Financial Planning Association (FPA) chief executive, Dante De Gori has written to planners reassuring them that the Certified Financial Planner (CFP) designation remains relevant and valuable despite the Financial Adviser Standards and Ethics Authority (FASEA) regime.
In doing so, he has claimed that the CFP designation is well-recognised by consumers and will stand planners apart.
“Possibly now more than ever, the value of the CFP designation cannot be understated,” he wrote. “Consumer trust is bruised. The CFP mark is a clearly recognisable way to differentiate yourself as holding the highest possible standards of education and ethics globally.”
“On that basis alone – that it’s in consumers’ best interest during this difficult time of change and uncertainty – the CFP designation stands you apart. Therefore I’d urge you to prioritise enrolling in the program by the 4 July deadline to continue on the path to becoming a CFP professional.
De Gori acknowledged the current FASEA exam and the need for financial planners to have commenced a minimum education standard of degree by 2024 and noted that while CFP professionals were not unaffected they “certainly have an advantage” because the CFP designation had been accredited for recognition of prior learning towards the new degree standard.
“It makes sense as a bachelor’s degree, or its equivalent, has been a requirement for the CFP designation for over 10 years,” he wrote. “In addition, the CFP Certification Program will provide you with recognition of up to four credits at some universities offering Master of Financial Planning program.”
Comments
Both the CFP designation and the FPA are fast becoming irrelevant. The FPA no longer represents it's members and FASEA has become the dominant force around our industry. Not for the better either.
Dear Mr De Gori,
Your comments are absolute rubbish given the now FASEA requirements for those who obtain CFP certification before 2003
A formerly CBA owned accounting business took the FPA immunity idol with them to FASEA and will hand it to the CPA. The following will get voted off the island in the following order, FBAA, MFAA, AFA, then the FPA. The AIOFP will keep hiding in the bushes throwing coconuts at anyone that walks to close by.
and why not, they just need to do a refresh and make their program complimentary of the fasea requirements. if we are going to have to do fasea ethics and exam though what will the FPA examine us on, if we already hold a grad dip fp or m. fin plan
good point. think CFP be redundant for those who already hold a grad dif fp or m.fin plan. may suit new entrants with a bachelor degree only perhaps.
though the question that remains in my mind is. why would you do the cfp 1 (ethics) then cfp 5 (the multi choice exam) then do that once more with fasea via fasea ethics and then the fasea exam (exemption applies to cfp 2-4)
oh, i get it. Dante is saying then you could market the fact that you have done ethics twice, and sat an exam twice, so you are twice as ethical and a hard worker and sat the exam twice and therefore you should be more trusted.
ok, sounds stupid to me. but, i think i get what Dante is saying. I think we all do.
There is very little overlap between the CFP 5 exam (which is mainly about technical financial planning) and the FASEA exam (which is mainly about legal and ethical issues).
However there is significant overlap between CFP 1 and the FASEA Ethics bridging course. This suggests FASEA should be giving an exemption for CFP 1 (and other similar ethics subjects offered elsewhere). The fact they haven't is seemingly driven by the poorly controlled commercial conflicts of FASEA Board members.
will the FPA give an exemption for those who complete the fasea ethics though ? i don't think so.
Whether they do or not doesn't make FASEA's position any less conflicted or discriminatory.
Nonetheless I would be willing to bet that FPA does indeed do away with CFP units 1-4 over time as all advisers will have completed similar content as part of their FASEA mandated studies. However CFP 5 requires workplace assessment and a complex technical exam and assignment which are at a higher level than content mandated by FASEA. I expect CFP 5 will become the basis of CFP designation in the future.
that would actually make sense.
This type of tripe just serves to split the industry. If consumer confidence is bruised, being a CFP wont make many any difference at all. Out of the 100s of clients I have seen over the past 5 years NOT one has asked if I am a CFP. They don't care. The only people that care are those that make money off giving the designation to people. Its the same for the AFA designations. People just don't care about these letters after your name. All they want is good old honest no crap advice. Sorry but its true, all this other stuff it just time wasting back slapping, self interested crap.
Dear Dante, the fact that you could not get CFP1 recognised by FASEA makes me wonder what relevance the FPA has
It's a good question. But an equally good question is whether FASEA's lack of CFP1 recognition was due to the conflict of FASEA board member Simon Longstaff, who will personally profit from forcing those who completed CFP1 to do another expensive ethics course.
This is just delusional self serving rubbish. The CFP has been a complete waste of time and money and serves hardly better than the ADFP towards FASEA. To try and encourage advisers to continue just for the FPA's profit is completely corrupt.
Perhaps the FPA leadership should undertake an ethics course and better still sit down and question why everyone thinks they and the FPA are irrelevant now. Perhaps do the ethical thing and resign to make way for some honest leadership?
Fake news. Sounds like desperate measures by Dante. Numbers must be down in enrolments and membership renewals dropping like flies. Thought he was the conflict-free good guy. Clearly not. Professor Rafferty called them out and looks like he got it right. Those CFPs with a degree didn’t get any reduction in credits with FARCEA because they had an Approved Degree and those prior to 2003 got nothing including having to do Ethics again. Thanks Dante & your advocacy over the years for nothing. FPA are the biggest losers post FARCEA and post Royal Commission. Biggest fake news company. Worse than CNN.
Did you know you don't have to be a financial planner to be a CFP! Ask Dante De Gori. He's not a financial planner because he's not on the ASIC FAR yet he claims to be a CFP because he did the course - what the hell?! lol.
A very good point Dr Suess. However so is or was his predecessor, Deen Sanders. Look now at his profile on Deloitte's website and his OAM follows his name, but not his CFP designation. Possibly a great question to put to Mr De Gori by Money Management? If the CFP certification is so valuable, why doesn't Mr Sanders promote himself as being one? He has done a great job of self-promotion and income making opportunities in FASEA and Education since ceasing having his salary paid by us at the FPA.
If we can trust the CFP brand, I'm certain both of these gentlemen met the following requirement direct from the CFP Certification Brochure 2019.
"A minimum of one year
full time or equivalent
part time direct client
facing experience. You
must also be authorised
to give financial planning
product advice for a
minimum of 12 months"
I think you mean Mark Rantall not Deen Sanders. The latter has never been a CFP but Mr Rantall somehow still is even though he doesn't give advice. The whole CFP is a joke.
I can't believe that guy is still the CEO. CFP is a sign of a shonky adviser. There "members" lied to ASIC 22 times, charged dead people fees... were dragged before a Royal Commission. Could the last FPA member please turn off the lights. Oh wait there's always a continual stream of members cause the big four banks and AMP made it compulsory to join. Useless however given you can't be sure whether they're looking after YOU or their puppet masters.
i think the commentators above, rightly or wrongly have highlighted why the FPA is a total joke.
if it were me, i would just remove any doubt and uncertainty and just do a m. fin plan. that way, there is no question mark it's the highest qualification you can complete in financial planning.
yes, even higher than the CFP!
nutting is higher dan da cfp
CFP 5 subjects (no AQF) masters 12 subjects (AQF 9). I rest my case.
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