Student Brochure - Financial Planning Institute
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Student Brochure
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FPI Student Brochure
Vision
Professional financial planning for all.
Our Mission
The FPI’s mission is to advance and promote the pre-eminence and status of financial planning
professionals, while at all times acting in the interests of the society (community, constituency)
whom the profession serves, by:
1. Improving the quality and accessibility of professional financial planning for all in
Southern Africa.
2. Acting as advocate for professional financial planning, building a recognition of the
importance and need for such planning by the general public.
3. Providing a framework within which members can achieve qualifications and
maintain competence to create greater value for their clients, practices and employers.
4. Ensuring that members maintain the highest ethical standards in the pursuance
of their profession.
5. Providing a leadership role within financial services by providing balanced, credible
input and commentary to government and the public.
6. Facilitating transformation within the profession.
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FPI Student BrochureTable of Contents
Introduction 4
The financial services industry 4
Professionalism in the industry 4
Learning Pathway 6
Career pathway 6
How to become a Professional Financial Planner 6
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FPI Student BrochureIntroduction
Financial planning is a profession, just like medicine, law, accounting or engineering. As a career,
it enables those people with entrepreneurial skills to eventually set up their own businesses.
Financial planning is the process of developing strategies to assist clients in managing their
financial affairs to meet life goals through the proper management of their finances. Life goals can
include buying a home, saving for their child’s education or planning for retirement. The process
of financial planning involves reviewing all relevant aspects of a client’s situation across a large
breadth of financial planning activities, including inter-relationships among often conflicting
objectives. This enables the professional financial planner to deliver integrated financial solutions
that allow clients to take control of their finances to create and protect wealth and financial
security for clients in a holistic way.
Most consumers do not have the ability to perform their own financial planning and there is
a huge need for professional financial advisors and planners to assist the consumers in firstly
drafting a financial plan, and secondly executing the plan. We advise school leavers to achieve
their suitable Bachelors Degree, gain their experience at an FPI approved mentorship centre and
continue with the pathway to CFP® professional certification.
Once qualified, a wide range of career opportunities exist, not only as professional financial
planners but as managers, specialists within the life insurance, banking, asset management and
investment sectors as well as other providers of financial planning products in the financial
services sector.
The financial services industry
The financial planning industry can be divided into three main categories, namely representatives,
advisors and planners. This is also the typical pathway for people in the industry to develop and
promote themselves. This pathway can be illustrated as follows:
CFP professional (± 4 000)
Advisor (± 40 000)
Representative (± 100 000)
Approximated 2012 figures
Professionalism in the industry
The CERTIFIED FINANCIAL PLANNER® or CFP professional designation is the pinnacle in the
industry and should be the ultimate goal in terms of job progress and promotion. In order to
become a CFP professional, the learner has various options available and can obtain a relevant
B Degree and then an approved postgraduate qualification. Full time or part time studies are
available that allows the student to study whilst building a career and working in the industry.
The following table elaborates on the different types of courses and jobs available in each
category, but it is a generalisation and the information could also be applicable to other
categories depending on individual circumstances.
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FPI Student BrochureRepresentative Advisor Planner
The role of this job is A financial advisor A financial planner is a practicing
to help sell investment addresses the financial professional who identifies client’s needs
products to the needs of clients by through a comprehensive needs analysis
institution’s clients. This proposing specific products process, with a holistic view, develop a plan
job consists of financial to address those needs. that will assist the client to achieve his/
planning advice and the Financial advisors focus her life goals. The financial planner will
sale of financial products. on single needs analysis then implement the plan as the life events
Responsibilities will vary and do not necessarily give occur during the life of a client. Progress
Type of job depending on which holistic and comprehensive is monitored and reviewed on a regular
company you work for. financial advice. basis to ensure that any changes to goals
and objective are addressed and that any
external changes that might affect the plan
are considered. Financial planners often
specialise in one or more financial planning
component like asset management, risk
management, estate planning, etc.
An NQF Level 5 or 6 An NQF Level 7 qualification NQF Level 8 qualification in financial
Minimum qualification in Financial as listed in the FPI list of planning.
qualification Planning or Wealth approved qualifications.
Management.
Financial representatives Financial advisors need to Financial planners need to ensure that
need to ensure that ensure that they are abreast they are abreast of changing legislation
they are abreast of ever of changing legislation and and regulations. Changes to the external
changing legislation and regulations. Changes to the environment that might affect their
regulations. different financial products clients’ financial plans are major aspects
result in on-going learning. in continuous professional development.
An NQF Level 7 Changes to the different traditional and
On-going
qualification may be An NQF Level 8 qualification non-traditional financial products result in
education required to get promoted and a professional on-going learning.
to advisor. competency exam are
required to become a An Advanced Postgraduate Diploma,
financial planner. Masters or Doctoral degree are options for
further studies. A qualification specialising
in one of the financial planning components
is also an option.
Self-Driven Self-Driven Self-Driven
Excellent customer service Excellent customer service Excellent people skills
and sales skills Good listener Good listener
Other Goal orientated Analytical skills Analytical skills
attributes Work under pressure Communication skills Communication skills
Goal orientated Ability to synthesise
Work under pressure Goal orientated
Work under pressure
A learner with a NQF Level A learner with a NQF Level 7 A learner with a NQF Level 8 qualification
5 qualification can gain qualification may gain entry can gain entry into NQF Level 9 at any
entry into NQF Level 6 at into NQF Level 8 at any registered provider.
any registered provider registered provider.
A learner with a NQF Level A learner that does not meet the minimum
6 qualification may gain A learner that does not requirement can apply for Recognition of
Articulation entry into NQF Level 7 at meet the minimum Prior Learning (RPL) at a registered provider.
options any registered provider requirement can apply
A learner that does not for Recognition of Prior
meet the minimum learning at a registered
requirement can apply provider.
for Recognition of Prior
learning at a registered
provider.
Designations None Financial Services AdvisorTM CERTIFIED FINANCIAL PLANNER or
offered by FPI (FSATM) CFP professional
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FPI Student BrochureLearning Pathway
According to the South African Qualifications Authority (SAQA) NQF Level 8:
the learning pathway for learners in Insurance and Investments is: Postgraduate
NQF Level degrees and
7: Advanced diplomas
NQF Level 6: Higher certificates,
certificates or diplomas and
NQF Level 5: national diplomas degrees
National
NQF Level 4: Further certificate
Education and
Training certificate
Career Pathway
There are many career opportunities available for financial planners, and being a CFP professional will assist you to be
considered for the more sought after positions. As a CFP professional you will have demonstrated extensive industry
experience, have undergone rigorous study and you will maintain high standards through continuous professional
development.
CFP professionals can be clearly distinguished from the majority of people in the industry in terms of professionalism,
expertise and client relations.
Careers in financial planning are available in large insurance companies and banks, in small and medium, independent
practices. Ultimately one can start your own financial planning practice, creating and protecting wealth for your own
clients. In any of these institutions, you will find it rewarding to assist your clients in meeting their life goals.
A typical career path for becoming a CFP professional would be: Senior or
executive
Senior or executive management role
financial planner at an financial
Become a CFP institution
professional
Gain promotion to a
financial planning or
Join a practice in paraplanning role
a client service or
administrative role
How to become a Professional Financial Planner
In order to be awarded a professional designation and be accepted as a professional member of the FPI, candidates
must meet the certification requirements. They are:
• Education
• Experience
• Examination
• Ethics
In addition, members are required to maintain technical competence and fulfil ethical obligations by renewing their
membership annually. Every two years, CFP professionals must complete at least 65 hours of Continuous Professional
Development (CPD) to stay current with developments in the financial planning profession. At least five of these hours
must be spent on the FPI Code of Ethics and Professional Responsibility and the Financial Planning Practice Standards.
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FPI Student BrochureStep 1 Obtain a relevant approved qualification (Education)
Step 2 Obtain the necessary financial planning experience (Experience)
Step 3 Successfully complete the FPI Professional Board Exam (Examination)
Step 4 Apply to the FPI for membership. Two designations are available
Step 5 Ascribe to the FPI Code of Ethics and Professional Responsibility (Ethics)
Step 6 Pay the prescribed membership fee
Approved Education Providers
Institution Qualification New NQF Level
B. luris Financial Planning Law 7
University of the Free State
Postgraduate Diploma in Financial Planning 8
B. Com Finance 7
University of Johannesburg
B. Com Honours Financial Planning 8
B. Com Financial Planning 7
University of Stellenbosch
Postgraduate Diploma in Financial Planning 8
B. Com Financial Planning 7
Nelson Mandela Metropolitan University
Postgraduate Diploma in Financial Planning 8
National Certificate in Wealth Management 5
Milpark Business School National Certificate in Financial Planning 6
Postgraduate Diploma in Financial Planning 8
Higher Certificate: Wealth Management 5
PSG Konsult Academy
Advanced Certificate in Financial Planning 6
Further Education and Training (FET)
Institutions: (Boland College, College of Cape
National Certificate: Wealth Management 5
Town, False Bay College, Northlink College and
Cape College and False Bay College)
The CFP®, CERTIFIED FINANCIAL PLANNER® and are trademarks owned outside the U.S. by Financial Planning Standards
Board Ltd. The FPI is the marks licensing authority for the CFP marks in South Africa through agreement with FPSB. Visit the
FPSB website for more information at www.fpsb.org.
For more information about membership, please contact the FPI on:
Tel: 086 1000 FPI (374) | Fax: 011 475 1158 | Email: fpi@fpimail.co.za | www.fpi.co.za
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FPI Student BrochureFinancial Planning Institute of Southern Africa Palms Office Court, Block A, Ground Floor Kudu Avenue, Allen’s Nek PO Box 6493, Weltevredenpark, 1715 Tel: 086 1000 FPI (374) E-mail: fpi@fpimail.co.za www.fpi.co.za
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