Toronto-based Financial Planning Standards Council (FPSC) has released a comprehensive set of educational content for planners, which it is calling the Financial Planning Body of Knowledge (FP-BoK).
The new resource, which aims to cover all aspects of financial planning, will provide financial industry firms, aspiring planners, and teachers, with a comprehensive view of the content that should be mastered by qualified planners.
“The Financial Planning Body of Knowledge lays the foundation for more clearly defined and more consistent delivery of financial planning throughout the profession,” says Cary List, president and CEO of the FPSC, in statement. “This comprehensive publication will serve to solidify the place of FPSC Level 1 certification and CFP certification as true professional credentials.”
The FP-BoK was developed by various industry experts, including 80 CFP professionals, educators, and a special working group, “to ensure its relevance, clarity, comprehensiveness and currency,” the FPSC says it its announcement, and will be reviewed periodically by the FPSC’s Standards Panel to keep it up-to-date.
In addition to putting together a comprehensive set of planning content, the FP-BoK also distinguishes between the knowledge that CFP professionals are expected to have, from the knowledge required of FPSC certificate holders.
In particular, CFP professionals are expected to, “have greater depth of knowledge in areas including registered retirement plans, registered education and disability plans, taxation, insurance, and estate planning and legal aspects,” the FPSC’s announcement says.
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