News and resources for Canada's top financial advisors
 |
(June 4, 2003) John Carpenter came to the Canadian Institute of Financial Planners (CIFPs) inaugural conference to answer an impossible question: how many financial planners are there in the world today? A loaded question, no doubt, but Carpenter took it in stride.
“It’s impossible to answer because there are a lot of people out there selling product who are calling themselves financial planners,” explained the first chair of the new Financial Planning Standards Board (FPSB), the international organization regulating the CFP designation worldwide. However, he was able to provide a much more solid answer when asked how many CFPs there are. There’s 73,000, said Carpenter, who is also the Canadian delegate to the International CFP Council. It’s a far cry from the CFP’s beginning in 1973, when the U.S. chapter counted 42 CFPs — 40 men and two women.
At the end of 2002, there were in fact 74,657 CFPs worldwide. More than half of CFPs are in the U.S. and 14,485 in Canada. In addition, 17 countries have joined the international CFP certification movement, including recent additions such as Brazil, Austria and India. Associate members — those who recognize the CFP but do not offer certification — include Belgium, Bermuda and Taiwan. Carpenter also listed potential affiliates, which includes countries from all over the globe, from Argentina to Ireland to China.
| 2002 CFP Head Count | |
| Australia | 4,725 |
| Austria | 19 |
| Canada | 14,485 |
| France | 850 |
| Germany | 694 |
| Hong Kong | 334 |
| India | 37 |
| Japan | 8,967 |
| Malaysia | 961 |
| New Zealand | 268 |
| Korea | 101 |
| Singapore | 212 |
| South Africa | 2,117 |
| Switzerland | 280 |
| U.K. | 232 |
| U.S. | 40,375 |
|
Total |
74,657 |
“Financial planning is still a young concept in many countries,” Carpenter noted, but having an internationally recognized designation should be important to both the country and the financial planners who hold the CFP. “An international standard helps to promote business growth and allows the planner to cross borders,” he added.
“Canadians need a more holistic approach to advice,” Carpenter added. “CFPs are in a position to provide it.”
Although the CFP is an internationally recognized designation with global standards, the FPSB “has been careful to consider regulatory and other conditions that exist in individual countries where the CFP is present.” Government regulation, continuing education, the financial planning process and investor education, and professionalism are issues each country faces, though in varying degrees.
When asked to address regulation of standards in Canada, Carpenter said the provinces seemed to be in a race. “Alberta has had regulation on the books for years but it has never been proclaimed,” he explained. “The [Ontario Securities Commission] has also started to introduce new initiatives with the fair dealing model. I think [raising standards in Canada] is only a matter of time. Who gets there first is anyone’s guess.”
The FPSB expects to have over 100,000 CFPs by 2005. The FPSB itself will play a direct role in the countries that are still building their CFP presence. Its goals include establishing worldwide standards, supporting FPSB affiliates, increasing public awareness about financial planning and making it a distinct profession.
• • •
Filed by Jennifer McLaughlin, Advisor’s.Edge, jmclaughlin@rmpublishing.com.
(06/04/03)
|
(June 4, 2003) John Carpenter came to the Canadian Institute of Financial Planners (CIFPs) inaugural conference to answer an impossible question: how many financial planners are there in the world today? A loaded question, no doubt, but Carpenter took it in stride.
“It’s impossible to answer because there are a lot of people out there selling product who are calling themselves financial planners,” explained the first chair of the new Financial Planning Standards Board (FPSB), the international organization regulating the CFP designation worldwide. However, he was able to provide a much more solid answer when asked how many CFPs there are. There’s 73,000, said Carpenter, who is also the Canadian delegate to the International CFP Council. It’s a far cry from the CFP’s beginning in 1973, when the U.S. chapter counted 42 CFPs — 40 men and two women.
At the end of 2002, there were in fact 74,657 CFPs worldwide. More than half of CFPs are in the U.S. and 14,485 in Canada. In addition, 17 countries have joined the international CFP certification movement, including recent additions such as Brazil, Austria and India. Associate members — those who recognize the CFP but do not offer certification — include Belgium, Bermuda and Taiwan. Carpenter also listed potential affiliates, which includes countries from all over the globe, from Argentina to Ireland to China.
| 2002 CFP Head Count | |
| Australia | 4,725 |
| Austria | 19 |
| Canada | 14,485 |
| France | 850 |
| Germany | 694 |
| Hong Kong | 334 |
| India | 37 |
| Japan | 8,967 |
| Malaysia | 961 |
| New Zealand | 268 |
| Korea | 101 |
| Singapore | 212 |
| South Africa | 2,117 |
| Switzerland | 280 |
| U.K. | 232 |
| U.S. | 40,375 |
|
Total |
74,657 |
“Financial planning is still a young concept in many countries,” Carpenter noted, but having an internationally recognized designation should be important to both the country and the financial planners who hold the CFP. “An international standard helps to promote business growth and allows the planner to cross borders,” he added.
“Canadians need a more holistic approach to advice,” Carpenter added. “CFPs are in a position to provide it.”
Although the CFP is an internationally recognized designation with global standards, the FPSB “has been careful to consider regulatory and other conditions that exist in individual countries where the CFP is present.” Government regulation, continuing education, the financial planning process and investor education, and professionalism are issues each country faces, though in varying degrees.
When asked to address regulation of standards in Canada, Carpenter said the provinces seemed to be in a race. “Alberta has had regulation on the books for years but it has never been proclaimed,” he explained. “The [Ontario Securities Commission] has also started to introduce new initiatives with the fair dealing model. I think [raising standards in Canada] is only a matter of time. Who gets there first is anyone’s guess.”
The FPSB expects to have over 100,000 CFPs by 2005. The FPSB itself will play a direct role in the countries that are still building their CFP presence. Its goals include establishing worldwide standards, supporting FPSB affiliates, increasing public awareness about financial planning and making it a distinct profession.
• • •
Filed by Jennifer McLaughlin, Advisor’s.Edge, jmclaughlin@rmpublishing.com.
(06/04/03)
"Landmark" legislation is significant step forward in protecting investors, organization says
By James Langton |May 28, 2024
2 min read
Reichmann Segal Capital Partners says it plans to invest in new product development and expansion
By The Canadian Press |May 28, 2024
1 min read
Despite challenges, overall revenue grew
By Ian Bickis, Canadian Press |May 28, 2024
3 min read