of FPSB for CFP- training programs, among other things write the curriculum, the training length and the abzunehmenden tests in detail before. To have at least 600 teaching units of 45 minutes will be taught and 4 written free text examinations shall be of 760 minutes of footage. In addition, provided by FPSB project work has to be managed, while the participants create for a given customer case a written financial plan and argue this before a review panel of the FPSB.

The curriculum framework of FPSB calls about 280 topics that need to be considered in training. These cover the following areas within the private financial planning and interdisciplinary basis from:

Private Financial Planning

  • Concept & Methodology of private financial planning
  • Portfolio Management
  • Pension Management
  • Risk Management
  • Succession Management
  • Loan management
  • Real Estate Management
  • Investment Management
  • Financial planning for business owners budgets
  • Communication

Interdisciplinary foundations

  • Economics
  • Financial Mathematics and Statistics
  • Regulatory and private law
  • Banking and Asset Markets
  • Business Administration
  • Tax law

Education in Austria In Austria, the necessary training to be covered by three training modules offered by the University of Graz, the Bank Academy WIen and ÖPWZ. In addition, a CFP- expert training of the AFP is to be completed.

Central Examination ( Examination)

The central exam for CFP candidates in Germany is a 160 minute written examination free text over eight subject areas, 70 % of the total of 160 points to pass through. The test may be repeated more than twice in the case of non-existence.

Work experience ( Experience)

Candidates for CFP certification must prove at least three years experience in the financial industry, of which at least one year experience as an active private financial planner. As evidence of two real, but anonymous financial plans must be submitted to be tested for compliance with the principles of proper financial planning ( GOF).

Ethical Fitness ( Ethics )

Candidates for CFP certification must prove proper legal reputation, therefore current police certificates, SCHUFA information and Central Trade Register Extracts are checked. With the certification, and the club membership, a CFP certificate carrier submits to the professional ethics of the FPSB.

Professional standards for CFP certificate support

For CFP- certificate support largely uniform professional standards developed by the International FPSB and adopted by the national certification bodies, so also in Germany are global. The professional rules consist of three parts:

  • Practice standard for personal financial planning: A procedural representation of the phases of a private financial planning.
  • Ethics Rules: A CFP Certificate carrier must observe the principles of competence, integrity, objectivity, fairness, confidentiality, professionalism and diligence in the exercise of his profession. Above all, he has the customers interest take priority over his own interests.
  • Principles of proper financial planning (GOF ): A GOF -compliant financial plan must include the principles of accuracy, completeness, networking, clarity and individuality correspond. In addition, it must be documented in writing to the customer. At its creation, the ethics rules are to be observed.

Expiration of the certificate

CFP certificates are issued only for two years around the world. To extend ( re-certification ) of the CFP certificate carrier must prove that he has continued his education within the certificate duration. These 30 "Continuous Education Credits " must be proven, which can be provided by the completion of training, the writing of professional publications or teaching activities. One credit is equivalent to a cost of a time hour.

Jurisdiction

The FPSB Germany maintains two internal club courts. The honor court may be appealed by both members and outsiders (eg, customers ) when the suspicion of a breach of the professional ethics of FPSB. If the suspicion is confirmed by the court of honor, fines, training requirements, certificate suspension or exclusion of a club and certificate revocation can be pronounced. The arbitral tribunal may be called only by club members. It is used in conflicts as an alternative to the aisle before a state court.

Alternative and complementary certificates

In the subject area private financial planning exist in addition to the CFP more quality certificates:

  • Certified private financial planner to ISO 222222
  • European Financial Planner ( EFPA )
  • Foundation and Certified Estate Planner ( CFEP )
Property management Mathematical finance
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