Privileges of being a Certified Member
– Entitled to use the CFP CERT TM mark on your business cards.
– Complimentary copies of “4E Journal”, FPAM’s publication exclusively for members.
– Special rates to attend continuing education programs including seminars, forums, conferences and luncheons.
– Invitations to networking events and industry related gatherings.
– Voting rights at Annual General Meeting.
– Opportunities to stay informed about the latest trends, developments and products through seminars, workshops and meetings.
– Chapter Working Committees provide platforms for interaction among members in their respective states.
Financial Planning in General
Q1. What is Financial Planning?
Q2. What is the role of a Financial Planner?
This makes the financial planner different more comprehensive in his approach than other financial advisors who may be trained only on specific areas of your financial needs.
Q3. What is the Financial Planning Process?
i. Establishing and defining the client-planner relationship
The financial planner should explain clearly or document the services to be provided to you and define both his and your responsibilities. The planner should explain fully how he will be paid and by whom. You and the planner should agree on how long the professional relationship should last and on how decisions will be made.
ii. Gathering client data, including goals
The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.
iii. Analysing and evaluating your financial status
The financial planner should analyse your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analysing your assets, liabilities, cash flow, current insurance coverage, investments and tax strategies.
iv. Developing and presenting financial planning recommendations and/or alternatives
The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go through the recommendations with you to help you understand them to help you make informed decisions. The planner should also listen to your concerns and revise the recommendations accordingly.
v. Implementing the financial planning recommendations
You and the planner should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as your “coach”, coordinating the whole process with you and your other professionals like your lawyers or stockbrokers.
vi. Monitoring the financial planning recommendations
You and the planner should agree on who will monitor your progress towards your goals. If the planner is in charge of the process, he should report to you on a time basis mutually agreed upon to review your situation and adjust the recommendations, if needed, to complement the changes in your life.
Q4. What are Practice Standards?
Practice Standards describe the process that a financial planner should reasonably be expected to follow during a financial planning meeting. These standards are based on the six-step financial planning process :
Establishing and defining the client-planner relationship
Gathering client data including goals
Analyzing and evaluating the client’s financial status
Developing and presenting financial planning recommendations and/or alternatives
Implementing the financial planning recommendations
Monitoring the financial planning recommendations
Q5. What are the 4E’s?
Before commencing the certification examinations, a candidate must complete the academic requirements of the CFP syllabus. They are:
Module 1 – Foundation in Financial Planning and Tax Planning
Module 2 – Insurance Planning and Estate Planning
Module 3 – Investment Planning and Retirement Planning
Module 4 – Financial Plan Construction & Professional Responsibilities
Once a candidate has completed the Education requirement, he can enroll for the Certification Examination. The examination is designed to assess the candidate’s ability to apply the theoretical knowledge he has acquired to financial planning situations in an integrated format, thereby assuring the public that the candidate has acquired the level of competency required for practice.
In addition to having to complete the financial planning education and examination requirements, a candidate is required to show evidence of having worked in a financial planning-related position for a period of at least three years before or after the successful completion of the Certification Examination.
Once a candidate has completed the above 3 E’s and prior to certification, he is required to disclose past or pending litigation or agency proceedings and to acknowledge the right of FPAM to enforce its Code of Ethics and Professional Responsibility.
Only when the candidate has fulfilled his ethics requirement, is he entitled to be a full fledge CFP professional.
Q6. What is it about the CFP CERT TM Mark that distinguishes it from other financial planning qualifications?
FPAM is the marks licensing authority in Malaysia in line with the international standards.
Q7. What is the difference between a CERTIFIED FINANCIAL PLANNER CM Practitioner and the other kinds of financial advisors?
Education and Examination
Q1. Do you have to pass just one module to earn the CFP mark or several modules over a period of time?
Q2. What is the format of the examinations for CFP certification program?
Module 4 comprises of 2 papers. Paper 1 is a 60 multiple choice questions paper to be completed in 3 hours and Paper 2 is an essay styled case study question paper to be completed in 3 hours.
Q3. Is there a time frame to complete each module?
Q4. Is there a time frame to complete all the 4 modules?
Q5. What is the shortest time frame to complete all the 4 modules?
Q6. If I fail a module, is there a re-sit and what is the time frame for a re-sit?
Q7. If I have to re-sit a module, do I pay just the exam fees or the do I need to pay the course fees as well?
Q8. Is there a refund on course fees if I decide to discontinue a module?
Q9. When are the CFP certification examinations held?
Q10. How do I register for the CFP certification examinations?
Q11. Who are the Education Providers approved by FPAM to conduct the CFP certification program?
Q12. Have the Education Providers been approved by the relevant authorities?
i. Having an established track record in the field of education
ii. Capable of teaching the CFP certification program
iii. Employment of professional academic and support staff to ensure comprehensiveness of programs
iv. Adherence to all of FPAM’s rules and regulations
Q13. Do the Education Providers charge the same for the course?
Q14. How do I register any complaint or grievance that I may have with the Education Providers?
The Chief Executive Officer
Financial Planning Association of Malaysia
Unit 305, Block A, Phileo Damansara I
Jalan 16/11, Seksyen 16, Off Jalan Damansara
46350 Petaling Jaya
Telephone : +603 – 7954 9500 / Fax : +603 – 7954 9400
Please remember to provide your contact details.
Q1. What are the different types of membership available?
For institutions, the membership types are Charter Members and Corporate Members.
Please refer to the section on Membership on our website for details of the types of membership available.
Q2. Who are FPAM’s Charter Members?
If you are employed by any of our Charter Members, you are entitled to the Charter Member’s employees’ rate for examination registration fees.
Q3. Can an individual apply to be a Charter Member?
Q4. What does the Re-certification process entail?
In addition to the biennial continuing education requirement, every CFP professional must also voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against him in the past two years as part of the continuing Re-certification process.