Promoting Personal Finance Education and Increasing the Awareness of the Important Role of Financial Planners
After the global financial crisis caused by the Lehman Shock in September 2008, various countries implemented measures such as monetary easing and public spending, and the effects of these policies are now being seen to show signs of improvement. The Japanese economy is also regaining its composure, however, the recovery is a gradual one and it is expected that a tough environment for consumers will continue for some time to come.
In the midst of these stringent times for consumers, the role and social mission of the Japan Association for Financial Planners (JAFP) is of growing importance, namely our efforts to increase the awareness of personal finance education, and to foster financial planners with high ethical standards, competency and professional knowledge.
As of April 1, 2010, JAFP's members reached 176,000. This figure bears witness to the fact that there is strong recognition about the importance of the role of financial planners in supporting consumers to realize an affluent life, and the benefits of financial planning, while the global economy overcomes an unprecedented financial crisis and heads toward recovery.
The Third Mid-Term Business Plan (a three-year plan) starts from this fiscal year. With this plan, we welcome a new phase in our development to seek to increase the awareness of financial planning widely, including the launch of the Third-grade Certified Skilled Worker of Financial Planning examination in January 2011. To this end, as an organization standing by consumers and members, we not only seek to promote personal financial planning in schools and society, but also to advance our social mission to increase the awareness of financial planning and foster CFP® and AFP certificants who are the best suited to promote financial planning and possess a balance of knowledge, skills and high ethical standards.
The Third Mid-Term Business Plan (FY2010 to FY2012) consists of the following five areas that need to be addressed by the JAFP.
- Promote Personal Financial Planning and Personal Finance Education
- Enhance the CFP® and AFP brands and qualities (Establish the social status of JAFP's certification programs)
- Establish Personal Finance as Academics
- Strengthen International Activities
- Strengthen the Foundations of the Organization
The major policies are set forth in the Business Plan by each department.
As the above agenda indicates, expectations of the public and our members are growing higher and diversifying in the midst of a severe economic environment. We are determined to work to meet these expectations by maximizing our limited management resources as we execute our Third Mid-Term Business Plan.
FY2010 Business Plan by Each Department
Following are the major items to be implemented:
- Improve quality of CFP® certification examination and increase number of examinees.
- Certified Skilled Worker of Financial Planning
- Smoothly implement the Third-grade Certified Skilled Worker of Financial Planning examination.
- Financial Planning Education
- Increase ethics and compliance education contents and opportunities.
- Implement various measures to strengthen practical competency of financial planners.
- Develop training structures and systems from Third-grade Certified Skilled Worker of Financial Planning to AFP certificants.
- Strengthen the branding of the CFP® and AFP certification.
- Strengthen public relations activities to broaden the financial planning grassroots, in conjunction with the introduction of the Third-grade Certified Skilled Worker of Financial Planning examination, etc.
- Increase the awareness of the useful role and benefits of financial planners and financial planning for consumers.
- Personal Finance Education
- Promote the awareness of the importance of personal finance education and financial planners, through the completion of personal finance education standards and their introduction.
- Establish operational targets to ensure the smooth development of the framework for personal finance education instructors.
- Provide a self-assessment quiz on financial literacy on JAFP's website, in conjunction with personal finance education booklets and educational materials.
- Strengthen support for chapter activities by functioning area managers and block chief clerks.
- Promote the awareness of financial planners and financial planning through cooperation with government and public organizations.
- Enhance plans featured in the "FP Journal" that are useful for strengthening practical competency of financial planners.
- Enhance the international status of JAFP through activities at the Financial Planning Standards Board Ltd. (FPSB).
- Strengthen relationship with overseas financial planning organizations by holding the Asian 4 Affiliates Meeting, etc.
- Strengthen relationship with corporate members through face-to-face marketing.
- Enhance the awareness of the new AFP certification standards, promote members' registration and smoothly facilitate certification renewal.
- Support activities to expand personal finance education as academics at universities and graduate schools.
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