Hiring a Financial Planner? Then you must know that these days everyone who are into financial industry claims that he or she is the financial planner. So how to identify the quality and well qualified financial planner is the tricky issue. Let us discuss about the importance of Certification for Financial Planners and how to find them.
As said above, these days you notice that including CAs, CFAs or MBA graduate claims that they are the financial planners. Because FINANCE is attached with the profession. Even though above said professionals have a high degree of knowledge but still lacks the efficiency of understanding the issues related to personal finance. CAs may have sound and indepth knowledge about taxation but at the same time we can’t claim that they are well versed with other part of financial planning.
One more category of professionals who claim as financial planners are insurance agents, mutual fund agents PMS professionals or wealth management professionals. They are expert and taken the desired qualification from the regulatory to do the business in the concerned selling of financial selling products. But in reality they lack the broader aspect of the client’s need.
So to avoid such flaws in claiming, there exist a certification for financial planners too. It is exactly like how CAs or Doctors will get after going through the desired skill in their respective field. In India Financial Planning Standards Board of India is the authorized board to award CFP certification to an individual. This process of awarding certificate involves education, examination, experience and ethics set by the board. Also there exists the condition that one must have a continuing education requirement. This makes a professional to be up to date in knowledge about personal finance.
ABOUT FINANCIAL PLANNING STANDARDS BOARD OF INDIA
Financial Planning Standards Board India is a Public – Private Enterprise and a Professional Standards Setting body that proactively guides the development and promotion of standards for Financial Planning professionals to benefit and protect the public in the country. FPSB India is set as self regulatory organization which is governed by it’s ethics and rules mandated to members. At the same time FPSB India works closely with stakeholders like Government, Regulators, Industries, Corporate, media and general public to achieve it’s objectives. This is the only organization in India which awards CFP certification through an affiliate agreement with FPSB Ltd.
How to search CFPs of your City?
1) Visit below site of FPSB India.
2) Click CFP Certificant Tab. Then you will get the below screen where you need to enter the options like name or company, City or State and the nature of employment of CFP you are looking for (like self employed, corporate, employed or owner or firm).
3) Once you enter the data as required in above image, you will get the list of planners based on the creteria you opted. Then if you click on individual names, you will see the below image where you will get all information about the individual planners profile and contact details.
Hope the above information will be helpful for all who are looking for CFPs in India.
16 Responses
Dear Mr. Basavaraj,
Its nice to see such informative blog on this topic.
I have been lukewarm on topic of finance since 13 years of my professional life. I knew its is important buy not put enough efforts to stream line my situation. recently I read a financial education book (rich dad and poor dad) and few more books.
I want to have support on this this topic and wanted to meet with you and take consulting services. Please let me know how can I meet with you and take this discussion forward.
Thank you.
Praveen
Praveen-You write a mail to [email protected].
Hai Basu sir,
This is Khadar MA
I want to plan my financial planning by a CFP.
Iam from Khammam near Hyderabad.
Pls suggest me
Khadar-You drop me a mail at [email protected]
Dear Basavaraj
I sense that there are so many institutes provding the CFP in india. Do advise me which one is the best so that i can take up this
Harikrishna-NONE…because all are just concentrating on making candidates enroll but not to complete CFP. If you are from Bangalore, then I can provide a contact of my madam under whom I completed CFP.
Hello,
Can you please tell where i can get detailed understanding of the exam and how I can clear it.
Regards,
Nikhil
Nikhil-Visit the portal of FPSB India.
Hey Hey this helped a lot. Thanks for the info
Umar-Pleasure 🙂
Thanks for the wonderful insight. Can you shed more light on how much the services of a financial planner will cost. I just wanted to get a ball park figure so that I am not surprised when I visit one in chennai or bangalore?
Arjun-There is no such restriction as of now to restrict his fee chargeable. Hence sometimes you may find within your reach and sometime out of reach. So hiring the planner who suits your need depends on you. Hope this post will be helpful for you “Financial Planners Fees-Paying for planners service or lifestyle?“
This information will be useful for many. Trouble is, there will be typically more than one CFP in one city. So from how to find CFPs, the focus will shift to how to select a CFP. There is no easy way to do this!
Pattu-You are 200% right. Yes this above post gives information about finding the CFPs. But it does not mean that all CFPs analytical skill, knowledge upgradation skill or applying that to the client’s financial planning is same. That is why creating financial planning is an art. If you provide one client’s data to 100 planners then you will find 100 different plans emerging 🙂 Selection of CFPs among the herd is again skill which I will definitely write in future. Also a few of my earlier posts already given some hint on this issue.
Yes Basu, how right you are! Also please write about what kind of data a planner will need and why a client need not be worried that the planner will misuse it. Once you write it, I will share it with my brother-in-law 🙂
Pattu-Sure will write on this. Thanks once again for your valuable comment.