Certified Retirement Financial Planner – Insurance What does it mean to be a CFP Certified Agent in Singapore? Is a CFP-certified financial advisor necessarily better than someone who is not?
I was recently drawn to this “Introduction to CFP” video by the Financial Planning Association of Singapore (FPAS). I was interested in the statement that consumers should look for financial advisors who hold the Certified Financial Planner (CFP) certification.
Certified Retirement Financial Planner
Friend: “Hey. You need the right retirement plan. Not only all these offers. Wait. Are any of your advisors CFP?
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CFP holders are individuals with a high level of experience, education, professional competence and ethical standards. A certified financial planner will be able to help you plan for your retirement.
He or she can create a detailed and comprehensive financial plan that will help you reach your retirement goals.
So what does a CFP certified agent really mean, and is a CFP agent necessarily better than a non-CFP agent?
First and foremost, all financial advisers are licensed and regulated by the Monetary Authority of Singapore (MAS) under the Financial Advisers Act (FAA). MAS imposes a number of requirements for the appointment of a representative of a financial advisor, in particular the submission of a set of mandatory documents.
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While the title “Certified Financial Planner” sounds like what all financial advisors need to practice their craft, the CFP is simply one of many internationally recognized certifications that indicate an agent’s knowledge and expertise in finance, insurance and investments.
MAS does not require CFP certification to provide financial advisory services. In addition to CFP, other certifications include Chartered Financial Advisor (ChFC), Associate Financial Advisor (AFC), and Chartered Life Underwriter (CLU).
In order to obtain CFP certification, candidates must meet all four requirements of the certification process: education, examination, experience, and ethics.
Education: Before sitting the CFP exam, candidates must first complete mandatory modules delivered by FPAS approved education providers. Applicants must have at least GCE “A” level or three years’ work experience before applying for the course.
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Exam: After passing the educational component, candidates can apply to take the CFP Certification Exam, which is a series of written tests designed to assess the candidate’s ability to apply their knowledge to financial planning situations.
Each exam in Modules 1-5 is a three-hour multiple-choice paper. Module 6 is a three-hour paper in essay format.
CFP certification exams are held three times a year in April, July, and October or November. Applicants must also be individual members of FPAS.
Experience: This requirement aims to ensure that CFP holders have the necessary real-world experience in financial planning for clients.
What Does It Means To Be A Cfp Certified Agent In Singapore?
To meet this requirement, candidates must have three years of relevant financial planning experience, which may be before or after successful completion of the CFP exams, although 5 years of experience before or after the exam will not be recognised.
Relevant experience is determined by FPAS and may be in financial advisory, accounting, banking, portfolio management or tax.
Ethics: After completing the first three CFP certification requirements, candidates may submit their initial formal application. This application requires applicants to disclose past and present legal or agency actions and to acknowledge FPAS’s right to monitor and enforce its professional standards and code of ethics and to investigate any consumer complaints.
In addition to the above, CFP candidates are also required to attend a Code of Ethics workshop within the same calendar year of CFP certification approval. Existing CFP holders who wish to renew their certification should also attend a seminar every two years.
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Obviously, any professional development and self-improvement to better serve clients is commendable and positive. Also voluntary compliance with strict ethical guidelines.
However, the CFP system has its limitations. First, it relies on self-declaration. As an industry association, FPAS may not have the resources to adequately monitor and investigate non-compliance by CFP holders in Singapore.
Also, whether a financial advisor is acting in the best interests of their clients is highly dependent on each individual advisor’s internal moral compass, regardless of whether or not they signed an ethics statement years ago.
What Is A Financial Consultant?
There are many reasons why good agents don’t bother to get CFP certification. They may already be busy serving happy customers and dealing with referrals. Or their time and money will be better spent elsewhere because many consumers don’t know what the letters “CFP” at the end of the name card mean, let alone that the CFP certification is used as a factor in choosing a financial advisor.
As the body that administers CFP certification in Singapore, FPAS is interested in reinforcing the importance and value of CFP certification, which explains the video they produced.
Whether the certification is worth it depends on you and other factors such as the agent’s integrity, product knowledge, and experience serving real customers.
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Advantages and Disadvantages of Adding CPF to RSTU in Your CPF Account At the beginning of the year, CRPC works in a specialized field and has earned the designation after completing courses, undergoing extensive training and passing the CRPC qualifying exam.
PTAC’s services include, but are not limited to, retirement preparation, financial risk mitigation, estate and tax planning.
Certified Financial Planners (CFPs) are financial professionals who provide general financial planning services. This can include tax planning, cash flow analysis, budgeting, and more.
Why Should You Want Professional Help With Your Financial Planning?
While the retirement phase is wonderful to look forward to, there are associated living expenses to consider. This is why the professional services of PTAC are required.
Maximizing your retirement phase requires planning and preparation. There are many aspects to consider beforehand.
CRPC can help you lay the foundations for a financially secure retirement. Developed and recommended financial transition support strategies, including investment and income opportunities.
The income stream in retirement is limited. However, financial risk is unpredictable as it is affected by external political and economic situations.
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Therefore, it is important to reduce this risk with appropriate financial instruments, such as insurance policies. PTAC can help you create an insurance policy for this specific purpose.
The PTAC can handle issues related to Social Security and the health care provider Medicare. Retirees can get Medicare after age 65. It’s a good idea to discuss this with PTAC if you plan to retire before the age of 65.
As they say, two things are certain, death and taxes. If contingency planning is advised, it is even more so because of these possibilities.
PTAC can help clients develop a plan to manage their estate and ensure the proper payment of taxes in the event of death, ensuring the transfer of a valuable legacy.
Comprehensive Financial Planning In Singapore
The CRPC is designed for experienced financial professionals as well as those new to the field who want to gain experience in career planning for retirement.
The goal of the program is to create a retirement plan that addresses pre- and post-retirement needs.
The CRPC designation is the financial industry standard for retirement planning mandates. It is highly recommended by top finance companies. A company with PTAC appointed financial advisors reflects expertise in wealth management, estate planning, tax planning and more.
To qualify for the CRPC designation, candidates must complete a course of study and pass a qualifying final exam. Students spend approximately 90-135 hours on course-related activities.
Who Are Financial Planners?
Students can choose to enroll in online self-study or instructor-led sessions. Online courses and self-study exams must be completed within 120 days of accessing the program. Instructor-led classes are subject to availability.
Candidates who complete the process become eligible to use the PTAC mark, which is valid for two years. After that, PTACs must complete 16 hours of continuing education and a minimum fee to continue earning the designation.
PTAC’s curriculum includes a comprehensive assessment of an individual’s financial needs and resources during retirement.
This includes retirement income sources, personal savings, investment returns, paying taxes, estate planning, and more. The course can be taken online or in person.
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A qualifying exam is held at the end of the course. Candidates must score at least 70% to pass. They were allowed two trials and three hours to complete the test.
The CRPC Professional Appointment Package costs $1,350. Candidates can choose one of the two methods: Direct Online
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