After reading the Under Siege article (Money Management, April 1),we were compelled to write and detail our dealings with both the Financial Planning Association and the Society of CPAs.
Both Debbie Thomson and myself are Certified Financial Planners (CFPs) who have completed the Diploma of Financial Planning. In addition to our qualifications within the Financial Planning industry, we have both completed a Bachelor of Commerce.
Both Debbie and myself have decided to enhance our qualifications by completing the Society’s CPA (Certified Practising Accountants) program.
The CPA program is made up of five segments – two compulsory and three electives. One of the electives is Personal Financial Planning and Superannuation.
In May of last year, we wrote to both the FPA and the Society seeking an exemption for this elective as we both have completed the Financial Planning Association’s Diploma of Financial Planning, which comprises of eight subjects.
Surprise, surprise, neither body chose to respond to our correspondence so we finally ended up having to phone both institutions numerous times to query whether or not they intended recognising the Diploma of Financial Planning in lieu of the Society’s financial planning elective.
The FPA’s response implied that as the FPA has less than 10,000 members, we were at the whim of the Society and hence the FPA were not forward in assisting us in our endeavours.
As readers of the Australian CPA magazine would have seen in advertisements, the FPA is creating a “window of opportunity” for accountants to receive their CFP status.
By completing only DFP 8 (Financial Plan Construction and Review) or CFPB from the new CFP Professional Educational Program in addition to a practice knowledge examination plus three years approved financial planning experience, accountants are able to receive their CFP designation.
DFP 8 covers the construction of plans and review procedures however the subject does not cover in depth superannuation or risk management which are surely necessary to complete a financial plan.
The Society on the other hand is not willing to recognise the entire DFP in lieu of their one elective on the subject. The Society’s one elective would approximately be the size of one of the eight DFP modules.
Why should the FPA make it so easy to gain the CFP designation when the society is not willing to recognise the talent, wealth of knowledge and experience within the CFP designation?
We thought the readers of your Magazine might be interested in knowing what transpired through our dealings with both bodies and encourage members of the FPA to express their views on this subject.
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Bill O’Sullivan & Debbie Thomson
Trinity Financial Services
