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Financial Planning Practice Standards - Post #06 - FPSC Level 1 Examination - December 2017

Posted by John Gobeil on

The FPSC Level 1 Examination is the first of two exams that must be passed to obtain CFP® certification. We have posted this entry to assist you in your preparation for the FPSC Level 1 Examination (FPE1) on Friday December 1, 2017.

In our last post, we provided the solutions to the two questions on RESPs.

In this Post, we will consider the Refinements to FPSC® Financial Planning Practice Standards.

Refinements to FPSC® Financial Planning Practice Standards

On April 15, 2015, the FPSC released a revision of their Practice Standards.

http://www.fpsc.ca/docs/default-source/FPSC/standards_of_professional_responsibility.pdf?sfvrsn=28

“The FPSC® Financial Planning Practice Standards, as reflected in the Canadian Financial Planning Definitions, Standards & Competencies, FPSC’s Standards of Professional Responsibility for CFP® Professionals and FPSC Level 1™ Certificants in Financial Planning and the CFP Professional Competency Profile, have been refined.

The changes are primarily in terminology – for example, the term “investment planning” now replaces “asset management”, “insurance and risk management” replaces “risk management” and “recommendation” replaces “synthesis.

However, to ensure that the Practice Standards apply equally to individuals working in all types of organizations and with various levels of ongoing involvement with clients, there have been a few key changes.”

http://www.fpsc.ca/cfp-professionals/refinements-financial-planning-practice-standards

The FPSC also released Guidance to FPSC® Financial Planning Practice Standards.

http://www.fpsc.ca/docs/default-source/FPSC/guidance-to-fpsc-financial-planning-practice-standards.pdf

On The FPSC Level 1 Examination in Financial Planning Blueprint, the Fundamental Financial Planning Practices refer to The Financial Planning Functions of Collection, Analysis, and Recommendation. The Fundamental Financial Planning Practices comprise 9% to 19% of The CFP Examination.

http://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdf

Next Post

In our next Post, we will provide you with our summary of the knowledge requirements for investment funds.

John Gobeil, BSc, CFP®
David Gobeil, CPA, CA, CFP®

Certified Financial Planner® and CFP® are certification marks owned outside the U.S. by the Financial Planning Standards Board Ltd. The Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.


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