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CFP Certification Requirements Serve as Model for Development of International Financial Planning Standards Aug. 21, 2000 (SmartPros) The International Organization for Standardization (ISO), which establishes globally recognized standards in areas ranging from weights and measures to quality management and assurance, voted in June to develop standards for the personal financial planning service sector based on the certification requirements of the U.S.-based Certified Financial Planner Board of Standards (CFP Board). Under an agreement signed this week with the American National Standards Institute (ANSI), ISO's U.S. member, the CFP Board will administer the development of the international standards for financial planning on behalf of ISO.
"The CFP Board, through its International CFP Council, has been at the forefront of establishing rigorous standards internationally for financial planning," said Patricia Houlihan, chair of the CFP Board's governing body. "Now the CFP certification requirements will help serve as the model as ISO begins to develop international standards for financial planning."
In a proposal to ISO suggesting development of international financial planning standards, the CFP Board recommended using the major elements of its certification process: education, examination, experience and ethics, and adherence to a standard financial planning process. The financial planning process defined by the CFP Board and outlined in its proposal includes:
ISO allocated the Secretariat, which establishes and manages the administrative framework to develop the financial planning standards, to ANSI. Under the agreement signed this week with ANSI, the CFP Board will serve as the Secretariat.
The ISO standards development process has three phases: defining the technical scope of the standard (usually by groups of technical experts from interested countries), negotiation of detailed specifications and formal approval of the standard, and the CFP Board will submit its standards as the model for the initial phase.
Harold R. Evensky, CFP, chair of the International CFP Council, welcomed the development of the ISO standard saying, "With the internationalization of financial markets and growth in the number of individuals responsible for their own financial security, the need for qualified financial planners is mushrooming. Consumers will benefit from being able to find competent financial planners who have met recognized standards for the practice of financial planning."
The CFP Board is a nonprofit professional regulatory organization founded in 1985 to benefit the public by fostering professional standards in personal financial planning. Currently there are over 55,000 individuals licensed to use the CFP marks worldwide through International CFP Council member organizations. The CFP Board owns the marks CFP, CERTIFIED FINANCIAL PLANNER and CFP with flame logo, and authorizes individuals who meet rigorous certification requirements to use them. For more on the CFP Board visit, www.CFP-Board.org.
ANSI's mission is to enhance U.S. global competitiveness and the American way of life by promoting, facilitating and safeguarding the integrity of the voluntary standardization and conformity assessment systems. The Institute is the official U.S. representative to the world's leading standards bodies, the International Organization for Standardization (ISO) and, via the U.S. National Committee, the International Electrotechnical Commission (IEC).
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2000, Smartpros Ltd. All Rights Reserved.
Originally released on June 10, 2000.
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