CFP Board Welcomes New Registered Programs

During the third quarter of 2008, the four financial planning education programs listed below completed the requirements to become CFP Board-Registered Programs. The addition of these new Registered Programs brings us to a total of 339 active Registered Programs at over 200 institutions.

Bryant University
Online Certificate in Financial Planning
 
Excelsior College
Online Program for Financial Planners
 
Kansas State University
Ph.D. Human Ecology, emphasis in Personal Financial Planning
 
Winston-Salem State University
B.S. Finance, focus on Personal Financial Planning  

2009 Registered Program Renewal Process

CFP Board is working to simplify the renewal process for Registered Programs based on feedback received at the 2008 Program Directors’ Conference. We expect to provide new procedures to all programs prior to January 1, 2009. Institutions with upcoming January 2009 renewals will receive additional correspondence outlining the revised process, and ample time will be provided for submitting the revised documentation.

CFP Board’s Financial Planning Grants Program

CFP Board recently announced the awarding of grants totaling $199,390 to five projects designed to help the public realize the benefits of financial planning and working with CERTIFIED FINANCIAL PLANNER™ professionals. The five grant awards through CFP Board’s 2008 Financial Planning Grants program, including two programs connected with CFP Board-Registered Programs, are:

$15,000 to AccountAbility Minnesota of St. Paul, Minn., which will expand the financial planning services it makes available through volunteer CFP® professionals to consumers who take advantage of its Volunteer Income Tax Assistance (VITA) programs across the state of Minnesota.

$50,000 to Capital Area Asset Builders of Washington, DC, which will expand the financial planning components of its financial education programs and provide its low- and moderate-income constituents with access to volunteer CFP® professionals through events and online resources.

$79,500 to Institute for Financial Planning Education of Castro Valley, Calif., which will develop an online system to support and expand the reach of a day-long workshop created by Dr. Douglas Rice, CFP® that helps low- to moderate-income attendees establish a step-by-step financial plan.

$17,890 to University of California, Irvine, University Extension of Irvine, Calif., which will translate its online Fundamentals of Personal Financial Planning program into Spanish, extending the demographic reach of this introduction to the personal financial planning topics involved in the education and examination requirements for CFP® certification. The English version of the program was developed with the aid of a 2006 CFP Board grant and is available to the public free of charge through the University’s Open Courseware program (http://ocw.uci.edu/courses/AR0102092/).

$37,000 to University of Northern Colorado Foundation – Monfort College of Business of Greeley, Colo., which will use funding from CFP Board for an Internet-based financial planning module in its “First Year Experience” course required of all incoming business students. The module includes interactive tools, video, and a chat application monitored by volunteer CFP® professionals, and the project involves faculty and students from the University’s CFP Board-registered financial planning education program.

The grant awards further CFP Board’s mission to uphold the CFP® certification as the recognized standard of excellence in personal financial planning. CFP Board’s Financial Planning Grants program was introduced in 2006 and has provided grant funding totaling $1,447,262 to 33 projects across the U.S. Through the grant program, CFP Board has provided financial support to non-profit organizations, educators and CFP® professionals involved in a wide variety of activities, ranging from innovative uses of technology that expand public access to financial planning to creative partnerships delivering financial planning information and assistance through libraries, high schools, colleges and community-based organizations. Additional information about CFP Board’s grant program is available at www.CFP.net/grants.

Details about CFP Board’s 2009 grants program will be made available on CFP Board’s Web site in mid-March. If you’re interested in receiving notification once the program details become available, please forward your name and e-mail address to grants@CFPBoard.org to be added to the list of interested individuals.

Revised Standards of Professional Conduct

A revised version of CFP Board’s Standards of Professional Conduct, which sets forth the ethical standards for CERTIFIED FINANCIAL PLANNER™ professionals, took effect July 1, 2008 and will be enforced by CFP Board beginning January 1, 2009. All CFP Board-Registered Programs should incorporate the revised Standards into their financial planning curriculum, as the Standards are included in the 89-topic list. The updated Standards of Professional Conduct and related materials – including frequently asked questions, side-by-side comparisons of the previous and revised Standards, sample disclosure documents, and recorded Webinars on elements of the Standards – are available at www.CFP.net/aboutus/Standards.asp.

Adding New Faculty to Your Program

Have you recently made changes to your faculty or program staff? When adding a new faculty member or Program Director to your Registered Program, we ask that you send us a current copy of the individual's curriculum vitae to illustrate that they meet the requirements for faculty and/or Program Directors set forth in CFP Board’s Criteria for Registration of a Financial Planning Curriculum.

Registered Program faculty are required to hold: a) an appropriate graduate degree, or b) a current CFP® certification plus a bachelor's degree in a related field, or c) a current CFP® certification, a bachelor's degree, and significant experience related to the course content.

The faculty vitae may be mailed to education@CFPBoard.org or sent via mail, whichever is more convenient for you. Please indicate which course(s) the individual will teach.

Academy of Financial Services Call for Paper Presentations

The Academy of Financial Services is seeking papers to be presented at its next meeting, to be held October 9-10, 2009 at the Anaheim Marriott Hotel in Anaheim, Calif. AFS meetings provide a forum for the presentation of new research and the discussion of current issues in the personal finance field, and they seek research papers covering all aspects of personal financial planning and education, as well as ideas for panel presentations and tutorials. The submission deadline for paper presentations and special sessions is March 1, 2009. For additional details, visit the AFS Web site, www.academyfinancial.org.

November 2008 Exam Update

Score results from the November 21-22, 2008 CFP® Certification Examination will be released to exam takers approximately eight weeks from the date of the exam. Weekly updates on the status of the scoring process are posted on the front page of CFP Board’s Web site, www.CFP.net.

Institutions with students who sat for the November 2008 CFP® Certification Examination will receive individual pass/fail reports of their students’ performance on the exam approximately three weeks after score results are made available to students online, with exam results at the program and institution level to follow.

July 2008 Exam Score Information

Institutions with students who sat for the July 18-19, 2008 CFP® Certification Examination received individual pass/fail reports of their students’ performance on the exam, as well as a cumulative statistics report, which included data at the program, institution, and national level. All Registered Programs received the July 18-19, 2008 CFP® Certification Examination Statistics report, which included national totals for that exam, including a breakdown of examinees by Registered Program and Challenge Status.

Upcoming Exam Dates and Deadlines

Students interested in sitting for the upcoming March 20-21, 2009 CFP® Certification Examination need to submit complete exam applications to CFP Board no later than 5:00 pm Eastern time on February 4, 2009. Please remind your students that CFP Board cannot accept late applications under any circumstances. A complete exam application consists of:

• Completed application form
• $595 examination fee paid in full
• Appropriate qualifying eligibility documentation (i.e., copy of the transcript, copy of designation/degree, or letter of authorization)

Students who have successfully completed coursework at two or more CFP Board-Registered Programs but have not completed, or had credits transferred to, any one entire program, may qualify to apply for the CFP® Certification Examination under the Multiple CFP Board-Registered Program status. After applying for the exam as a ‘Combo Program,’ they will be required to provide transcripts from each institution to verify completion of the education coursework requirement.

Updated Tax Tables for the CFP® Certification Examination

In October, CFP Board notified Registered Programs of important additions to the Tax Tables provided with the November 21-22, 2008 CFP® Certification Examination. The updated tables include Modified AGI Phase-Out Range for Contributions to Coverdell Education Savings Accounts and Modified AGI Phase-Out Ranges for Hope and Lifetime Learning Credits. These tables, which cover 2008 tax laws, are included in the CFP® Certification Examination booklets for reference during the test. The Tax Tables are available on CFP Board’s Web site at www.CFP.net/become/taxtables.asp.

Streamline Your Students’ Exam Registrations with Electronic Graduate Lists

CFP Board-Registered Programs are strongly encouraged to provide electronic lists of their financial planning program graduates to CFP Board. The lists certify that the named students have earned the degree or certification provided by the program, serve as verification that they have met the education required to sit for the CFP® Certification Examination, and enable graduates to apply for the CFP® Certification Examination online without having to provide hardcopy documentation of their education.

We appreciate the efforts of the many registered programs that currently submit electronic graduate lists, and we will continue to facilitate this process to provide an exceptional level of service for individuals who seek CFP® certification. To request an electronic template for your program, please contact us at education@CFPBoard.org.

Please note that the process for verifying students’ education is not fully automated. Exam applications pending education verification are manually cross-checked against the eligibility list for a given institution. Therefore, students should allow 1-2 days for their education to be verified from the time they submit an exam application. Once a candidate’s exam application is complete, an automated e-mail confirmation is sent.

Reduced Exam Fee for Registered Program Faculty

Faculty at your Registered Program can apply to take the CFP® Certification Examination for a discounted registration fee. All Registered Program individuals who are considered faculty by the institution at the time the exam application is sent to CFP Board, subject to the following criteria:

1. Faculty will receive a half-price discount. Currently, the fee for faculty would be $295. The faculty fee will increase proportionally in the event the exam application fee increases.
2. Eligibility documentation is required from the Program Director or appropriate administrative contact.
3. The faculty member can retake the exam for the discounted fee so long as eligibility requirements are still met at the time any subsequent exam applications are received at CFP Board.
4. The discounted fee may revert back to current policies with prior notice.
5. Teaching a review course or an optional/elective course that does not cover CFP Board’s topics and is not part of the registered curriculum does not qualify. (A required capstone course would fulfill the requirement.)
6. All other exam and initial certification policies apply. They include but are not limited to the following:
   • Withdrawal of exam registration is subject to a $50 withdrawal fee.
   • The exam application fee is forfeited if the exam is not completed (medical waivers excluded).
   • Successful completion of the educational requirement must occur for testing eligibility.

Marketing Tools from CFP Board

In mid-September, CFP Board unveiled several new and updated resources to assist Registered Programs with marketing and retention. In addition to updated customizable advertisements and the announcement that CFP Board’s Guide to CFP® Certification booklets are now available to Registered Programs free of charge, CFP Board is pleased to provide Registered Programs with both a Welcome Letter to Students and a Congratulatory Letter to Students completing their program. These and other items are available on CFP Board’s Web site at: www.CFP.net/teamup/communicationtools.asp.

Guide to CFP® Certification Prospect Lists

Registered Programs have access to quarterly lists of individuals who have recently requested CFP Board’s Guide to CFP® Certification. The lists include contact information for individuals who have expressed interest in learning more about obtaining CFP® certification, and many who are likely to seek out a professional financial planning education program in the near future.

Current lists are made available to Registered Programs online through CFP Board’s secure file transfer site. Updated on or before the fifteenth day of January, April, July, and October, each list remains posted for one quarter, until the next quarter’s list becomes available.

If you have not already signed up for access to the secure site, you may request access by completing the List Request Form available at www.CFP.net/downloads/Guide_List_Request_Form.pdf and submitting it to education@CFPBoard.org. Once requests are received and processed, those individuals listed as authorized contacts for the institution will receive instructions for accessing the list.

Review of Marketing Materials

Please remember to submit a copy of all printed and Web site marketing materials to CFP Board for review prior to printing or posting. Our goal is to ensure that the CFP® marks are used properly and that the certification process is represented accurately.

Electronic copies of marketing materials can be sent directly to trademark@CFPBoard.org, or hard copies sent by fax to 202-379-2299 or by mail to 1425 K Street, NW, Suite 500, Washington, DC 20005, Attention: Trademark Department. Once your materials have been received, please allow three weeks for review. If necessary, we will provide you with required edits, and at that time, we can also coordinate linkage of your Web site with CFP Board’s Web site.

Share Your Marketing Questions and Wish-Lists with CFP Board

CFP Board is committed to supporting your marketing efforts, and we need your input. We would like to maintain open dialogue in order to best serve you and your marketing team. We encourage anyone who would like to have a greater voice in CFP Board’s development of Registered Program-specific marketing strategies to e-mail your wish-list items and questions to marketing@CFPBoard.org.

Encourage Students to Establish an Account with CFP Board

We strongly encourage students interested in learning more about the CFP® certification requirements to create a secure, online account with CFP Board by completing the form located at www.CFP.net/students. Creating an account will allow CFP Board to provide your students with the most current information about CFP Board policies and the process for becoming a CERTIFIED FINANCIAL PLANNER™ certificant, as well as connect them to resources, such as the monthly CFP Board Report newsletter.

Students who establish an account with CFP Board early in their Registered Program experience will also be one step ahead with respect to registering to sit for the CFP® Certification Examination, since an account is required in order for an individual to apply to sit for the CFP® exam.

National Publications Shine Spotlight on Careers in Financial Planning

Recent articles in the Wall Street Journal and US News & World Report highlighted the benefits of choosing a career in financial planning and the value of CFP® certification for getting ahead in the financial planning profession. An article in the Des Moines Register also featured the increasing demand for financial planning services among women and the efforts of financial services firms to hire more women to provide financial advice to this important clientele.

Best Small Business to Start: Financial Adviser
“How do you get started? [Eric] Wikstrom says that, at a minimum, one should be certified as a financial planner. In order to get certified by the Certified Financial Planner Board of Standards, you must have a bachelor's degree from an accredited college or university and pass a 10-hour examination on nearly 100 different topics related to finance.”

Matthew Bandyk
US News & World Report
November 13, 2008

Working as a Financial Adviser
“Certifications aren't required to advise clients. Still, many advisers obtain them — including the popular CERTIFIED FINANCIAL PLANNER[™ certification] — to boost their credibility with clients and employers. Certification ‘shows you're qualified [and] trustworthy,’ says [Stephen] Horan.”

Sarah E. Needleman
Wall Street Journal
November 18, 2008

Booming Field of Financial Advisers Brings More Women In
“As of the end of November, fewer than a quarter of all [CERTIFIED FINANCIAL PLANNER™ certificants] were female, according to the Certified Financial Planner Board of Standards Inc. in Washington, D.C. Because of this, financial services firms are stepping up efforts to hire female financial advisers — a move that ‘just makes good business sense,’ said Cindy Waliczek, national director of new financial adviser recruiting for Colorado Springs, Colo.-based RJ & Makay, which recruits workers for the financial sector. Most of these companies, such as Smith Barney and JP Morgan, ‘know that in the next 10 years, 60 to 80 percent of wealth will be in the hands of women,’ she said. And a lot of those women will want to look at a female face as they make financial decisions.’

Another case for reaching female candidates is to fill projected growth in the industry. [According to the Bureau of Labor Statistics,] the number of personal financial advisers is projected to grow 41 percent between 2006 and 2016, which is much faster than the average rate for all occupations.”

Karen Mracek
Des Moines Register
December 8, 2008

Survey: CFP® Certificants See Increase in Potential Clients Amid Turbulent Economy

In October, CFP Board conducted a “Pulse Survey” of CFP® certificants to learn about their experiences during the turbulence of our current economy. The responses from the more than 5,000 CFP® certificants who responded demonstrate the value CFP® certificants provide their clients, as well as the growth potential of a financial planning practice even in a troubled economy.

Certificants reported that more than 77% of their clients are standing firm with existing strategies, with significant numbers of clients taking prudent actions such as reviewing financial goals, reviewing asset allocation and rebalancing their portfolios. And two thirds reported seeing an increase in potential clients as the turbulence in the economy worsened.

These findings, coupled with the findings of CFP Board’s 2007 Certificant Survey – which showed that 89% of those who hold the CFP® certification are very satisfied with their career choice because helping people achieve their life goals provides emotional and financial rewards – show that a career in financial planning continues to offer promising business opportunities as well as professional and personal rewards.

Both survey reports are available on CFP Board’s Web site at: www.CFP.net/media/certificantsurveys.asp.