CERTIFIED FINANCIAL PLANNER
(CFP)
The Global Credential for
Professional Financial Planner
CERTIFIED FINANCIAL PLANNER (CFP) certification is the standard of excellence in financial planning.
The CFP credential is the most sought-after and respected global designation for those seeking to demonstrate their commitment to competent and ethical financial planning. It is the most beneficial step you can take to accelerate your career and better serve your clients to achieve their financial dreams.
Only those who meet the initial CFP certification requirements and the ongoing commitment to professional competency, ethics, and practice standards to provide comprehensive financial planning services can call themselves CFP professionals.
How to be a Certified Financial Planner?
Candidates who meet the entry requirements can enroll in the CFP certification program with an approved education provider. The credential will be awarded to successful candidates who have completed the training, passed all the required exams, met the requirement of ethics, and 3 years of working experience.
The CFP certification process is rigorous but rewarding. It will reward you with the competence, credibility, and confidence you need for a fulfilling financial planning career.
The process will empower you to be a competent and knowledgeable financial planner who can assist your clients in planning their financial futures by providing a holistic view of their finances and offering advice tailored to their situation.
What Can You Do With CFP In Malaysia?
The CFP credential opens up a variety of career opportunities. The main ones are:
1) Independent financial planner
In Malaysia, independent financial planners hold either the CMSRL or FAR or both licenses. They can charge a fee for the advice they provide and the financial plan they prepare.
They can also earn commissions from sales of financial products such as unit trusts, hedge funds, offshore trusts, life insurance, takaful, wills etc.
Most independent financial planning firms collaborate with multiple financial institutions that enable their planners to access a wide variety of financial instruments.
To practice as an independent financial planner, you must hold the following licenses:
CMSRL and registered to an independent financial planning firm that holds CMSL from the Securities Commission of Malaysia, and CUTA from FIMM. These licenses authorize you to offer investment advice to your clients.
FAR license and registered to an independent financial planning firm that holds an FA license from the Bank Negara Malaysia. Those who want to provide takaful-related services must have the Islamic Financial Planner (FPF) credential. With a FAR license, you can offer financial advice related to insurance and takaful products.
2) Financial planner tied to a financial institution
CFP Practitioners can join a financial institution as financial planner and provide services like independent financial planner. The only difference is that the products and services available will be limited to those offered by the financial institution.
3) Paraplanner
Paraplanners are CFP Practitioners who prefer to work in a back office to support in-house financial planners. They are salaried employees of financial planning firms.
This is an excellent option for those who do not have enough experience or a client base to start their career as an independent financial planner.
4) Set up your own licensed financial planning firm
CFP Professionals may set up their own independent financial planning firm. As of 2022, there are 19 active independent financial planning firms in Malaysia (Securities Commission of Malaysia’s Annual Report 2022).
2023 Growth of CFP Professionals
Worldwide net growth 10,768 (5.1%)
223,770 CFP Professionals Worldwide
2,509 CFP Professionals in Malaysia
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