At its May Board meeting, the Certified Financial Planner Board of Standards (CFP Board) resolved to create a joint task force with representatives of the International CFP Council to develop a proposal for transforming the existing structures of both organizations for the benefit of the global community of CFPTM certificants.
The joint task force, to consist of three representatives from each organization's governing body, has been charged with formulating a proposal to create an alternative structure for the CFP Board and International CFP Council that would expand the current scope of the CFP Board to more effectively oversee the development of a global CFP certification program. The task force will evaluate current commonalities, differences and allocations of functions and resources among the CFP Board and its international affiliates, and present its plan to the CFP Board's governing body at its September meeting.
"The world is moving ever more rapidly toward financial planning and consumers are looking to the CFP certification marks as the global standard for qualified financial planners," said Patricia P. Houlihan, CFPTM, chair of the CFP Board's governing body. "The time is right for the CFP Board and its international affiliates to revisit the current structure of its international operation, and create a structure that can maximize the efforts, impact and reach of each member of the International CFP Council for the benefit of consumers of financial planning worldwide."
"The passion felt for the CFP marks by advisors certified by the 14 organizations affiliated with the International CFP Council is equal to that of U.S. CFP certificants," said John Carpenter, board chair of Canada's Financial Planners Standards Council. "The work of this joint task force will foster greater unity among the organizations certifying financial planners around the world and will position the CFP certification marks as financial planning's highest international standard."
"The members of the task force will work diligently with the CFP Board to do what is right for CFP certificants around the world," added Ray Griffin, CFPTM, Financial Planning Association of Australia's representative to the International CFP Council. "As global consumers' financial planning needs become more aligned, and borders become less of a barrier to international commerce, it is crucial that the CFP Board and its international affiliates have in place a structure that can support the global growth of a community of financial planners united around the common standards of the CFP certification marks."
An international assembly of financial planning bodies, the International CFP Council was founded in 1990 to promote the professionalism of individuals and organizations offering personal financial planning services and to ensure that such services are offered in an ethical and competent manner throughout the world. The International CFP Council, a subsidiary board of the Certified Financial Planner Board of Standards (CFP Board), has members from Australia, Canada, France, Germany, Hong Kong, Japan, Malaysia, New Zealand, Singapore, South Africa, South Korea, Switzerland, the United Kingdom and the United States and associate members from Austria, Bermuda, Brazil and India.