Choose a CFP® professional and put your financial affairs in order

Bruce Fleming, CFP®, 2016 FPI Financial Planner of the Year.

I have a very good friend David who, like me, studied to become a lawyer. However, unlike me, after he had completed his LLB, he completed his articles got instated as an attorney and has now worked himself up to partner. I on the other hand became a legal advisor (I didn’t do my articles) and performed this role for a number of years before becoming a CERTIFIED FINANCIAL PLANNER® professional. The question I often ask some of my friends is, “if you are in legal trouble would you rather see David or would you rather see me?”

Financial planning is no different. The CERTIFIED FINANCIAL PLANNER®/ CFP® certification is the premier financial planning accreditation in the world and is recognised in 26 different countries. At the end of 2015, South Africa had approximately 100,000 financial advisors, of which only 4,574 of them were CERTIFIED FINANCIAL PLANNER® professionals, accounting for less than 5% of the industry.

Like David in his career of being an admitted attorney, becoming a CFP® professional is a very rigorous process. In order for us to do our LLB degrees both David and I had to do an undergraduate degree. Before one can attain the CFP® designation, one also needs a relevant undergraduate degree from the Financial Planning Institute of Southern Africa’s (FPI) Approved Education Providers.

Once one has received the relevant undergraduate degree like David and I moving on to our LLB degree, one needs to complete a Postgraduate Diploma or B.Com Honours in Financial Planning, which is an NQF Level 8 qualification, or meet the prescribed criteria in the CFP® Professional Challenge Examination Status. Like David writing his Bar exam, this allows one to write the FPI Professional Competency Examinations (previously known as the FPI Board Exam). This gives the candidate access to belong to a professional body like FPI and being recognised in the industry as a CERTIFIED FINANCIAL PLANNER® professional. , Moreover just like David having to do his articles, in order to become a CFP® professional at the Institute, one has to gain three years of relevant work experience.

Further, ethics is a fundamental component of a financial planning professional’s life. All members have to adhere and abide by the rules and guidelines put in place. Failure to do so could result in disciplinary action and a possible life ban on membership. CFP® professionals are therefore subjected to a much higher standard than other financial advisors in our industry.

As is the case when you have a legal problem and you deal rather with David than with me, if you want to get your financial needs in order and you want them looked after by someone who will at all times put your needs first, with the utmost integrity, is objective, fair and competent and who abides by the principles of confidentiality, diligence and professionalism you need to consult with a CFP® professional who is bound by the FPI Code of Ethics and Practice Standards and is part of a worldwide professional financial planning network.

To find out more about becoming a CERTIFIED FINANCIAL PLANNER® professional, visit www.fpi.co.za.