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are highly regulated by government agencies that control professional regulatory organization acting in the public in-
the practice of lawyers and Certified Public Accountants terest by fostering professional standards in personal finan-
(CPAs). cial planning, the CFP Board establishes and enforces edu-
cation, examination, experience and ethics requirements
The term "Investment Advisor" also includes any person for CFP certificants.
who uses the title "financial planner" and who, for com-
pensation, engages in the business, whether principally or The CFP service mark is promoted world-wide through
as part of another business, of advising others, either di- member associations, the FPAs.
rectly or through publications or writings, as to the value The Fellow Chartered Financial Practitioner (FChFP) desig-
of securities or as to the advisability of investing in, purchas- nation was developed by the National Association of Ma-
ing or selling securities, or who, for compensation and as laysian Life Insurance and Financial Advisors (NAMLIFA) in
part of a regular business, publishes analyses or reports con- 1996. The designation was adopted by the Asia Pacific Fi-
cerning securities. nancial Services Association (APFSA) in 2001 as the unified
designation for its member associations in 11 countries.
7. History of certifications in financial
planning across the globe: The Registered Financial Planners Institute (RFPI) formed
in 1983 in the United States to promote professionalism
In a newly emerging profession such as financial planning, among those who are or will be active in the field of finan-
there is a lack of regulation, especially in the early years of cial planning for individuals and businesses.
development. The need for some forms of self-regulation
and the demand that a financial planner must be compe- The RFPI is an international organization with chapters and
tent and trustworthy have prompted several independent members throughout the world. The RFPI offers study pro-
financial services organizations to introduce certifications grams both in classroom conducted seminars and corre-
and ethical benchmarks to meet these challenges in accor- spondence courses. RFPI is a collective membership of fi-
dance to the need in each country. Those who meet the nancial planners and is designed to serve the interest of
requirement of the certification process and ethical stan- both its members and the general public in matters relat-
dards will be awarded a professional financial planning des- ing to financial planning.
ignation.

One of the oldest, best-known financial planning certifica- RFPI recognizes qualified individuals by designation of RFP,
tion service marks is the Certified Financial Planner (CFP), SRFP who are in the field of financial planning which would
which has gained global recognition because of its active include: insurance, attorneys, real estate, bankers, CPAs,
standard setting activities and worldwide presence. The CFP stock brokers, securities, mutual funds or other profession-
designation was first introduced in the United States in
early 1970s to meet the need of the consumers. The CFP
mark now belongs to the CFP Board of Standards (CFP
Board), USA, which has member associations through world-
wide.

The CFP Board was founded in July 1985 as the International
Board of Standards and Practices for Certified Financial
Planners, Inc., (IBCFP) by the College for Financial Planning
(College) and the Institute of Certified Financial Planners
(ICFP). The IBCFP became Certified Financial Planner Board
of Standards Inc. (CFP Board) on February 1, 1994. As a

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10 PR COMMUNICATION AGE January 2016

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