The scenario of Indian investors is slowly changing. Earlier, the concept of investment was limited to Fixed /Recurring deposit schemes, life insurance plans, buying gold and real estate. But a lot has changed in the last two decades. Firstly, people are spending more than their earning. Secondly, there is no concept of pension or any retirement benefits and a higher lifestyle inflation. This establishes the need for personal financial planning and advisors who can chart out these financial plans. Certified Financial Planners have been hand holding the customers and helping them to reach their financial goals across 26 countries.
Currently, there are more than:
- 160,000 CFP certified professionals across the globe
- 72000 CFP professionals in USA
As far as India is concerned, we have close to 2000 CFP professionals.
In India, 1.25 crore people pay-up income tax and there are only handful of advisors across India catering to the need. Due to the ever changing financial scenario, an individual would need a qualified financial planner to be on his side. The experts have estimated that India would need more than 50000 qualified financial planners in the coming years.
There is a greater demand for CFP certificate holders in the BFSI domain and they would have an upper hand over others. A CFP professional could look at working with:
- Banks
- Wealth managements firms and distribution houses
- Mutual fund and insurance companies
- Boutique financial planning firms
- Financial planning software firms
The certification would open up the doors of entrepreneurship. Aspiring individuals could look at starting on her own and pursue the career as a practicing financial planner. A practicing financial planner could look at earning from:
- Charging the clients for construction of the financial plan
- Commission earned from advising various financial service products like Mutual funds, insurance etc.
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