FAQ - 1 : What does a Financial Planner do ? FAQ - 2 : What specific services does a Financial Planner provide ? FAQ - 3 : Is Financial Planning a growing field ? FAQ - 4 : Do I have it in me to become a successful Financial Planner ? FAQ - 5 : What is the Financial Planners Standards Board (FPSB), India ? FAQ - 6 : How do I become a Financial Planner ? FAQ - 7 : How is the Certified Financial Planner CM Professional Education Program going to help me ? FAQ - 8 : Where would I work as a Financial Planner ? FAQ - 9 : What could I expect to earn and how are Planners paid ? FAQ - 1 : What does a Financial Planner do ? Answer : You determine your client's short, medium and long term aspirations, then develop and apply the plan you have agreed upon. Together you and your client will review the plan at least once a year and revise if you need to. All practicing members of Financial Planning Standards Board use a six-step process to help them and their clients take overall view at where they are and where they want to be financially. Using this process financial planner can help their clients work out what needs to be done and where they want to be financially: a. Establishing and defining the client-planner relationship b. Gathering client data, including goals c. Analyzing and evaluating the client's financial status d. Developing and presenting financial planning recommendations and/or alternatives e. Implementing the financial planning recommendations f. Monitoring the financial planning recommendations FAQ - 2 : What specific services does a Financial Planner provide ? Answer : A Financial Planner can offer general wealth-creation advice and assistance across all financial markets or specialize in areas such as: a. Retirement Planning b. Superannuation c. Estate Planning d. Small Business Financial Management and planning e. Trusts f. Tax g. Stock broking and investments h. Debt and risk management FAQ - 3 : Is Financial Planning a growing field ? Answer : Yes, the dramatic growth of this field internationally shows just how valuable and much needed this profession is. With improved health care allowing people to live longer and the post-liberalization boom and the attendant profusion of choice will lead many people to seek professional help to manage their finances. As India's population ages, people are also becoming much more aware that their retirement security and comfort will depend more on them and their Financial Planning efforts, than on government welfare benefits. Financial Planning then is a dynamic growth profession in which strong careers can be established. FAQ - 4 : Do I have it in me to become a successful Financial Planner ? Answer : The best Financial Planners have two vital skills - people skills and analytical skills. If you have good counseling skills and are driven by a genuine desire to help other people, then Financial Planning offers a good career. You need to fulfill a mandatory requirement of three years' work experience that tests your counseling skills to become a CFPCM practitioner. Financial Planners also take a 'big picture' approach to heir clients' finances. The ability to synthesize information and not miss the forest for the trees is part of the Financial Planner's analytical skills. Though a candidate with any background can strive for the CFPCM designation, it has been noticed that candidates with a background in the following areas stand a better chance at being successful Financial Planners: a. Counseling b. Accountancy c. Law d. Insurance e. Investments f. Finance g. Taxation FAQ - 5 : What is the Financial Planners Standards Board (FPSB), India ? Answer : FPSB India is a Professional Membership & Certification organization-part of leading Global Confederation established by prominent financial service corporations with an objective to professionalize the concept of Financial Planning in India. FAQ - 6 : How do I become a Financial Planner ? Answer : The FPSB India offers the highest Financial Planning credential called the Certified Financial PlannerCM . FPSB offers: a. the knowledge, skill and qualifications to become a financial planner b. help to practicing planners maintain their credentials c. to keep planners up to date with the changes affecting the financial planning industry d. a pathway to Certified Financial PlannerCM Certification The CFPCM Certification is one of the most prestigious qualifications within the Financial Planning industry and can only be obtained in India through the FPSB India To be eligible for CFPCM Certification, you must complete the CFPCM professional education program through an FPSB India recognized Education Provider. Mandar Financial Services Pvt Ltd is an authorized Education Provider. FAQ - 7 : How is the Certified Financial Planner CM Professional Education Program going to help me ? Answer : The Certified Financial Planner (CFPCM) Certification is reserved for those FPSB India members who have qualifications and experience attesting to their expertise in Financial Planning. It is the highest level of professional endorsement offered by the FPSB India and carries international recognition. The CFPCM professional program is offered to those individuals wishing to attain the brighter standards in Financial Planning fields, offered as a distance-learning cum class room tutorial course by Mandar Financial Services Pvt Ltd. CFPCM professional education program covers such areas as professionalism, ethics and compliance, and advanced financial planning. The CFPCM course is designed to provide you with a sound understanding of the process of Financial Planning, together with a fundamental skills and knowledge required in professional practice. The CFPCM curriculum covers such areas as: a. Core, life and general insurance b. Superannuation and retirement planning c. Managed investments, securities and derivatives d. Ethics, skills and integrity e. Taxation and estate planning f. Preparation and presentation of plans for clients The course materials are written by leading industry practitioners and are reviewed each semester to ensure that the curriculum is up-to-date and relevant those working in the Financial Planning industry. FAQ - 8 : Where would I work as a Financial Planner ? Answer : Financial Planners often choose to establish their own financial planning practice either by themselves or together with other planners. Others work for: a. Banks b. Financial planning organizations c. Life insurance companies d. Accounting or law firms e. Stocks and securities brokers f. Funds managers g. Credit counseling organizations h. Large companies to look after employee benefits FAQ - 9 : What could I expect to earn and how are Planners paid ? Answer : This industry offers great financial security. Financial Planners are among the highest paid professionals abroad. Financial planners earn income in a variety of ways: Fees charged to the client based on an hourly rate, a flat rate per plan, a percentage of the value of the client's assets and /or income or a combination of these methods a. Commissions from investment or insurance companies for product sold as the plan is implemented b. A combination of fees and commissions c. Salary for those employed by financial organizations or other institutions Whatever the method of payment, practicing members of the FPSB India must disclose their method and source of income to their clients according to the Association's Rules of Professional Conduct.
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