CISI launches CFP pathway for Chartered Planners

The CISI, the professional body for Certified Financial Planner (CFP) Professionals, has this week launched its new pathway to CFP status for planners holding the rival Chartered Financial Planner designation.

The new pathway, which will recognise Chartered Planner’s existing technical knowledge, was officially launched on 28 March. The move is designed to make it easier for Chartered Planners to also achieve the CFP designation without needing to take a formal exam.

A number of advisers already hold both designations but most have had to study for each separately.

Both CFP and Chartered Financial Planner statuses are equivalent but the CFP has more focus on producing a financial plan. 

The new CISI pathway will allow candidates who hold the CII Advanced Diploma in Financial Planning to take online Professional Assessments instead of taking the CISI L6 Advanced Financial Planning exam, as long as they hold other eligibility criteria. {loadposition hidden2}

The CISI Professional Assessments are new short online self-learning courses costing £300 for one year.  The CISI says the new pathway provides an alternative route to CFP status which is more adaptable to planners' existing client commitments but still includes the financial plan aspect of the CFP qualifications. 

The CII Chartered Planner and CFP Professional statuses have only 20% overlap in content so the learning outcomes continue to be “unique”, the CISI says. All candidates will still be required to complete the Level 7 Financial Plan Case study which has to be taken after passing either the new CISI Professional Assessment or Level 6 Advanced Financial Planning exam. Completion of this contributes towards the eligibility for CFP status. The new pathway is a Level 6 replacement for Chartered Financial Planners and means that the CFP designation can be achieved via the new Professional Assessment route instead of the Level 6 Advanced Financial Planning exam for Chartered Financial Planners. Sally Plant, CISI head of Financial Planning, told Financial Planning Today that the CISI was making the change to give CII Chartered professionals a better chance to attain the globally-recognised CFP qualification without needing to take another formal exam. She said: “The way Financial Planning is delivered has moved away from planning focused purely on investments or protection. “Clients and regulators now expect Financial Planners to take every aspect of their lives and goals into consideration in a more holistic way. The CII Chartered Professionals have demonstrated technical knowledge in each area individually, but the CFP enhances a practitioner’s ability to bring each component into practice.” Ms Plant said that while the new pathway provides an alternative route to Certified Financial Planner designation she expects the main route to CFP status will continue to be the combination of the Advanced Financial Planning Exam and the Level 7 financial plan case study.

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CISI launches CFP pathway for Chartered Planners