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types of financial planners, some planners may be called the financial planner series of designations, to include spe-
'comprehensive' or 'holistic' financial planners. cialist skill sets like those in wealth management or private
banking.
Other financial planners may specialize in one or more ar-
eas, such as insurance planning (risk management) and In some countries, e.g., the United States, financial plan-
retirement planning. At the back drop of Global financial ners must be registered as an investment advisor first. This
recessession - where a lots of people have become jobless requires an employee within a firm to pass the series 65 or
and return from the Share Market become bleak - Finan- 66 Registered Investment Advisor Examinations. A private
cial Planning is a growing industry with projected faster than advisor or company can apply to the state and SEC for an
average job growth through 2015 in India. Registered Investment Advisor (RIA) License or Status.
6. Global Regulations related to Finan- Being 'licensed' to practice financial planning is not the
same as merely having a professional 'qualification' in finan-
cial Planner: cial planning. A person may be professionally qualified in
financial planning, but without a licence required by the law,
The title of 'financial planner' is largely an unregulated he cannot practice the trade in that country or call himself
term in many countries. Lack of regulation has allowed fi- a financial planner there.
nancial services personnel in these countries to use the title
indiscriminately. Often, financial products intermediaries, As of now, there are quite a bit of qualifications related to
such as life insurance and unit trusts agents, use the title financial planning that can be found in the world. The most
to project a professional image to clients even when they prestigious financial planning designations are those which
are not trained in the professional aspects of financial plan- are not just of advanced standing and well-known, but are
ning. This has sometimes led to abuse. Clients may be de- also recognised by the relevant authorities for licensing pur-
ceived to receive financial planning services that are unpro- pose.
fessional, from unethical providers.
To protect the industry, financial planning professionals and In some places, individual employees within a licensed &
practitioners from across the globe (starting from the registered Investment Advisor firm such as a brokerage,
United States or United Kingdom) have begun to form trade bank or insurance company may be exempted if they are
organisations to provide self-regulations and to maintain providing complementary financial planning services in re-
some orderliness in the said industry. Some, such as the FPA, lation to their existing products and services. Moreover,
have begun to organize high-level training programmes and financial planners should be extremely careful in providing
certify members who successfully completed these estate planning or taxation advice for a fee, as these fields
programmes to work as the efficient Financial Planner.
The title of 'financial planner' continues, however, to be
used by individuals in the financial industry in most coun-
tries, as there are little or no legal barriers to prevent the
use of the title. The governments in many countries where
the financial planning profession is taking roots are begin-
ning to play an increasingly active role in tasking themselves
to ensure the market is in orderly manner.
More stringent laws and guidelines are being progressively
introduced to keep the profession in check. Additional quali-
fications have recently emerged which have extended on
"Since we cannot change reality, let us change the eyes which see reality."
PR COMMUNICATION AGE January 2016 9
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