rogercfp_advice

Many financial services people called themselves financial advisers, financial planners, or even financial experts. Matter of fact, within the industry, there is only one globally recognised certification mark for the professionals who excel in financial planning. They are the CERTIFIED FINANCIAL PLANNERTM, who hold the CFP® designation. These are the practitioners who have been certified to have the adequate knowledge, skills and competency to plan for their clients and manage their wealth. They use a systematic approach to financial planning, which means their clients get quality advise through their professional conduct and strict code of ethics. Currently there are more than 170,000 CFP® professionals around the globe (Source: Financial Planning Standards Board) who are recognised as the industry experts in areas such portfolio and risk management, investment planning and even estate planning. These are the financial planners who are committed to uphold the rigorous global standard in financial planning and putting their client interest first.  In Singapore, CFP® is conferred by the Financial Planning Association of Singapore (FPAS) who oversees the course administration and certification. As at Feb 2015, there are less than 1,500 CFP® professionals (Source: Financial Perspective) among the 18,000 insurance agents and licenced financial advisers, in Singapore (Source: The Straits Times 23-04-2016). It is ironic that less than 10% of the financial planners are CFP® professionals and most of the Singaporeans are not even aware of the industry’s certification.

In a survey conducted by FPAS in June 2015, it found that Singaporeans are aware of the need to manage their finances but 72% of those polled said they do not know who to trust when it comes to getting advice about their money. The poll also found that Singaporeans who worked with the CFP® professionals expressed greater financial confidence. (Source: The Straits Times 18-01-2016). In short, the lack of “trust” has always been the key barrier to people approaching financial planners for financial advice, and the sad truth is that financial planning needs are underserved in Singapore.

Singaporeans should always look for the CFP® mark if they are serious in looking for a competent financial planner to serve them.

DISCLAIMER This website found birth in my passion for personal finance and my mission to enhance the basic financial literacy of Singaporeans. The information provided on the site is for information purposes only and is of a general nature. It is not intended to be, and does not constitute financial advice or any other advice, and is not specific to you. The author disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. Please consult a qualified financial adviser, or even better, a CERTIFIED FINANCIAL PLANNERTM , before making any financial decision. Further to the above, the contents of this site reflect the personal views and opinion of only the author, and not of any company. CFP®, CERTIFIED FINANCIAL PLANNERTM, and theCFP® certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Association of Singapore (FPAS) is the marks licensing authority for the CFP marks in Singapore, through agreement with FPSB.