专访FPSB CEO Noel Maye：全球视角看CFP资格认证
专访FPSB CEO Noel Maye：全球视角看CFP资格认证
2018年11月17日，由FPSB China主办的第十一届中国金融理财师年会，于上海国际会议中心隆重召开。国际金融标准委员会总执行官Noel Maye先生出席了本次年会活动。 为深入的探讨理财行业的......2018年11月17日，由FPSB China主办的第十一届中国金融理财师年会，于上海国际会议中心隆重召开。国际金融标准委员会总执行官Noel Maye先生出席了本次年会活动。
The concept of financial planning and CFP certification got its start in the United States in the late 60s and a grew out of a movement on the part of financial practitioners who really wanted to get to know their clients first, get to know their client's goals, needs and objectives，before making recommendations and providing products.
The concept of financial planning and CFP certification stayed in the United States for much of the 70s and 80s , and then in 90s and organization from Australia said，it too wanted to offer certified financial planner certification, that started the internationalization of the certified financial planner program. And we finished up last year in 26 countries and territories around the world with 175000 certified financial planner professionals. We hope that number will be about 180000 CFP professionals by the end of this year and 17500 of those are here in china.
We have done different kinds of research to look at the value of CFP certification. Several years ago, we did global research with financial services firms, and we asked them what they saw as the value of having financial planning in their firms, and particularly hiring CFP professionals，firms reported that they were more productive, they had more satisfied clients, they actually were able to manage risks and complaints better, and they had more satisfied employees as well.
So we saw it as a win-win thing for the employees who were getting CFP certification for the firms, who were employing those individuals and the clients who engage in the firms. We also did some global consumer research in 19 countries with 19000 consumers. And what we found is that consumers generally don‘t feel confident about their finances, and they are not sure who they can talk to and when it comes to taking control of their financial futures. Consumers who worked with the CFP professional were more confident and felt they were more likely to stay on track.
So again, we are very pleased to see the data showing that individuals who get the CFP certification have more successful careers. Firms who employ CFP professionals have more satisfied customers, and clients who engage a CFP professional have more satisfaction and feel more in control of their finances.
There is probably two issues when it comes to consumers. One is really may be lack of awareness of what financial planning is and the value of financial planning. So what a lot of financial planning standards board and the network of CFP certification bodies including FPSB China do is communicating to consumers what is financial planning, what is the value of financial planning and then what is the value of working with a competent and ethical financial planner like a CFP professional. So a huge part of the challenge and the opportunity are to increase consumer awareness.
But then beyond consumer awareness, there is the issue of trust. And I think a lot of times consumers don’t have confidence in themselves. And maybe sometimes they don’t have confidence in the financial market or in practitioners they are dealing with. They are looking for somebody who will actually work in their interest, who will abide by a code of ethics and give them advice on products that actually help them achieve their financial life goals. And that really is what CFP certification about. So once consumers understand what a CFP professional is and what that represents, then confident to put their trust in CFP professionals. So there is a tremendous opportunity of creating awareness and then building the trust and rewarding the trust.
The level of individual retail investor participation in the market varies territory by territory. In India the number maybe is 2%, in China maybe like 20%, and in us it is more like 40%. Actually what you can see is about consumers getting comfortable with participation of the marketplace. The government in china is looking to move Chinese consumers from being savers to being investors and consumers, and with that they are also looking at opening up the market as well. So managing a sort of a central policy approach with more open markets will getting more consumers in China to participate.
A critical element in supporting that process is having people that the Chinese consumers can trust, who will actually give them the advice they need, will explain to them why they are in the market, and explain the opportunities and equally important the risks. One of the things that financial planning standards board the global network does is we participate with IOSCO, which is the international organization of securities commissions. They have world investor week, and we participated with them to say we would like to introduce world financial planning day to give context to investment decisions.
So I think a critically important role that CFP professionals can play around the world in china is helping consumers understand why you are investing, when is the right time to invest, what kind of funds and what outcome are you looking to achieve. So we think there is a tremendous synergy between what the government is looking to do and what CFP professional is the role they can play in helping getting Chinese consumers on the path to financial independence.
I don't think it's an “either, or” thing. I think it is “and”. If you think about financial planning in the United States, it used to be that people worked in firms and to do financial planning. They left the firm and they became independent practitioners. But in the last decade, firms are coming back into financial planning. And so now in US you probably have fifty percent independent, fifty percent in firms. In Brazil, CFP professionals mostly work in banks. In France, They mostly work in insurance companies. In Canada, a lot of them are in accounting practices. So for us, we train and focus on making sure the individual is qualified and whether they are independent or in a bank or an insurance company. We support all of that, because ultimately what we are looking to do is to ensure there is enough access to consumers, to competent ethical financial advisors.
Historically in china, the financial services has been delivered through the major financial institutions, because that is where the trust is. So consumers will often look for the bank brand over necessarily looking for the individual. But I think as consumers getting more interested in having a meaningful relationship of trust with their individual adviser, you're gonna see opportunities for independent financial advice to grow here in china as well.
I think sometimes it's maybe just the dynamic of the environment. If you think about insurance versus banking, a lot of times individuals who work in insurance might be part time. They might rotate in and out of the business a lot. And so often firms may not invest as heavily in their education and training as opposed to banks where people will stay long term be employees and they'll be part of that development and training.
We seeing insurance companies and banks realize the value of holistic advice, and the value of having people trained to be able to look across all different financial areas of their client's lives. So increasingly, insurance companies are seeing the value of financial planning and the value of having CFP professional’s work in the insurance company. We think in china is just a matter of time, of ensuring that the insurance sector understands the opportunity. Once they have enough AFP and CFP professionals in their firms, they will see the benefit that our global research has shown when financial services firms employ CFP professionals.
The CFP certification is truly a global and a local program. The concept of financial planning is global, and the practice of financial planning is local. So one of the strengths of the global CFP certification program is that each of our organizations like FPSB china take the global standards the global program, and they localize it so that it is relevant for the laws, the products and the culture in China. FPSB china has done a tremendous job of taking the global program on the global standards and really delivering them in a meaningful way here in china.
CFP资格认证是一个全球性+本土化的项目。金融理财的概念是全球性的，而具体的落地操作是要与当地环境结合的。所以全球CFP认证计划的优点之一是, 我们每一个组织都像FPSB China在中国的做法一样：遵循全球性标准、规则, 再根据当地相关法律、产品、文化等进行本土化。FPSB China在遵循全球性标准上做了大量的工作，并且最终以恰当的方式将CFP资格认证带入中国。
In fact, the effort that FPSB china has done on AFP、CFP、EFP and CPB is something that many of the FPSB member organizations in other countries are replicating, which is FPSB looking at when we go into new territories. We think that career path progression that FPSB China has put in place is a wonderful opportunity to help people at all levels of their career come to professionalism and come to CFP certification.
事实上，FPSB China在AFP, CFP, EFP, CPB资格认证上所做的努力，也是其他许多国家的FPSB组织正在做的，每当我们进入一个全新的市场时，FPSB都会进行相应的研究——如何做好本土化。我们认为FPSB China为学员提供的职业发展道路，是一个很好的机会，帮助各个职业层次的人，达到专业水平并且获得CFP资格认证。
The CFP certification is based on standards that we often referred to as the 4Es. It stands for education, examination, experience, and ethics. When it comes to education, we want to make sure that CFP professionals have mastered the body of knowledge for financial planning, not just at the global level, but in each territory where they're practicing as well. Once they've completed the education component, we then set them for an exam so they can demonstrate that they are competent to practice financial planning. We have and experience requirement because we want to make sure the individual who's going to have CFP certification has experience and is comfortable working with individuals on a day to day basis about their financial matters.
The education, the exam, the experience together represent the competency component of our standards.The fourth E is ethics, and in this case, we want to make sure that consumers have the ability to work with somebody who not only is competent, but it was agreed to abide by a code of ethics and will work in the client's interest. And that's why the code of ethics is such a critically important aspect of the certified financial planner program.
What separates education from certification is the fact that certification is a demonstration not only of competency at a point of time, but in fact of continuing competency. When you think about financial services, it is very dynamic. A lot of things are changing and a lot of new products and services are constantly being introduced. We think it is critically important that financial planning professionals maintain their competency, so they can be sure that giving the right advice and good advice to their clients and making sure that they are staying current with changes and development in the market.
I think a critically important part of being a professional is to have some level of self-awareness and to some level of understanding of where is the areas that you need to learn more，where is the areas that you need to refresh your knowledge and where is the areas that you actually need to incorporate new into your practice. So we think a critically important aspect of being a professional, being a certified financial planner professional is to be aware of the kinds of continuing professional development you need to pursue. Then we think the opportunities that are being provided here in china where people can either get online, CPB, where they can go to conferences, where they can do teaching, they can read materials. All of that we think is incredibly relevant and it is a great opportunity to make sure that people not only come into the profession but they maintain their professionalism on behalf of the clients.