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International CFP Panel

International CFP Panel. CIFPs Conference May 30, 2006. Panel Members. Moderator – Cary List COO & EVP Standards, FPSC Canada - Chris Reynolds President, Investment Planning Counsel U.S.A. – James Barnash Chair, FPA Australia – Geoff Davey CEO, Finametrica Malaysia – Paul Chan

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International CFP Panel

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  1. International CFP Panel CIFPs Conference May 30, 2006

  2. Panel Members • Moderator – Cary List • COO & EVP Standards, FPSC • Canada - Chris Reynolds • President, Investment Planning Counsel • U.S.A. – James Barnash • Chair, FPA • Australia – Geoff Davey • CEO, Finametrica • Malaysia – Paul Chan • CEO, S&P NetWorth Advisors

  3. Globalization of the CFP Mark • Affiliates: 18 • 1st Affiliate: Australia (Dec. 2000) • Most Recent Affiliate: China (Apr. 2006) • CFP Professionals • USA: ~ 50,000 • Outside USA: ~ 48,000

  4. Global Number of CFP Professionals 2006 No. of CFP Professionals Source: Financial Planning Standard Board CFP Affiliates No. of CFP Professionals

  5. Financial Planning in the U.S. • Roots in the late 1960s • First CFP graduated 1973 • 350k – 550k advisors; pop’n 295 million • 51k CFP professionals • 100+ degree, 135+ certificate programs • FPA 28k members, 19k hold CFP • Competing: CFA, ChFC, CLU, PFS

  6. A Little About Australia • Population – 22 million • GDP – USD $680 billion • Domestic Share Market - $840 B (8th) • Managed Investments – $740 B • Investment Market - $3,800 B

  7. Financial Planning in Australia • FPDrivers: Income tax and social security arbitraging, compulsory Universal Retirement Savings (9% paid by employer) • First CFP graduated 1990 – first outside of US • 2005 – 290 CFPs awarded • Undergraduate degree required as of 2007 • Total CFP professionals – 5,300 (4th largest in world) • 100+ degree, 135+ certificate programs • FPA 12k members, almost half hold CFP • Competing: Accounting specialties mostly, ChFP • Regulation: Single proactive, reformist and intimidating federal regulator

  8. Financial Planning in Canada • CFP first granted 1997 – replaced “Chartered” • 2005 – 1,000 CFPs awarded • Total CFP professionals – 17,000 (4th largest in world) • 10+ degree, 50+ certificate programs • Membership dedicated to CFPs just blossoming • Competing: RFP (400), PFP (banks only) • Regulation: Mostly provincial plus national SROs More than 20 regulators

  9. A Little About Malaysia • Population: 25 million • Key Retirement Scheme: Employees Provident Funds (EPF) • 11 million EPF members • Mandatory Contributions (11% + 12%) • Total Fund Size: US$ 68 B • Financial Services Sector Blueprint: • Securities Commission: Capital Master Plan (Feb. 2001) • Central Bank: Financial Sector Master Plan (Mar. 2001) • Impact of Globalization, Liberalization and Convergence of Financial Service Sector on Financial Services Profession • Key Financial Services: Insurance, Unit Trusts, Banking, Stockbroking, Assets Management, Fund Management, Wills & Trusts, Islamic Financial Market • Approx. >100,000 Financial Services Providers Represented

  10. Financial Planning in Malaysia • FPAM launched in 2000 • Total FPAM membership – 9,900 • Total CFP professionals – 3,600 (6th largest) • 5 Education providers • Key competitors: ChFC (350), RFP (1,000) • Other competitors: ChFP, RFC, CIFP • Regulation: Financial planning practitioners licensed by: • Securities Commission (Securities Industry Act) • Central Bank of Malaysia (Insurance Act)

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