financial Planning Standards Boards (FPSB) Chief Executive Officer Krishna Mishra said the country needs a new generation of financial planning professionals who can act as advisors to clients. FPSB said in a statement that there are currently 2,731 Certified Financial Planners (CFP) in India, who are working in the industry as well as providing personal services. Mishra said that most people who are in the industry can manage their organizations very well, but they also struggle when it comes to their personal finances.
New generation of financial planning professionals should be ready
He said that this is why we need to create a new generation of financial planning professionals who can act as advisors to clients. Mishra told PTI on the sidelines of the signing of a memorandum of understanding (MOU) with the Indian Institute of Foreign Trade (IIFT), Delhi on Friday. This MoU was signed to launch Executive and Regular Masters programs with CFP certification.
Demand for financial planning advice is increasing in India
The global Certified Financial Planning Professionals community is expected to grow by 5.1 per cent to reach 2,23,770 by December 2023. India has the fourth highest growth rate in the world in this matter. Among those who have not yet taken any financial planning advice, more than 50 percent will be interested in financial planning advice in the next 3 years. The demand for professional financial advice is increasing in India.
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