Magazine article Baylor Business Review

Financial Planning Sought Worldwide

Magazine article Baylor Business Review

Financial Planning Sought Worldwide

Article excerpt

Surveys have shown that the public wants assistance with its financial decisions, yet the percentage of the populace actually receiving such advice from a financial planner remains low. The key is to convert this recognized need into a demand for financial planning services. If the general public knows that it can receive competent, ethical personal financial planning services from qualified professionals, the transition from need to demand will accelerate. What's more, this is now a recognized fact around the world.

U.S. EXTENDS EXPERTISE

The International Board of Standards and Practices for Certified Financial Planners (IBCFP) has been instrumental in the development and maturation of the financial planning industry in the United States. Recently, too, the IBCFP has responded to a growing need for assistance to financial planning associations in other countries.

The Financial Planning Association of Australia and the Japanese Association of Financial Planners have signed affiliation agreements with the IBCFP that enable them to incorporate the highest standards of the profession and to offer the professional designation of Certified Financial Planner(R).

This trend toward an international standard will continue as organizations in other countries recognize the need to differentiate between individuals who are qualified to practice financial planning and those who simply call themselves financial planners.

The growth and development of any country's financial planning industry is uniquely affected by its culture, industry leaders, market structure, and economic and regulatory environments.

In many cases, however, foreign financial planning organizations have accelerated their development by learning from the American model and adopting some of the positives while avoiding many of the negatives.

A LOOK AT FOREIGN AFFILIATES

The Australians have a strong British influence, but their financial markets (especially the financial planning sector) more closely follow the American experience. Their financial planners have tremendous support from banks, brokerage firms, mutual funds, and insurance companies. And the large accounting firms in Australia are also very active in the practice of financial planning; some of their top executives are heavily involved in the country's Financial Planning Association. …

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