As the Financial Planning Association (FPA) opens enrolments for its 2013 Certified Financial Planner (CFP) program, chief executive Mark Rantall says the year ahead looks set to be a turning point for the financial planning industry.
Attaining the CFP designation was the best way for planners to demonstrate their commitment to professional development, best practice and to improve their value proposition to clients, he said.
He added that the FPA's work to have its Code of Professional Practice approved by the Australian Securities and Investments Commission and its efforts to enshrine the term 'financial planner' had also formed part of the strategy to elevate the planning profession.
With a recent report by the Financial Planning Standards Board (FPSB) revealing that the global number of CFP professionals had grown by over 8,000 last year, Rantall said the number of practising CFP professionals in Australia had actually dropped slightly in 2012.
Despite this, the FPSB stated that Australia holds the fifth-largest CFP population globally at 5,500, and Rantall said he hoped to see enrolments grow on last year's numbers.
According to the Investment Trends 'FPA Professional Dividend Report September 2012', 67 per cent of financial planners surveyed believe that the CFP designation would have a positive impact on their relationship with clients.
