The name change is a pointed attempt by the insurance group to offer itself as an alternative to members of the Atlanta-based International Association for Financial Planning who may feel disenfranchised by the requirement of the proposed Financial Planning Association to get a certified financial planner designation within 10 years in order to stay in the financial planning division.
The new group, which would be formed by a merger with the Denver-based Institute of Certified Financial Planners, would have from 25, to 27, members. Arthur Kraus, chief executive of the underwriters, says the board also is likely to approve a plan to set up a financial planning division. Kraus says he hopes to get the nine personal financial planning courses offered by U.
Kraus says. The online courses will include interactive sessions with instructors, and the certificates will be given by the university. UCLA has been offering personal financial planner certificates since the early s, says Karim Cherif, continuing education specialist in the Department of Business and Management at UCLA Extension, the division that offers the courses. By linking with us they feel they can better serve their members. The PFP is designed to serve the banking industry and is provided by CSI, a company that sells courses and provides licenses to those in banking.
Lastly, the CFP is an internationally recognized standard that is utilized by over 18, professionals in Canada. This is the recommended qualification to seek out if you plan on using a financial planner instead of an advisor.
Simply speaking, a financial advisor is a person who gives advice pertaining to financial products and services. These individuals also advise a client on areas such as risk management insurance , education funds, retirement, banking, borrowing, and so on.
The typical financial advisor will hold a number of licenses to sell and broker items such as mutual funds and insurance policies. Still, some CFA charterholders may engage in financial advising or run an advisory practice. In some cases, holding both designations is desirable to achieve a complete set of skills and knowledge for the job you do. In choosing a designation to pursue, ask yourself what kind of work you want to do, where you want to work, and if you want to work as an employee with a guaranteed salary or an entrepreneur where the sky and the basement is the limit.
No matter which you choose, each of these financial designations will provide ample professional opportunities for those who spend the time and energy to earn them. Each has rigorous exams that need to be passed. Both also require continuing education to keep the designation. CFPs mainly give advice to individuals, but some advise small business owners as well. CFPs also help with retirement planning, investing, and other financial planning. On the other hand, CFAs give advice to various institutions, such as banks, mutual funds, pension funds, insurance companies, and securities firms.
They focus on stocks and market analysis, helping companies and institutions make good investment decisions. CFAs also put together portfolio allocations for individuals. CFA Institute.
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