The Certified Financial PlannerCM professional standard has seen worldwide growth for the third year running, according to the Financial Planning Standards Board.
Particularly significant was the growth in Brazil which has been offering CFP professional certification since 2003. The Instituto Brasileiro de Certificação de Profissionais Financeiros saw CFP membership rise by 47 per cent from 485 CFPs in 2010 to 714 in 2011.
FPSB China, which has offered the CFP mark since 2006, grew by 20 per cent and now has over 10,000 CFP professionals while FPSB India now has 1,570.
Corinna Dieters, chairperson of the FPSB Board of Directors, said: “In advancing economies such as Brazil, India and China, the concept of Financial Planning is still relatively new.
“To establish themselves as competent, ethical Financial Planners who place their clients’ interests first, Financial Planners in these territories see value in aligning with a global certification programme that is recognised and respected by consumers.”
There are currently almost 140,000 CFP professionals globally and over 900 in the UK.
The CFP qualification is increasing in popularity as Financial Planners seek to stand out in the market ahead of RDR.
All Financial Planners must be qualified to Level 4 once the RDR is implemented meaning more planners are updating their qualification with CFP which is recognised as Level 6.
Lucy Courtenay, qualifications director at FPSB UK, said: "At the moment many financial advisers are concentrating on ensuring that they are ready for the implementation of the RDR. Increasingly both individuals and firms are looking for something that will set them apart from other firms.
"For many, this means moving to a Financial Planning model which is supported by Financial Planning qualifications. If planners are offering a Financial Planning service to their clients then CFP certification really supports that process and endorses their approach. It is not an easy qualification to achieve but those that do, tell us that their sense of achievement is great."
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