Financial Planners Tackle Global Standards

Financial planning practices have developed rapidly in recent years in the U.S. and around the world. The AICPA has already established an accreditation designation for CPAs who specialize in personal financial planning (PFP). Now, an effort is underway to set global standards. The standard-setting initiative is being undertaken by the International Organization for Standardization (ISO), and Peter Lefferts, former managing director of American Express Financial Advisors, has been tapped to chair a key working group.

Altogether, the ISO plans to establish four working groups, two of which are operational now. Each is led by a specific country.

The United States is taking the lead on the following projects:

  • Definition of financial planning (chaired by Mr. Lefferts).
  • Process of personal financial planning.
  • Personal financial planning practice management.

Germany is taking the lead on these projects:

  • Requirements for core competencies of a personal financial planner.
  • Demonstration of initial competencies.
  • Demonstration of continuing competency.

Other areas under consideration and groups still to be formed involve standards on the financial planning experience requirements and the ethical requirements of financial planning.

For more information about the ISO and a list of committee contacts, see Technical Committee 222. For information about the tools, training, and support available from AICPA to help CPAs become competent in the personal financial planning disciplines, see the Center for Personal Financial Planning Professionals.

-Rosemary Schlank

You may like these other stories...

Curious as to what the fastest-growing accounting and finance jobs might be for the next several years? According to the new 2015 Salary Guide from staffing firm Accounting Principles, some of those jobs include bookkeeping...
In most cases, accountants have gaps in their resumes because they got fired and could not find another job they liked within a short amount of time. If you went back a decade such a gap could have been considered a death...
If you're thinking that bitcoin and digital currency generally are merely some one-off flash in the pan, the new Digital Currency Council would argue otherwise. The council launched in September and already had 400...

Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.