{"id":2927,"date":"2022-03-22T16:35:40","date_gmt":"2022-03-22T20:35:40","guid":{"rendered":"https:\/\/www.iafp.ca\/planners\/?page_id=2927"},"modified":"2022-03-31T16:45:22","modified_gmt":"2022-03-31T20:45:22","slug":"cfp-changes","status":"publish","type":"page","link":"https:\/\/www.iafp.ca\/planners\/media-releases\/cfp-changes\/","title":{"rendered":"CFP Changes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2927\" class=\"elementor elementor-2927\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fcee908 elementor-section-full_width elementor-section-height-default elementor-section-height-default parallax_section_no qode_elementor_container_no\" data-id=\"fcee908\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bc5359f\" data-id=\"bc5359f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f2a5761 elementor-section-boxed elementor-section-height-default elementor-section-height-default parallax_section_no qode_elementor_container_no\" data-id=\"f2a5761\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-fb1b02a\" data-id=\"fb1b02a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ea2a8b elementor-widget elementor-widget-heading\" data-id=\"5ea2a8b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">CFP Requirement Changes<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69a3c08 elementor-section-boxed elementor-section-height-default elementor-section-height-default parallax_section_no qode_elementor_container_no\" data-id=\"69a3c08\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26efb37\" data-id=\"26efb37\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae8a290 elementor-widget elementor-widget-text-editor\" data-id=\"ae8a290\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2>Changes to CFP Requirements<\/h2>\n<p>Many members have been curious about IAFP<sup>\u00ae<\/sup> reaction to the FPSC announcement increasing their requirements to obtain the CFP certification. We believe this is a very positive step forward for the consumer, the profession, and the IAFP<sup>\u00ae<\/sup><\/p>\n<p>The IAFP<sup>\u00ae<\/sup> is gratified that the CFP is adopting standards that the IAFP<sup>\u00ae<\/sup> has had enshrined in its Code of Professional Ethics since its inception in 2001. The consumer of financial planning services will always be well served by improvements to the skill set and experience of those delivering the services they receive. The profession will also benefit from higher standards. We welcome any effort to improve the quality of services offered by the profession, which, dare we say, might also decrease the problems with less able practitioners.<\/p>\n<p>For those of you wondering what continues to set the R.F.P.<sup>\u00ae<\/sup> apart from the CFP designation, consider this:<\/p>\n<p>(i) The \u201cprimary vocation\u201d of any R.F.P.<sup>\u00ae<\/sup> must be financial planning. According to FPSC management, the majority of CFPs are not primarily financial planners. This is an important differentiator from the consumer\u2019s perspective.<\/p>\n<p>(ii) CFPs still do not have to prove their ability to produce a comprehensive financial plan &#8211; they only have to demonstrate understanding of the components. Though few R.F.P.<sup>\u00ae<\/sup>s create written financial plans for all engagements, they all need to have demonstrated \u201cthrough exam and example\u201d that they are able to prepare a comprehensive plan for complex cases.<\/p>\n<p>(iii) No R.F.P.<sup>\u00ae<\/sup> was ever \u201cgrandfathered\u201d, so the IAFP<sup>\u00ae<\/sup>can continue to provide greater assurance of member qualifications.<\/p>\n<p>(iv) CFPs are not required to continue their education each year in Ethics, or across the six subject areas of cash flow, taxes, estates, investments, insurance and retirement planning. They simply need \u201cgeneral and technical\u201d CE credits.<\/p>\n<p>Ninety-four per cent of all R.F.P.<sup>\u00ae<\/sup>s hold the CFP designation, and the CFP (or equivalent education) continues to be a prerequisite for those who wish to become R.F.P.<sup>\u00ae<\/sup>s. These two facts indicate that the R.F.P.<sup>\u00ae<\/sup> continues to represent a higher standard in the profession, retaining its distinction and unique value.<\/p>\n<p>Scott Robertson, R.F.P.<sup>\u00ae<\/sup>, IAFP<sup>\u00ae<\/sup> President 2009<\/p>\n<p class=\"lastUpdated paddingtop20px\"><em>Last updated: 21 Jul 2019 11:57 PM<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcf7ebd elementor-widget elementor-widget-text-editor\" data-id=\"dcf7ebd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>CFP Requirement Changes Changes to CFP Requirements Many members have been curious about IAFP\u00ae reaction to the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2881,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/pages\/2927"}],"collection":[{"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/comments?post=2927"}],"version-history":[{"count":8,"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/pages\/2927\/revisions"}],"predecessor-version":[{"id":3270,"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/pages\/2927\/revisions\/3270"}],"up":[{"embeddable":true,"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/pages\/2881"}],"wp:attachment":[{"href":"https:\/\/www.iafp.ca\/planners\/wp-json\/wp\/v2\/media?parent=2927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}