Adviser Feedback 23/11

Have you qualified as a Certified Financial Planner (CFP)? Why/ why not?

Not yet, I am doing two subjects this semester and then only have DFP 8 to go.

I've already done five subjects and normally only do one a semester so it's probably taken me about three years so far.

I'm doing this partly because we have to and partly to keep up with the changes in the industry. We'll always have to do something in the way of continuing education and one subject a semester isn't going to kill anyone.

I think the DFP8 is more relevant than some of the other courses, as it focuses more on a day to day basis, than say the Australian Securities course which is more technical.

A lot of the stuff in the course most practitioners would know already, when you are working in the industry knowledge comes very quickly. Some of the subjects are easier than others, some of them I haven't needed to study for and just turned up for the exam and passed. I don't know if that is a good thing though really.

The DFP8 course will take me one semester to complete, so I'll be a CFP by around June next year.

Rohan McPherson

Associated Planners

Not at the moment, in December 1990 I completed DFP 6 and back then the 6 units were all that were needed.

Then 2 years ago I needed to submit two plans to become a CFP, which was the system, then however I didn't complete that.

Now under IPS 146, the Australian Securities and Investment Commissions policy on training, they brought in the 8 units. I am going to do DFP8 in the first semester of next year to gain my CFP status.

I think it is a must in today's industry and market place as it is a standard that is recognised at the highest current level for financial planners.

CFP status is also necessary to be able to promote yourself as a professional and have the same kind of standard as an accountant or lawyer, in terms of image and how you are viewed by the public.

Greg Thompson

Thompson Financial Services

Not yet, I've just completed DFP 6 Estate Planning, so only have two more to go.

I started at the beginning of first semester 1997, the cut of point in order to do just the 8 units. If I'd sta

rted a year later at the beginning of 1998 I would have had to do the extra course.

I'll do one subject a semester next year, and be finished by the end of the year.

You can do two subjects a semester but I hardly know anybody who is doing that.

I perceive it to be industry standard and something people will judge you on. Maybe not so much right now, but in two to three years down the track there will be a lot of importance attached to being a CFP, similar to being a Chartered Accountant (CA) now.

At this stage I don't think not being a CFP holds you back, and it wouldn't stop me from doing business. I don't think there is enough awareness from the public at the moment, I don't get clients asking if I am a CFP.

However from an employment point of view it is important, and amongst planners it is an issue.

Also from a knowledge point of view, it helps you learn about the different parts of the industry when you are working and studying.

Overall it is good the industry has the designation. It distinguishes between people who have it and those who don't, and gives more credibility which helps stop the shonks.

It's hard to get, take two to four years along with industry experience and being an authorised rep so also from a consumer protection perspective the CFP status is a good thing.

Matthew Stephens

D&D Tolhurst