By 2005, there will be more than 100,000 CFP certificants worldwide – and that is a conservative estimate, says John Carpenter, chairman of the Financial Planning Standards Board, which oversees the use of the CFP internationally.

Carpenter, who is also executive director and CEO of the Certified general Accountants Association of Alberta, was the opening speaker at today’s sessions of the founding convention of Canadian Institute of Financial Planners at Deerhurst Resort in Huntsville, Ont.

Most of the growth is expected to come from outside the U.S., Carpenter says. At the end of 2002, there were 73,000 CFPs worldwide with 40,375 in the United States. Canada has the second largest number of CFP certificants with 14,485.

Consumer demand is fuelling the growth of the CFP, says Carpenter, and the same demographics that we see in Canada are driving demand around the world. Shrinking pensions and the declining popularity of defined benefit plans means consumers have to take more personal responsibility for their retirements.

There is also growing concern in Canada and the U.S. about the levels of personal savings and debt. Intergenerational transfer of wealth is also a factor as is the increasing complextity of financial products.

“Canadians need a more holistic approach to financial advice, and CFP certifiants are in a position of provide that,” says Carpenter.