From this September, the Certified Financial Planner certification which signifies top qualification in the financial advisory profession will also be obtainable in Hungary.
The 2 year training program will begin with the support of Hungarian Association of Qualified Financial Planners and Institute of Bankassurance and Risk Management Education organization. „The Certified Financial Planner (CFP) certification is an international standard/mark which verifies that its owner is able to utilize knowledge for financial planning focusing on the clients’ individual needs.
Only those financial professionals have the right to use the CFP mark who meet the continually monitored strict conditions and are the most distinguished financial professionals, there are hardly more than 100.000 of these professionals worldwide (from this fifty thousand are practicing in US). In order to obtain a CFP certification, candidates must meet rigorous educational, examination, experience and ethical requirements in accordance with the needs of the local market as determined by FPSB Affiliates.
To maintain their right to use the CFP marks, CFP professionals must complete ongoing renewal requirements.” – said Roy Charsley, director of Legal Development and Affiliate Department, Financial Planning Standards Board at today’s press conference. FPSB is the international organization of Certified Financial Planners that brings together professional financial advisors from financially developed countries of the world from Japan to the USA and its mission is to benefit and protect the global community by establishing, upholding and promoting worldwide professional standards in financial planning.
Zoltán Luttenberger PhD, the general manager of the organization providing the training in Hungary, said regarding the implementation of the CFP certification in Hungary: „Those financial planners, who have several years of professional experience and comply with professional, ethical principles and continuing educational requirements, may obtain the basic diploma (RFP – Registered Financial Planner) at the end of this year, and the QFP – Qualified Financial Planner diploma after fulfilling every module.
In order to reach this goal they have to successfully pass the examinations pursuant to containing international industry standards and Hungarian legal and market knowledge in more financial fields: planning methods, investment, insurance, retirement, taxes, estate, employee benefit and education. The IBRME utilizes the blended learning method registered in Genf and is represented by the eTrainer mark which has been demonstrated by the successful training of financial advisors.”
Hungarian Association of Qualified Financial Planners – founded by AVIVA Insurance Co., AWD Hungary, BROKERNET group and ING Insurance Co. - is a voluntary non-profit association which set the adoption of CFP international industry (professional) standards in the Hungarian financial services sector. The Business Association is a Hungarian organization operating in accordance with the FPSB’s requirements and its mission is to develop a consultancy for financial services assuring high quality and customer protection.
„In Hungary, starting form 2010, considerable demographic changes are expected which will affect the population and can only be remedied by long-term financial planning. During the next few years the largest number of pensioners in Hungarian history will considerably grow while the number of the young people who are entering the job market will drastically drop to an all time historical low.
In other words, less and less people will be paying taxes – as the pressure of the global market increases, while the number of the pensioners continuously grows. Considerable number of the population does not have wide knowledge of the financial markets, they lack the knowledge to recognize opportunities and to utilize the tools that can assist them to reach their long-term financial goals.
Our common professional responsibility is to train appropriate advisors. With the implementation of the CFP program we took an important step in Hungary towards raising the quality of standard for the certification of professional financial advisors. The independent financial advisors will enjoy higher acceptance by the public. Compliance with this education is crucial for the financial advisors.” said the founding members of the HAQFP at yesterday’s press conference.