Korea FPSB and Korea Financial Planning, MOU to Activate Household Financial Planning Consultation Function

Josungmok, Vice Chairman of Korea FPSB (left), is taking a commemorative photo after signing a strategic partnership agreement with Korea Financial Planning.

[Asia Economy Reporter Kim Min-young] The Korea FPSB, the international Certified Financial Planner (CFP) certification body, announced on the 20th that it has signed a strategic partnership agreement with Korea Financial Planning to jointly work on expanding the number of CFP certificants and advancing the financial product advisory industry.

Kim Yong-hwan, Chairman of Korea FPSB, stated, "The enactment of the Financial Consumer Protection Act to institutionalize the financial product advisory business aims to protect financial consumers by providing sufficient high-quality information," adding, "Before its implementation next fall, it is essential to train a large number of advanced financial planners like CFPs to realize the purpose of the system."

The CFP certification requirements follow the standards of the international FPSB. Candidates must first obtain the domestic financial planner (AFPK) qualification, complete over 200 hours of education, and take an 8-hour and 20-minute qualification exam. After passing the exam, candidates must fulfill a three-year financial planning career requirement at a financial institution to be officially certified.

Korea Financial Planning, established in 2005, is a financial consulting specialist company conducting financial advisory activities for employees of major domestic corporations. It operates 15 centers and branches nationwide with 210 professional consultants, approximately 80% of whom hold CFP and AFPK certifications.

Through this partnership, Korea FPSB certificants will have various opportunities to provide consultations at Korea Financial Planning.

Meanwhile, Korea FPSB plans to select outstanding CFPs active at Korea Financial Planning and grant them financial planning practical instructor qualifications to cultivate enhanced experts. AFPK exams are held three times a year, and CFP exams twice a year. The AFPK qualification exam is scheduled for the 29th of next month, ahead of the recruitment season for financial companies. Eligibility and exam schedules will be announced on the FPSB website.