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$5000 scholarship looks to attract new CFPs

In an effort to slow declining numbers and raise the profile of CFPs among Kiwi financial advisers Nigel Tate and Financial Advice NZ have launched a new scholarship to promote the qualification.

Thursday, October 7th 2021, 6:17AM 6 Comments

by Matthew Martin

Nigel Tate, CFP.

Tate, who has run Nigel Tate Financial Planning for the past 33 years, says the main objective of the new $5000 annual Tate Scholarship is to highlight the benefits of becoming a certified financial planner (CFP) and push advisers past the NZQA Level 5 regulatory requirements.

"It's no surprise the level 5 qualification has seen a decline in the number of CFPs in New Zealand," says Tate.

"Well before the new regulations came in we had around 700 CFPs and that's dropped to about 230.

"Some have retired, but many have not bothered to increase their qualifications past level 5 because they are so focused on compliance they have decided not to spend as much time on this."

Tate says he wants advisers to think past the minimum requirements for the betterment of the industry as a whole.

He says becoming a CFP can take time, however, it is recognised internationally and can lead to further high-level qualifications.

"We also want to recognise those with CFPs and also encourage the younger, new CFPs to boost their experience.

"We didn't want it to be purely academic and more about applying the knowledge that they've acquired."

Chief executive of Financial Advice New Zealand Katrina Shanks says the scholarship recognises the commitment of financial advisers in obtaining qualifications and their continuing professional development.

"We would like to thank Nigel ... for this generous scholarship.

"Nigel, a CFP professional himself, is committed to the highest professional standards in financial advice. He works hard for the profession and is an advocate for the future of quality financial advice in New Zealand," she says.

"CFP professionals meet rigorous education and training standards and are committed to serving their clients’ best interests today to prepare them for a more secure tomorrow."

The $5000 Tate Scholarship will be awarded to an adviser who has been granted CFP certification and will run for five years, with the first scholarship awarded at the Financial Advice NZ Gala Dinner and Awards Night in Wellington on November 16.

All CFP professionals are eligible for the Tate Scholarship in the year they have been granted CFP certification.

Tate Scholarship eligibility criteria:

To be eligible for the scholarship, those who have received CFP certification must:
– be a member of Financial Advice NZ
– have been awarded the CFP mark by Financial Advice NZ in the particular year of the award; and
– not have held the CFP mark previously.

Read more about the Tate Scholarship here.
 

Tags: CFP Financial advice Financial Advice New Zealand financial advisers Nigel Tate qualifications Scholarship

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Comments from our readers

On 7 October 2021 at 8:37 am Murray Weatherston said:
Well done Nigel for putting your money where your passion is.
As a matter of enquiry, how many new CFPs have been awarded in the 12 months ended September 30 2021?
On 7 October 2021 at 10:48 am John Milner said:
Great initiative Nigel and Financial Advice NZ. As a practicing CFP, I have noticed the absence of anyone receiving their CFP or CLU for that matter, designations at a Financial Advice NZ meeting. I was very proud to accept my CFP/CLU designations that were presented to me at one of our meetings some years ago.

Have there been no designations issued in the last few years? I am a big supporter of the association but it does often feel as though it has become the champion of the average. I even heard at one meeting, the head of a mortgage aggregator say he was pleased to see a number of his group working towards "higher education" when he was referring to level 5!

Who ever heard of someone striving hard to meet the minimum standard?
On 7 October 2021 at 11:18 am Comprehensive Planner said:
Hi Murray and John, the simple answer to your enquiry is I don't know, however I'm sure it is not enough and this is one of the reasons I thought I would support in a small way, prospective CFP Professionals.
The cost of the Diploma can at the time of developing ones credentials, be a detractor so hopefully this might make the decision slightly easier. I would love the see this developed further and who knows, maybe a CLU Scholarship may find some support amongst senior risk advisers.
One of the issues is that so few practitioners enroll for the FP Diploma and even less the PRM Diploma, that Massey can't justify expanding the FP Diploma or even running the Personal Risk Management endorsement.
On 7 October 2021 at 11:47 am John Milner said:
Reading the above, I assume the degree Massey launched a year or two ago has become a moot point? As Australia has had a Masters degree now for some time, we really must be looking like the poor cousins.
On 7 October 2021 at 4:53 pm Murray Weatherston said:
Seems pretty obvious NZ University degrees and diplomas need a regulatory requirement for advisers to hold a degree or diploma.
Attractiveness of CFP in the olden days boosted demand for Uni courses, but that stopped dead when Code Committee mandated Level 5 for authorisation and now licensing.
Ergo - those who want to promote degrees will have to advocate to Code Committee to raise the bar - with licensing only just getting underway, I reckon that would be widely considered a cup of cold sick by advisers.
On 8 October 2021 at 11:17 am Another AFA said:
Congratulations to Nigel Tate on this wonderful initiative, I do hope it helps to encourage more Advisers to seek the CFP/CLU designation.

To some extent, I think financial advisory businesses could also be more encouraging - when I achieved my CFP, my employer at the time would reimburse course costs after each paper passed. I guess employers have been focused on regulation, licensing and Level 5. Lets hope businesses can now start to look developer their Advisers to higher qualifications.

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