June 9, 2010
Is there a market for financial planning
-The Indian economy is growing at a breath-taking speed of 15.9% p.a. compared to global average of 5.2% during 2000 to 2005.
-In absolute numbers the economy has grown from US $ 268 billion in 2000 to US $ 559 billion in 2005
-The incremental wealth is reflected in the number of home-grown millionaires (US $ terms) in India, which presently stands around 83000 and is still growing at a rate of 15% every year.
-To sustain the growth, we need qualified Financial Planners who will not only help people to manage and grow their money but also play a major role in allocating household surpluses to fuel the growth.
A financial planner offers his Financial planning services, which ranges from –
– Budgeting and Debt Management
– To stocks and annuities
– To insurance, employee benefits, and tax planning
– To retirement and estate planning and is primarily directed for individuals
Financial planners would be required in the following industries
– Bank Asset Management Co.s
– Financial Planning Institutions
– Wealth Management Firm
– Life Insurance Companies
– Accounting Firms
– Stock Broking Firms etc
Certified Financial Planner is the certification by FPSB in India, to be qualified Financial Planner
It is awarded by Financial Planning Standard Board,US through FPSB,INDIA
-It is the most prestigious and internationally accepted Financial Planning qualification recognized and respected by the global financial community.
-It has Recognition in more than 23 countries across the world.
–CFPCM Certification is the highest level of Certification worldwide in the field of Financial Planning with over 100000 CFPCM Certificants and widely respected by consumers, professionals & industry
-According to a recent report, there will be a need for 50,000 CFPs in India in the next few years.
-Currently India has around 900+ CFPs.