FPA revisits CFP requirements

Jo-Anne Bloch

The Financial Planning Association has amended the level of experience it requires from its Certified Financial Planner (CFP) candidates to better reflect that of a typical career progression.

The required three years of approved practitioner experience can now be gained through a maximum of two years in a relevant role, such as paraplanning, and one year of approved practitioner experience immediately preceding an application for CFP status.

Previously the experience requirement was limited to three years as an approved practitioner only.

CFP candidates are also now required to have all experience supervised by a CFP practitioner of at least two years standing and must complete a record of experience to be signed by their supervisor.

Commenting on the changes, FPA chief executive Jo-Anne Bloch said this would not only be welcomed by FPA members, but also by employers.

“Those Australian Financial Services licensees who have made CFP certification a requirement for all their financial advisers within the next two years will have a broader pool of candidates to draw on,” she said.

This revision follows recent changes made by the FPA to the range of qualifications accepted as a condition of entry to the designation, involving the inclusion of a masters degree or higher.

All of the new requirements are effective from January 1, 2007.