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Cann hoping to treble number of CFP holders

The Institute of Financial Planning says the Certificate of Financial Planning hasa bright future.

The qualification is endorsed in the UK by the IFP, which held its annual conference last week in Warwick.

The CFP was introduced four years ago as an attempt to set a high standard of recognition for IFAs. But it has been slow to take off, with only 175 members earning it so far.

Chief executive Nick Cann hopes that up to 500 IFAs will have qualified to CFP standard within three years.

He says the LIA has recently agreed to recognise its merit, which should result in more interest.

He also believes the number of CFP-qualified advisers will be boosted by the imminent creation of a national reg-ister of all qualified financial planners in the UK, which will be posted on the IFP&#39s website.

Cann blames public unfamiliarity with the qualification for the slow growth of interest from IFAs. He says that, until IFAs see an advantage in earning the CFP, they will not spend the time to earn it.

To become CFP-qualified, IFAs must first complete the Chartered Insurance Institute&#39s Advanced Financial Planning Certificate. They then submit a case study to the IFP based on a hypothetical family&#39s difficult financial circumstances. This generally takes around 30 hours to complete.

Internationally, 50,000 financial planners have the CFP. Cann says: “The biggest challenge is to create recognition of the CFP. If in three years we have 500 members, we would be highly successful.”

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