FPSB meets CFPs in Delhi

The total number of CFPs in India grew 17.6% in 2021 to reach 2,338 professionals. Mr. Noel Maye, CEO, FPSB, expects this number to rise to over 3000 CFPs by 2024 end and to 10,000 over the next five years.

Though India stands currently at sixth position in terms of the number of CFPs, Mr. Noel Maye, CEO, FPSB expects it to emerge as the market with the third highest in terms of the number of CFPs due to the exponential growth that FPSB anticipates here. As of 2021 end, there were more than 2 lakh CFPs globally. US-based Financial Planning Standards Board Ltd (FPSB) has set an ambitious target to create around 10,000 Certified Financial Planners (CFPs) in India over next five years.

Any graduate with a minimum of three years’ experience in financial matters is eligible to take up this 18-month CFP certification programme, and there is no upper age limit. The candidates, who don’t have working experience, need to go for another 18-month paid internship after the course to get the certificate. This year, the fee is fixed at around Rs 90,000 that can be paid in instalments.

FPSB will work with our stakeholders in India to prepare new entrants to the profession and to deepen connections among practitioners, employers, associations, regulators and government to promote and support the emergence of financial planning in India as a valued and respected profession, with CFP certification its symbol of excellence

Mr. Noel Maye, CEO, FPSB Ltd has met with candidates for FPSB’s specialist and CFP certifications, CERTIFIED FINANCIAL PLANNER professionals, training institutes and firm leaders across key cities of India, including Delhi. The objective of Mr. Maye’s trip to India is to engage the Indian CFP professional community, and its stakeholders, to discuss the development and growth of CFP certification globally and in India over the year 2021, provide on overview of FPSB’s priorities in India in the medium term, strengthening pipeline management and operational infrastructure, and discuss plans to improve practice competency through Mentorship program and practical training in Financial Plan construction. The other objectives include community engagement, professional outreach and public awareness by suitably embracing technology and social media. Also, the focus is to explore alternative pathway for professional competency and experience validation, upgrading practice standards and espousing regulatory and education framework in India and globally.

Update on the growth of Financial Planners in India

Number of CERTIFIED FINANCIAL PLANNERCM Professionals in India Increased By 17% Over Previous Year 

The CFP professional growth story in India is part of a growing global movement, where last year saw the number of CFP professionals around the world reach an all-time high of 203,312.

“Despite the COVID-19 pandemic, momentum in the growth of CFP professionals in India is strong and increasing, consistent with global trends for the CFP certification program,” said Noel Maye, CEO of FPSB Ltd. “India’s rate of growth of CFP professionals placed it in the top three globally, after Brazil and Indonesia with growth rates of 36% and 22%, respectively. And India’s net increase of 349 CFP professionals ranks it in the top seven growth territories globally. FPSB Ltd. is deeply grateful to our supporters in India, including our education providers, and to all CFP professionals in India who commit to rigorous standards and to putting their clients’ interests first.”

“While the CFP certification program in India last year was a success story, with less than 2,400 CFP professionals, the potential for growth in the country is enormous,” added Maye. “India has a massive population of young, educated people looking to establish themselves in rewarding careers and to demonstrate their capabilities against a global standard. FPSB Ltd. will work with our stakeholders in India to prepare new entrants to the profession and to deepen connections among practitioners, employers, associations, regulators and government to promote and support the emergence of financial planning in India as a valued and respected profession, with CFP certification its symbol of excellence.”

India vis-à-vis Top 7 markets in terms of no of CFPs:

Country / Market No of CFPs in 2021 No of CFPs in 2020
US 92,055 88,726
China 26,800 23,579
Brazil 7,385 5,414
Japan 24,064 23,095
Canada 16,797 16,400
India 2,338 1,989
Indonesia 2,281 1,886

CFP Professionals in India:

Year Numbers
2021 2,338
2020 1,989
2019 1,915
2018 1,513

Mr Noel Maye Achievements: 

Maye has led the organization since it was established in December 2004. Under his leadership, FPSB and the FPSB Network has:

  • Grown the organization’s geographical reach from 17 territories to programs in 27 territories, with discussions ongoing in several other territories;
  • Doubled the number of CFP professionals worldwide from 89,690 (YE’04) to 203,312 (YE’21);
  • Increased the number of CFP professionals worldwide ten-fold since 1990, when CFP certification first went international, from 20,353 to 203,312;
  • Taken over direct administration of the CFP certification program in India (2019) and grown the number of CFP professionals to 2,338 (YE’21);
  • Updated the content and delivery of CFP certification education and exams in India with the creation of specialist certification programs – FPSB® Investment Planning Specialist, FPSB® Retirement and Tax Planning Specialist and FPSB® Risk and Estate Planning Specialist – and online education and exam platforms now catering to 2,000+ candidates;
  • Secured accreditation (2021) and re-accreditation (2022) of CFP certification by the National Institute of Securities Markets (NISM) to meet Securities and Exchange Board of India’s registration requirements for investment advisors;
  • Developed global competency, ethics and practice standards for financial planning and global certification requirements for CFP professionals, including creating the first Global Financial Planner Competency Profile;
  • Published global position papers and practice guidance notes including: Regulation and Oversight of the Financial Planning Profession (2010); Fintech and the Future of Financial Planning (2016); Consumer Protection and Investment Advisor, Financial Advisor and Financial Planner Competency and Oversight in Europe (2018); and Advising Vulnerable Clients (2019);
  • Joined, in 2012, the International Organization of Securities Commissions (IOSCO) to represent the voice of the financial planning community during global regulatory policy discussions;
  • Joined, in 2015, the Organisation for Economic Co-operation and Development’s International Network on Financial Education to promote inclusion of financial planning in global financial literacy efforts;
  • Conducted global research and promoted findings on: firms’ perspectives on CFP certification and hiring CFP professionals (2012); consumer attitudes towards financial planning (2015); and the practice of financial planning and CFP professional’s views on the future of the profession (2016, 2021);
  • Launched, in 2017, World Financial Planning Day, in partnership with IOSCO’s World Investor Week, to promote the value of financial planning and working with CFP professionals to the global community; and
  • Submitted over a dozen responses on behalf of the public and global CFP professional community to consultations from IOSCO, OECD and the European Commission and European Supervisory Authorities on matters relating to regulation of financial advice, investor protection and financial literacy.

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