The authoritative guide covers what CFP and FPSC Level 1 certificants need to know
The Financial Planning Standards Council (FPSC) has released its new Financial Planning Body of Knowledge (FP-BoK), a detailed reference guide that spells out all the detailed knowledge expected of a CFP professional and an FPSC Level 1 certificant. It complements the recently revalidated FPSC Competency Profile.
The FP-BoK covers 12 knowledge topics, each stating in detail what aspects and areas of financial planning professionals should know about. Case studies are also included to illustrate how the knowledge in each topic is applied.
While FPSC Level 1 certificants and CFP professionals draw from the FP-BoK, CFP professionals are expected to deliver advice at the highest level of complexity, delving deeper into areas including registered retirement plans, registered education and disability plans, taxation, insurance, and estate planning and legal aspects. For that reason, the FP-BoK makes distinctions between the expectations for a FPSC Level 1 certificant and a CFP.
The FP-BoK is a valuable resource to financial-planning educators, students preparing to enter the field, and firms that need a guide on what they should expect for the professionals they recruit or manage.
“The Financial Planning Body of Knowledge lays the foundation for more clearly defined and more consistent delivery of financial planning throughout the profession,” said FPSC President and CEO Cary List.
The FP-BoK builds on the Canadian Financial Planning Definitions, Standards and Competencies jointly published by the FPSC and the Institut québécois de planification financière (IQPF) in 2015. The FPSC’s Standards Panel, composed of financial planners and members of the public, will review the FP-BoK periodically.
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The FP-BoK covers 12 knowledge topics, each stating in detail what aspects and areas of financial planning professionals should know about. Case studies are also included to illustrate how the knowledge in each topic is applied.
While FPSC Level 1 certificants and CFP professionals draw from the FP-BoK, CFP professionals are expected to deliver advice at the highest level of complexity, delving deeper into areas including registered retirement plans, registered education and disability plans, taxation, insurance, and estate planning and legal aspects. For that reason, the FP-BoK makes distinctions between the expectations for a FPSC Level 1 certificant and a CFP.
The FP-BoK is a valuable resource to financial-planning educators, students preparing to enter the field, and firms that need a guide on what they should expect for the professionals they recruit or manage.
“The Financial Planning Body of Knowledge lays the foundation for more clearly defined and more consistent delivery of financial planning throughout the profession,” said FPSC President and CEO Cary List.
The FP-BoK builds on the Canadian Financial Planning Definitions, Standards and Competencies jointly published by the FPSC and the Institut québécois de planification financière (IQPF) in 2015. The FPSC’s Standards Panel, composed of financial planners and members of the public, will review the FP-BoK periodically.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Guidelines on projected returns released
What recent exam results say about the advisory industry
