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Frequently Asked Questions

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Financial Planning

What is Financial Planning?

Financial Planning is a process of meeting one’s life goals through the proper management of one’s finances. These goals can include owning a home, saving for child’s education, starting a business or planning for retirement.

What is a Financial Planner?

A financial planner uses the 6-step financial planning process to help the client to meet his financial life goals. The planner takes a “big picture” of the client’s financial situation and provides financial planning recommendations to meet client’s objective(s). He takes into consideration all of the client’s needs :- budgeting, saving, taxes, investments, insurance and retirement planning. He can also work on single financial issue but within the context of the client’s overall financial situation.

What is the Financial Planning Process?

This is a six-step process :

Establishing and defining the client-planner relationship. The financial planner explains clearly and documents the services to be provided to the client. The financial planner defines his responsibilities and explains how he will be paid and by whom. The client and the planner reach an agreement on how long the professional relationship should last.

Gathering client data, including financial goals. The financial planner asks for information to enable him to comprehend the client’s financial situation and understands the client’s risk tolerance level. The client defines his personal and financial goals. It is imperative for the financial planner to gather all the necessary documents before giving advice to the client.

Analysing and evaluating the financial status of the client.
The financial planner analyses the information given by the client. He assesses the client’s current financial situation. This includes analyzing the assets, liabilities, cash flow, current insurance coverage, investments, tax issues and etc.

Developing and presenting financial planning recommendations.
The financial planner offers recommendations that address the client’s goals based on the information provided. He goes through the recommendations with the client to enable the client make an informed decision. The financial planner listens to the concerns of the client and revises the recommendations accordingly if deemed necessary.

Implementing the financial planning recommendations.
The client and the financial planner discuss and agree on how the recommendations will be carried out. The financial planner serves as the “coach”. He coordinates the whole process with his team of professionals like lawyers, stockbrokers, etc with the client

Monitoring the financial planning recommendations. The financial planner and the client discuss and agree on methodology and frequency to review situation and adjust the recommendations, if needed, to meet the changes in life.

What is the difference between a Certified Financial Planning Practitioner and financial advisors ?

A CFP Practitioner follows certain standards – called Practice Standards – when providing financial planning advice. Practice Standards describe the process the financial planner applies. These standards are based on a six-step financial planning process, documented by the CFP Board of Standards through their research on the “Job Analysis” of what a financial planner is expected to be.

Who are eligible to attend the Challenge Status ?

Malaysians who have either one of the following qualifications with 3 years of personal finance related experience are eligible to attend the Challenge Status (which is the direct route to Module 6 of the CFP certification program) :

- Professional accountants MiA, CPA (M), CPA (Aust), ACCA, CA, ICMA, AICPA and AIA
- Company Secretaries (ICSA & Fellow of MACS)
- Chartered Financial Consultants
- Chartered Financial Analysts
- PhD in Business Admin, Business, Accounting and Economics
- MBA in Finance, Economics, Accounting from accredited universities

Who are eligible for Partial Exemption on Modules ?

Hoiders of the following credentials are exempted from the respective modules :

- Chartered Financial Practitioners (Namifa) - M 1
- MII Dip in Financial Planning - M 1
- Chartered Life Underwriters - M 1
- Life Underwriters Training
- Council of Fellows - M 1 & M 2
- Graduate Dip in Applied Finance & - M 1, M 2 & M 3 Investment
- Member of Malaysian Institute of Taxation - M 3
- Bachelor Deg (Finance / Accounting /Economics) (*Degree must include Taxation Module) - M 3

How do I register for the CFP Certification program or Challenge Status ?

Please download the relevant forms from our website or alternatively, email us at info@ifpa.com.my

What is the duration for each module ?

FPAM conducts the exam in June and December each year. The shortest possible timeframe for a student to complete from Module 1 to 6 is 18 months. For the candidate who wishes to take module by module, it would be a 3 year program.

Can exam sitting be deferred ?

Yes, it is possible to defer the exam by writing to IFPA Resources Sdn Bhd and FPAM within a stipulated time frame.

10.

Is there a time limit when to finish the CFP certification program ?

There is no time limit for the CFP certification program (module 1 to 6). However candidates applying for the CFP Challenge Status are given 3 exam sittings to complete their Module 6 exam. Failing which, they are required to enrol for the full CFP certification program.

11.

How much is the course fee ?

Please view the Course Fee schedule

12.

When are the face-to-face workshops held ?

Our face-to-face workshops are usually held over weekend. This is to facilitate the working professionals who are unable to attend workshops during weekdays.

13.

Will there be consecutive face-to-face workshops during the weekdays ?

Yes, when the minimum number of candidates are met.

14.

What is the withdrawal policy ?

Written intention must be extended to IFPA Resources Sdn Bhd

15.

How much is the course fee for “refresher” course for students who have passed the exam ?

30% discount will be accorded on full course fee for each “refresher” module.

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