FAQ
Membership
Q1. Why
should I become a FPAS Member?
A.
As the responsibility for meeting life goals and
planning for retirement shifts from the government
and employers to the individuals themselves, so too
the rising need for trustworthy and fully qualified
professionals that consumers can go to for sound
financial advice. If you are currently working in a
financial institution or in a field that provides
advisory and investment services for your clients'
financial well-being, then all the more you can
appreciate the fact that poor performance on the
part of the practitioner can lead to significant
harm to the consumer. Bearing this in mind, you
should seriously consider becoming a FPAS Member.
The Financial Planning Association of Singapore (FPAS)
is a non-profit organisation that was set up on
December 1, 1998. FPAS is dedicated to developing
and promoting an industry providing unbiased
financial advice to the Singaporean public. One of
the association's main tasks is overseeing the
administration of the internationally recognised
CERTIFIED FINANCIAL PLANNERTM
professional certification process. The CERTIFIED
FINANCIAL PLANNERTM certification is
recognised in many countries as the highest level of
achievement for professional financial planners. The
fundamental reason behind the world-wide appeal of
the CFP certification lies in the fact
that it is a broad-based qualification, independent
of any one industry. Hence, individuals holding the
CFP certification are acknowledged to
be objective professionals. It is this objectiveness
that is highly sought after by consumers in an
increasingly complex and saturated industry. So why
hesitate? Become a CFP® certificant and
gain that extra edge over your peers. Become a FPAS
member today!
Q2. What are the
different types of FPAS Memberships?
A. FPAS
membership consists of either Student, AFPCM,
AWPCM or CFP® membership.
Q3.
What is FPAS Student Membership?
A. The FPAS Student Membership is
solely for the purpose of pursuing the AFPCM,
AWPCM and CFP certification program. This
would require you to pay an annual subscription fee
of S$120.00 to FPAS. At this point, there is no
Continuing Professional Development (CPD) credit
hours requirement.
Q4.
What's the difference in terms of competence, training
and scope of duty between an AFPCM, AWPCM & a
CFP® certificant?
A. (i)
An AFPCM
certificant is one who is trained and is competent
to recommend the full range of financial product to
match the needs of his/her clients. He/She
understands the financial planning process and is
able to explain the process to clients and provide
clients with only segmented or modular plans but is
not able to write comprehensive financial plans.
In order to earn the AFPCM mark, you are
required to complete the following course/s:
Module 1 - Foundations in Financial Planning.
You would also need to:
Having fulfilled the education
and examination requirements, you would than receive
a Declaration Packet. In it will be an ethics
statement form and a certification application form.
You will be required to disclose past or pending
litigation or agency proceedings, if any. An
acknowledgement of the right of FPAS to enforce its
Professional Standards and Code of Ethics on you
must also be made.
Having done all of the above, the final step would
be for you to convert your student membership into
an AFPCM Membership status. This would
require you to pay an annual subscription fee of
S$120.00 to FPAS before the AFPCM mark is
conferred. There will be no pro-rated refund on the
student membership fee paid.
(ii) An AWPCM certificant, besides being able to
discharge the service that an AFPCM
certificant can, would also be competent to advise
on retirement plans, wealth accumulation and
preservation strategies and products. It is a
mid-level professional designation.
In order to earn the AWPCM mark,
you are required to complete the following course/s:
Module 1 - Foundations in Financial Planning
Module 4 - Investment Planning
Module 5 - Retirement Planning
You would also need to:
Having fulfilled the education
and examination requirements, you would than receive
a Declaration Packet. In it will be an ethics
statement form and a certification application form.
You will be required to disclose past or pending
litigation or agency proceedings, if any. An
acknowledgement of the right of FPAS to enforce its
Professional Standards and Code of Ethics on you
must also be made.
AFPCM and CFP®
certificants who qualify for the AWPCM certification
are not required to pay any additional certification
fee. For conversion of student membership into an
AWPCM Membership status, you will be required to pay
an annual subscription fee of S$120.00 to FPAS before
the AWPCM mark is conferred, There will be no
pro-rated refund on the student membership fee paid.
(iii) A CFP®
certificant, besides being able to discharge the
service that an AFPCM or AWPCM certificant
can, would also be highly trained, technically
competent and he/she would have had some significant
practical experience. He/She would also be able to
write, to international standards, comprehensive
financial plans for individuals.
In order to earn the CFP®
mark, you are required to complete the following
course/s:
-
Module 1 - Foundations in
Financial Planning
-
Module 2 - Risk Management &
Insurance Planning
-
Module 3 - Taxation Planning
& Estate Planning
-
Module 4 - Investment
Planning
-
Module 5 - Retirement
Planning
-
Module 6 - Financial Plan
Construction & Professional Responsibilities
You would also need to:
Qualifying work experience can be
earned prior to, concurrent with, or subsequent to
your education and examination requirements.
Experience earned more than 5 years prior to the
certification examination, however, will not be
accepted. When the experience is earned subsequent
to the examination, you must complete the
requirement within five years of the date of the
successful completion of the examination.
Having fulfilled the education,
examinations and experience requirements, you would
than receive a Declaration Packet. In it will be an
ethics statement form and a certification
application form. You will be required to disclose
past or pending litigation or agency proceedings, if
any. An acknowledgement of the right of FPAS to
enforce its Rules of Professional Standards and Code
of Ethics on you must also be made.
Having done all of the above, the
final step would be for you to convert your AFPCM/
AWPCM/ Student membership into a CFP®
Membership status. This would require you to pay an
annual subscription fee of S$230.00 to FPAS before
the CFP® mark is conferred. There will
be no pro-rated refund on the AFPCM/ AWPCM/
Student Membership fee paid.
Q5.
How soon and how can I be a CFP® certificant?
A. Your first step would be to
complete the CFP certification program.
The shortest period of time that you can take is 12
months. See
Rules of Progression for the CFP®
Program. This would help you fulfill one of the
4E's of the CFP certification - i.e.
Education. Having passed all the 6 modules would
help you fulfill the second of the 4E's - i.e.
Examinations.
Q6.
What are the other two E's?
A. The other two E's are: Experience
and Ethics.
Experience requirement centers on
work that involves individual personal financial
planning related experience. The minimum requirement
is 3 years, performed before, during or after
successful completion of the course.
Ethics is the last part of the
4E's. On completion of the Education, Examination
and Experience requirement, you will receive a
Declaration Packet. In it will be an ethics
statement form and a license application. You will
be required to disclose past or pending litigation
or agency proceedings, if any. An acknowledgement of
the right of FPAS to enforce its Rules of
Professional Conduct and Code of Ethics on you must
also be made.
Q7.
I might consider upgrading my status to that of a CFP®
certificant sometime in the future. Can I just maintain
my AFPCM or AWPCM licence in the meantime?
A. Yes you can, but we would encourage
you to continue with the program that would
ultimately lead you to the prestigious CFP®
mark that is globally recognised. If for some reason
you are unable to continue with the program, you
have a maximum of 7 years to complete the CFP®
Certification Education Program course from the date
of your first module registration.
Q8.
Who or what is a Charter Member and how do I know if I
am entitled to a Charter Member's rate or a Non-Charter
Member's rate?
A.
Charter Members are corporate
members of the FPAS. From FPAS' inception, these
members have given their support for the development
of the financial planning industry. If you are
employed by any of our Charter Members, you would qualify for the
Charter Member's Rate.
Q9. Do I have to be a
member of FPAS even though I am employed by a Charter
Member?
A. Yes, you have to be an individual
Student Member of FPAS while pursuing the AFPCM
or CFP certification program.
Q10. Who do I write to if I have a complaint about the Ethics of a CFP® Practitioner?
A. You may write or email us at fpas@fpas.org.sg with a detailed account of the incident, Name and Contact Details of the CFP® Practitioner. With your feedback, please also include your Name, NRIC Number and Contact Details. FPAS will review all feedback and accord you a reply after review. Please refer to the http://www.fpas.org.sg/OurMem-Ethic.asp of FPAS website for detailed information on FPAS Professional Standards and Code of Ethics
Top
are certification marks owned outside the U.S. by
Financial Planning Standards Board Ltd. Financial
Planning Association of Singapore is the marks licensing
authority for the CFP marks in Singapore, through
agreement with FPSB.