CFP (Certified Financial Planner)
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Becoming a CFP Professionalcfp-poster

Almost a decade ago, financial planners were almost unheard of. With Malaysians becoming more affluent, the demand for the service of financial planners is growing rapidly. People these days have more sophisticated demands. They are no longer satisfied with simple investment planning, and are seeking out financial planners not only to manage their wealth but also to extend their kitty while maintaining or improving their lifestyle.

 

Who Should Be a CFP Professional?

If you are an individual involved in Personal Financial Services (PFS) such as financial planning, retail banking, unit trust, insurance, estate planning and wealth management, having the CFP credential will enhance your professional status among your peers. Consumers view CFP certification as an indication of a qualified and trustworthy personal financial planner or financial services professional.

 

What Is Financial Planning?

Financial Planning is the process of meeting an individual's life goals through the proper management of his finances. Life goals can include buying a home, going for vacations, saving for a child's education or planning for retirement. A financial planner is someone who uses the financial planning process to draw-up a plan with an objective to meet your life goals.

 

Why CFP Certification?

1. Global Recognition

An international qualification which is recognized by consumers around the world.

2. Recognition by Industry Regulators

Recognized by the industry regulators for licensing as financial planners and financial advisers.

3. Knowledge and Competencies

Equips you with the body of knowledge and competencies to enable you to holistically plan, advise and recommend the most appropriate products and services to your clients.

4. Career enhancement

Enhance your career development opportunities. Increasingly, bank and other financial institutions make the CFP certification a requirement for staff in personal financial services.

5. Satisfied clients

As clients become more sophisticated they will be interested in a wider range of products and services. They will be better served by the CFP professionals who are well equipped with the body of knowledge and competencies.

Based on a research conducted in the US, clients of CFP practitioners are more satisfied than the clients of other financial advisers and are interested in a broader range of financial advice.

6. International Community

As a CFP professional you will be part of an international community of elite financial professionals who are committed to you.

 

Recognition of CFP by Bank Negara for Financial Adviser License Application

Bank Negara has recognized the CFP qualification as a prerequisite for application of the Financial Adviser's license. Prior to this, Modules 1 and 2 of the CFP certification program had been recognized by Bank Negara for the purpose of complying with the requirement that all life insurance agents of more than one year need to attend these modules.

 

The latest recognition by Bank Negara is a further testament of the standard of the CFP qualification and its credo of the "Highest Standard in Financial Planning". Earlier, CFP was already recognized by Securities Commission as a prerequisite for application of the Investment Adviser's license.

 

The CFP Certification Program

The CFP certification program revolves around '4Es' – Education, Examination, Experience & Ethics – which are the cornerstones of the profession. The CFP certification course consists of 6 modules with 40 hours of classroom based lecture per module followed by examinations. Candidates who have completed the AFPM program (Module 1) will go through only the last 5 modules. Shortest time frame to complete the program is 18 months. Candidates taking the AFPM of CFP certification will be required to first be Trade Members of the Financial Planning Association of Malaysia (FPAM).

 

The CFP Certification Curriculum

The CFP Certification Curriculum has been developed collaboratively between the international Financial Planning Standards Board and Financial Planning Association of Malaysia (FPAM). It has a core body of subjects that are relevant with the necessary depth and breadth that professionals in the PFS industry are expected to meet; at the same time country specific requirements are incorporated into the curriculum.

 

The program comprises six modules:

  • Module 1: Foundation in Financial Planning
  • Module 2: Risk Management and Insurance Planning
  • Module 3: Tax Planning
  • Module 4: Investment Planning
  • Module 5: Retirement Planning and Estate Planning
  • Module 6: Financial Plan Construction and Professional Responsibilities

* The shortest time frame to complete the program is 18 month

 

Profile of CFP Certificants by Industry

Unit Trust

24%

Financial Advisory

20%

Banks 

14%

Accountants

14%

Insurance

13%

Stock Brokerage

7%

Asset Management

2%

Trust & Wills

1%

Non Financial Corp

5%

 

Globally Recognized, Locally Supported

  • The CFP certification program is an internationally recognized qualification promoted by FPAM as the industry standard for professionals in the personal finance industry.
  • Examinations for the CFP credential conducted by FPAM are validated by the Financial Planning Standards Board (FPSB).
  • The CFP credential is recognized by Bank Negara Malaysia and the Securities Commission.
  • The CFP certification program has also been adopted by many major financial institutions worldwide and locally.
  • Introduced in 1972, the CFP certification grew and became the gold standard for financial planning.

Other Benefits of the CFP Mark

  • Exemption from FIMM's CUTE
    • Holders of the CFP credential are eligible for exemption from the Computerized Unit Trust Examinations (CUTE) conducted by the Federation of Investment Managers Malaysia.
  • EXEMPTION FROM PRE-CONTRACT EXAMINATION FOR INSURANCE AGENTS (PCEIA) PART A, B & C
    • FPAM is pleased to announce that members who have obtained the Certified Financial Planner® (CFP CERT TM) credential and the Islamic Financial Planner qualification are exempted from the Pre-Contract Examination for Insurance Agents (PCEIA) Part A, B & C
  • Fees Eligible for EPF & HRDF Funding
    • The fees for the program are eligible for withdrawal for education purposes under the Employees Provident Fund (EPF) and for training grant under the Human Resources Development Fund (HRDF).
  • Recognized by FIMM for CPD Points
    • The individual modules under the certifi¬cation program are eligible for CPD points under the FIMM's Continuing Professional Development program.

 

The AFPM Qualifications

Candidates will be pleased to note that the successful completion of Module 1 will entitle them to carry the designation of AFPM (Associate Financial Planner, Malaysia) which is recognized by the Securities Commission. This Module provides an excellent introduction to understanding the often broad and multi-faceted financial requirements of clients and how to address them in an integrated and holistic manner by offering comprehensive solutions. AFPM holders who pass an additional module are also eligible for internship program under licensed financial planners.

 

RECOGNITION OF CFP QUALIFICATION IN MALAYSIA

    CFP IFP

Prerequisite for application of Capital Markets Services Licence (CMSL)

Securities Commission (SC)

Members who have passed Module 1 are able to recommend the full range of financial products to clients

Securities Commission (SC)

 

Eligible for Internship Program for licensed financial planners

Securities Commission (SC)

Prerequisite for application of Financial Adviser's Licence (FA)

Bank Negara (BNM) 

Module 1 & 2 recognized for the purpose of renewal of Life Insurance Licence

Bank Negara (BNM)

Life Insurance Association of Malaysia (LIAM)

 

Requirement to advise on Takaful and Banking Products and Services under FA Licence (after first year)

Bank Negara (BNM)

 

Eligible for exemption from the Computerized Unit Trust Examinations (CUTE)

Federation of Investment Managers Malaysia (FIMM) 

✔ 

 

Eligible for CPD points under FIMMs' Continuing Professional Development Programme

Federation of Investment Managers Malaysia (FIMM) 

Recognized by the Malaysia International Islamic Financial Centre

Malaysia International Islamic Financial Centre (MIFC) 

 

Eligible for withdrawal for education purposes under Account 2

Employees Provident Fund (EPF)

✔ 

Eligible for training grant under the Human Resources Development Fund

Human Resources Development Fund (HRDF) 

Allowed as deduction under Para 46(1) of the Income Tax Act

Inland Revenue Board (IRB) 

 

Eligible for financing and scholarship under the Bumiputera Dealer Representatives Education Fund

 BDREF

IFP Holders exempted from Takaful Basic Examination in order to become an intermediary of a Takaful operator

Malaysian Takaful Association (MTA)

 

Exempted from Pre-Contract Examination for Insurance Agents (PCEIA) Part A, B & C.

Malaysian Insurance Institute

 

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CFP Programme Counselling Hours:


Mon - Sat: 9.00 to 5.30pm

Contact Person:

Kenneth Gan (ext. 145)

 

CPF BROCHURE
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KDU-CFP APPLICATION FORM
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KDU-CFP
RE-ADMISSION FORM

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EXAM REGISTRATION FORM
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TRADE MEMBER FORM
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ASSOCIATE MEMBER FORM
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 CFP APRIL 2014 TIMETABLE
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CFP EXAM NOTICE JULY 2014
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