The FAAA has signed a memorandum of understanding with FPSB India, a subsidiary of the Financial Planning Standards Board, to promote cross-border mobility and professional development for Certified Financial Planner aspirants and professionals.
A statement from both organisations says the strategic partnership provides greater collaboration between the financial planning communities in India and Australia “…allowing a seamless transition for CFP professionals, financial advisers, and students relocating between the two countries.”
The MoU was signed by Krishan Mishra, CEO, FPSB India and Sarah Abood, CEO, FAAA in São Paulo, Brazil during FPSB’s 20th year celebrations with FPSB CEO Dante De Gori and FAAA Chair David Sharpe also attending.
The two entities will jointly develop bridging educational content and partner with universities in both countries to establish pathways for certification for aspirants and subsequent professional growth.
…One of the key objectives is to enable CFP professionals to meet local regulatory requirements…
One of the key objectives is to enable CFP professionals to meet local regulatory requirements when seeking employment across borders.
The organisations say the partnership will create continuing professional development opportunities for financial professionals in both countries.
“The collaboration will ensure Indian CFP professionals can access FAAA-accredited CPD programs while in India, allowing them to complete required coursework before seeking certification, or employment in Australia. Similarly, Australian CFP professionals will have the opportunity to prepare for the Indian market through local CPD programs.”
The two organisations will also work together to align certification requirements in accordance with FPSB’s cross-border certification policies.
“This will make it easier for Australian CFP professionals to seek certification in India, fostering professional exchange and collaboration. This agreement also facilitates a pathway for Indian CFP aspirants to gain Australian financial planning qualifications, including units of study that meet Australian legislative standards,” the statement notes.
Mishra says the partnership is a crucial step in his organisation’s continuous efforts towards globalising financial planning standards and opportunities for its aspirants and professionals.
“By collaborating with FAAA, Australian universities and firms, we aim to equip Indian CFP professionals with international competencies while ensuring a smooth transition across borders. It opens new avenues for our financial planning community to grow and thrive in a global market.”
…professionals and students from India will be supported in their transition to Australia through networking opportunities…
As part of the initiative, CFP professionals and students from India will be supported in their transition to Australia through networking opportunities with Australian financial services firms, planning practices, and superannuation trustees.
The MoU also facilitates the creation of professional year placements for Indian professionals, helping them build experience and expand their global career prospects.
Abood, adds the partnership will create pathways for financial professionals to move between Australia and India.
“The collaboration provides our members and aspiring professionals with opportunities to expand their expertise and gain international experience.”
…this initiative will also help our profession better serve this strong and growing community…
She notes Australia is one of the most multicultural countries in the world “…with almost 30% of the population born overseas. India is our second largest source of migrants (second only to England) and this initiative will also help our profession better serve this strong and growing community.”
Abood adds that the declining number of financial advisers in Australia is a well-known and serious issue.
“We hope this agreement with FPSB India will lead to more advisers working with Australians to help them achieve their financial goals.”
FPSB India is described as the leading financial planning body in India. It is home to more than 2,700 CFP professionals in India.
