Another path leading to CFP destination: via UWS.
Moves to bring financial planners under the Certified Financial Planner (CFP) designation have taken another step forward.
This follows the launch of a postgraduate CFP course at the University of Western Sydney (UWS) designed to provide a direct route to the designation. The course was officially launched by Financial Services Minister Joe Hockey.
UWS successfully tendered to run the distance education course from its Hawkesbury campus, which will begin in second semester this year.
The launch of the course broadens the choices for financial planners to reach CFP status. CFP designation will become a mandatory pre-requisite for all Financial Planning Authority (FPA) practitioner members In July 2003.
At present, there are about 1557 practitioner members who have qualified as CFPs, representing about half the FPA's practitioner members.
FPA chairman Wes McMaster expects that number to grow to 3000, or about two thirds of practitioner members, by the end of this year.
Speaking at the launch, McMaster described the launch of the course as a "historic occasion" for financial planning, which would bring financial planners under a standard "consistent with the professional year for other professions".
McMaster says the FPA has nearly 10,000 members, who manage the financial affairs of more than 3.7 million Australians with investment assets of about $118 billion. He says the sector has grown more than 20 per cent in the past 18 months.
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