The Financial Planners and Investment Advisers Association (FPIA) has, after a delay of a number of months, finally secured agreement to take over the Certified Financial Planner (CFP) mark.
The Financial Planners and Investment Advisers Association (FPIA) has, after a delay of a number of months, finally secured agreement to take over the Certified Financial Planner (CFP) mark from one of its predecessor organisations.
FPIA board member Phillip Matthews says the CFP Board of Standards, which is responsible for licensing the designation internationally, has written to the association saying all its conditions have been met and licence can be transferred from the Financial Planners and Investment Advisers Association to the FPIA.
The transfer was originally supposed to take place when the FPIA was officially formed on April 1.
However, it was delayed as the FPIA had to meet a number of conditions stipulated by the Board of Standards.
Matthews says the main delay related to the formalising of the Chartered Life Underwriters (CLU) designation with its American owners.
The Insurance and Investment Advisers Association (a predecessor of the FPIA) had been using the CLU mark for sometime in New Zealand, however it had no formal arrangement for use of the designation.
FPIA co-president and former IIAA president David Milner says there has never been any need to formalise the arrangements for use of the CLU designation, however, it was now being formalised on request of the CFP Board of Standards.
Matthews says the FPIA has been trying to "work this thing to a conclusion as fast as we possibly could."
"There's definitely been no lack of commitment on our part which has caused the delay," he says.
Previously there were concerns that if the CFP requests were not met in full, the transfer arrangement would have to go back before the board.
"Every 'i' has been dotted and every 't' has been crossed," Matthews says.
Finalising the assignment may help the association in its membership drive. It is aiming to have between 1250 and 1500 members and is currently thought to be about halfway towards that target.
Matthews hopes the assignment document will be signed within the next two weeks. A representative from the CFP may travel from the US to New Zealand for the signing.
The Financial Planners and Investment Advisers Association (FPIA) has, after a delay of a number of months, finally secured agreement to take over the Certified Financial Planner (CFP) mark from one of its predecessor organisations.