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Practice Standards - Post #04 - The CFP Examination - December 2017

Posted by John Gobeil on

The CFP Examination is the second of two exams that must be passed to obtain CFP certification. We have posted this entry to assist you in your preparation for The CFP Examination being held on Friday December 1, 2017.

In the previous Post, we reviewed the FPE2 Sample Examination Item #2 published by the FPSC.

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

Refinements to FPSC® Financial Planning Practice Standards

The FPSC released a revision of their Practice Standards.

“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.”

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

On The CFP Examination Blueprint, the Fundamental Financial Planning Practices refer to The Financial Planning Functions of Collection, Analysis, and Recommendation. The Fundamental Financial Planning Practices comprise 8% to 18% of The CFP Examination.

Next Post

In our next Post, we will review FPE2 Sample Examination Item #3.                    

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John Gobeil, BSc, CFP®

David Gobeil, CPA, CA, CFP®

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