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Traditionally, wealth management service was limited to High Net Worth Individuals (HNWIs) served by the private bankers who work alongside a team of investment consultants and specialists to provide financial products and solutions.
In recent years, wealth management service has become a much broader financial planning concept and served a wider variety of customers. Customers are more conscious about their long term financial well-being and want to achieve the financial goals sooner. Retail banks, insurance companies and independent financial advisory firms are competing for a bigger share within this fast-growing market.
Wealth managers (or financial planners) are not there to merely help grow wealth. They should be able to understand customers’ personal needs, with strong ethics and professionalism. When customers go through different stages in their lives, they will have different needs/goals, and in turn, their investment and insurance portfolios need to be changed.
1. Certified Financial Planner (CFP)
To proceed with CFP Certification, it is compulsory for individuals to register with the Institute of Financial Planners of Hong Kong (IFPHK) as a candidate. In addition, they should possess a Bachelor's degree (or above) from accredited education institutions; or specific qualifications (e.g. Associate Financial Planner).
Candidates must complete an education program which consists of 4 courses covering investment planning and asset management; insurance planning and risk management; tax planning and estate planning; and financial planning practice. Each course takes 40 hours.
Candidates have to complete 3 levels of examination and possess 3 years of full-time qualified relevant work experience or equivalent (2,000 hours part-time equals to one year full-time). To qualify as a CFP, they must also agree to abide by the Institute’s professional code and practice standards.
Acquired with specific academic qualification and professional background, candidates can be exempted from some or all of the courses of the required education program, and foundation level examination. Please refer to the IFPHK’s website for more details.
2. Associate Financial Planner (AFP)
Upon passing the CFP certification examination (foundation level), candidates can choose to obtain an AFP certification as a midway award. Candidates are required to:
Candidates may exempt from the education program if they meet certain requirements. Please refer to the IFPHK’s website for more details.
Institute of Financial Planners of Hong Kong (IFPHK):
Institute for Entrepreneurship (IfE), The Hong Kong Polytechnic University:
Li Ka Shing Institute of Professional and Continuing Education (LiPACE), The Open University of Hong Kong:
School of Professional and Continuing Education (SPACE), The University of Hong Kong: