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FPI Financial Planner Work Experience Portfolio
Vision
Professional financial planning for all.
Our Mission
The FPI’s mission is to advance and promote the pre-eminence and status of financial planning professionals, while at all times acting in the interests of the society (community, constituency) whom the profession serves, by:
1. Improving the quality and accessibility of professional financial planning for all in Southern Africa.
2. Acting as advocate for professional financial planning, building a recognition of the importance and need for such planning by the general public.
3. Providing a framework within which members can achieve qualifications and maintain competence to create greater value for their clients, practices and employers.
4. Ensuring that members maintain the highest ethical standards in the pursuance of their profession.
5. Providing a leadership role within financial services by providing balanced, credible input and commentary to government and the public.
6. Facilitating transformation within the profession.
3
FPI Financial Planner Work Experience Portfolio
Table of Contents
Introduction 5
How to Build a Portfolio for Work Experience 6
Work Experience Portfolio Personal Information 7
Work Experience Portfolio 9
Financial Planner Abilities 1. Financial Planning Component: Financial Management 102. Financial Planning Component: Asset Management 123. Financial Planning Component: Risk Management 144. Financial Planning Component: Tax Planning 165. Financial Planning Component: Retirement Planning 186. Financial Planning Component: Estate Planning 20
Financial Planner Professional Skills A. Financial Planner Professional Skills 22B. Engagement in Financial Planning Practices 23C. Formal Declaration of Adherence to FPI’s Code of Ethics and Professional Responsibility 24
5
FPI Financial Planner Work Experience Portfolio
Introduction
FPI recognises the importance of work experience for someone looking to become a financial planning professional. FPI believes engaging in the supervised practice of financial planning is the most effective method of gaining professional experience. However, this document guides candidates for financial planner certification on the implementation and assessment of the unsupervised experience component of FPI’s Financial Planner Work Experience Standard.
In FPI’s Certification Policy, relevant work experience is described as follows:
An individual demonstrates relevant work experience, either supervised or unsupervised, working with clients while:
• Engaging in practice described in FPI’s Financial Planning Practice Standards;• Applying the abilities, skills and knowledge described in FPI’s Financial Planner Competency
Profile; • Adhering to ethical principles described in FPI’s Financial Planner Code of Ethics and
Professional Responsibility; and• Doing all of the above in an educational, supervisory, advisory or non-client facing capacity.
Supervised Experience is described in FPI’s Certification Policy as follows:
Supervised Experience can be met by completing one year of supervised practice as described under Relevant Work Experience.
The supervisor must be a CFP® professional, in good standing, who has mastered the knowledge, skills and abilities described in FPI’s Financial Planner Competency Profile:
• Provides candidates with experience in, and instruction about, the practice of the profession;• Helps candidates to develop knowledge about the practice of the profession; • Teaches candidates the required standards of conduct; and • Confirms candidates are able to interact with clients.
At the end of the supervised practice period, the supervisor attests to the FPI in writing to the candidate’s readiness to competently and ethically practice financial planning.
Unsupervised experience is described in FPI’s Certification Policy as follows:
Unsupervised experience can be met by completing three years of unsupervised practice as described above under relevant work experience.
6
FPI Financial Planner Work Experience Portfolio
How to Build a Portfolio For Work Experience
1. The candidate identifies a CFP® professional who can act as mentor during the process and apply for approval of the mentor if not on the approved mentor list. (Application forms available from the office)
2. Completion of all fields is mandatory.3. The candidate completes the Work Experience Portfolio Personal Information Form beginning on page 7 and the
Work Experience Portfolio beginning on page 9. For example:
Has the candidate engaged in financial management during the period of experience?
YES NO
The candidate indicates the frequency of engagement, providing proof of evidence where applicable. For example, if the candidate engaged in financial management as a financial planning component most of the time during the experience period, the candidate completes the form as follows:
Frequency of Engagement in Financial Management Index of EvidenceVerified
(official use only)
Never Sometimes Most of the Time All the TimeSee appendix 1Financial plan X page 3
(example only)
The candidate further indicates whether he or she has relied on applicable abilities during the supervision period.
For example:
1.1 Collected information regarding the client’s assets and liabilities YES NO
4. The mentor and mentee must rate the mentee’s progress and competency on a regular basis. The mentor signs off on each financial planning component declaring the candidate’s readiness to competently and ethically practice in that component of financial planning.
5. The candidate completes the Financial Planner Professional Skills (page 22) and makes a declaration that he or she is familiar with the Financial Planner Professional Skills and that he or she applied those skills during the work experience period. For example:
Professional Responsibility YES NO
Established trust in all professional relationships X
Acted in the best interest of the client in providing professional services X
6. The candidate completes the section entitled Engagement in Financial Planning Practices, and makes a declaration that he or she is familiar with the financial planning process and that he or she applied appropriate Financial Planning Practice Standards during the work experience period. The candidate shall indicate which Financial Planning Processes he or she applied and whether he or she was involved in any of the applicable Financial Planning Practices during the work experience period. For example:
Financial Planning Process YES NO Related Practice Standards YES NO
Established and defined the relationship with the client
X1.1 Informed the client about financial planning
X
7. The candidate makes a formal declaration of his or her adherence to FPI’s Code of Ethics and Professional Responsibility (Pages 24-25 ). Please note that evidence for all items selected is mandatory and must be indexed and attached as proof.
8. The assessor appointed by the FPI gives approval on whether the Work Experience Standard was met and provides feedback on the assessment of the candidate’s portfolio, if not accepted.
7
FPI Financial Planner Work Experience Portfolio
Work Experience Portfolio Personal Information
Name:
Home address:
Home telephone: Home fax:
Home email:
Business name:
Business address:
Business telephone: Business fax:
Business email:
Preferred address (check one): Business Home
Select the highest relevant educational level you hold:
None Certificate Diploma Bachelors
Postgraduate Masters Doctorate Other
Name of education provider for above:
Date qualification conferred:
As part of your application for Certification, you will have to submit proof that you have achieved one of the approved programmes in order to meet the Education Requirement.
The employment and experience information required in this form must cover the period of work experience.
Current employment: (Complete only if the candidate is not self-employed.)
Start date: Hours per week: Job title:
Duties performed:
Company: Company telephone:
Name of company reference: Telephone number of reference:
Self employment:
I am self-employed. The following individual can attest to the nature (services delivered and duties performed) of my business:
Attester’s name:
Attester’s signature:
Attester’s telephone:
Attester’s email:
Nature of relationship of attester:
(For example: CFP® professional, attorney, CA (SA))
Previous employment:
Applicable: YES NO
Period of employment: Hours per week: Job title:
Company: Company telephone:
8
FPI Financial Planner Work Experience Portfolio
Name of company reference:
Telephone number of reference:
Company address:
License holder (to deliver financial services and/or advise):
Applicable: YES NO
License number: Type of license:
Date issued:
Note: If the space given is insufficient, please use a separate form to complete your employment history.
To the best of my knowledge, the facts contained herein are accurate and complete. I authorise investigation of all statements contained in this form. I understand that misrepresentation or omission of facts is cause for denial or revocation of the right to use my financial planner certification and that I may not use the certification until I receive official notification of my right to do so by the FPI.
Name (please print):
Signature:
Date:
Name of Assessor from FPI (for official use only):
Assessor comments:
Approved: YES NO
Signature: Date:
9
FPI Financial Planner Work Experience Portfolio
Work Experience Portfolio
Applying Abilities
The candidate indicates next to each ability whether he or she applied the ability during the work experience period. The candidate also indicates the frequency of involvement with each Financial Planning Component during the work experience period.
Evaluation
The candidate demonstrates experience in four of the six Financial Planning Components described in FPI’s Financial Planner Competency Profile (i.e. Financial Management, Asset Management, Risk Management, Tax Planning, Retirement Planning and Estate Planning). To qualify as having sufficient experience, the candidate must have applied at least four Financial Planning Components most of the time during the work experience period.
Frequency assesses how often the Financial Planning Components were applied by the candidate during the work experience period. Frequency is defined as a question: How often, on average, did the candidate perform or demonstrate his or her ability of the Financial Planning Component? Frequency is rated on a four-point scale:
• Never - never used in practice during work experience period• Sometimes - occasionally used in practice during work experience period• Most of the time - often used in practice during work experience period• All of the time - always used in practice during work experience period
Please note: if the candidate did not cover at least four of the six Financial Planning Components “most of the time” during the work experience period, the candidate must attest to the reasons why not. The candidate cannot offset “over performance” in one Financial Planning Component with “underperformance” in another since every component is assessed individually.
Evidence
The candidate provides evidence that he or she applied at least four of the six Financial Planning Components with at least four of the six Financial Planning Components applied “most of the time” during the work experience period. Evidence can be provided as follows:
• Sufficient financial plans to cover four or more Financial Planning Components (the plans must be real financial plans for real clients).
• References must be provided (from managers, colleagues, clients, etc.) that clearly indicate that the candidate applied four of the six Financial Planning Components during the work experience period.
10
FPI Financial Planner Work Experience Portfolio
Fina
ncia
l Pla
nner
Abi
litie
s1
. Fin
anci
al P
lann
ing
Com
pone
nt: F
inan
cial
Man
agem
ent
Indi
cate
the
freq
uenc
y of
eng
agem
ent w
ith
inde
xed
refe
renc
e to
you
r at
tach
ed p
roof
of
evid
ence
whe
re a
pplic
able
.
Has
the
cand
idat
e en
gage
d in
fina
ncia
l man
agem
ent?
Inde
x of
Evi
denc
eVe
rifie
d (o
ffici
al u
se o
nly)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Fi
nanc
ial M
anag
emen
t
Perf
orm
ed
task
Evid
ence
pre
sent
ed b
y m
ente
eM
ento
r ra
ting
Ass
esso
r
Com
men
tsPl
ease
ci
rcle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al
com
pete
nce
leve
l
Init
ials
Rati
ngRa
ting
Rati
ng
1.1
Colle
cted
info
rmat
ion
rega
rdin
g th
e cl
ient
’s a
sset
s an
d lia
bilit
ies
YES/
NO
YES/
NO
YES/
NO
1.2
Colle
cted
info
rmat
ion
rega
rdin
g th
e cl
ient
’s c
ash
flow
, inc
ome
and/
or
oblig
atio
nsYE
S/N
OYE
S/N
OYE
S/N
O
1.3
Colle
cted
info
rmat
ion
nece
ssar
y to
pr
epar
e a
budg
et
YES/
NO
YES/
NO
YES/
NO
1.4
Prep
ared
sta
tem
ents
of
the
clie
nt’s
net
w
orth
, cas
h fl
ow a
nd b
udge
t YE
S/N
OYE
S/N
OYE
S/N
O
1.5
Det
erm
ined
the
clie
nt’s
pro
pens
ity
to
save
YE
S/N
OYE
S/N
OYE
S/N
O
1.6
Det
erm
ined
how
the
clie
nt m
akes
sp
endi
ng d
ecis
ions
YE
S/N
OYE
S/N
OYE
S/N
O
1.7
Det
erm
ined
the
clie
nt’s
att
itud
es
tow
ards
deb
t YE
S/N
OYE
S/N
OYE
S/N
O
1.8
Det
erm
ined
whe
ther
the
clie
nt is
livi
ng
wit
hin
finan
cial
mea
ns
YES/
NO
YES/
NO
YES/
NO
11
FPI Financial Planner Work Experience Portfolio
1.9
Det
erm
ined
the
issu
es re
leva
nt to
the
clie
nt’s
ass
ets
and
liabi
litie
s YE
S/N
OYE
S/N
OYE
S/N
O
1.10
Det
erm
ined
the
clie
nt’s
em
erge
ncy
fu
nd p
rovi
sion
YE
S/N
OYE
S/N
OYE
S/N
O
1.11
Con
side
red
pote
ntia
l cas
h m
anag
emen
t st
rate
gies
for
the
clie
nt
YES/
NO
YES/
NO
YES/
NO
1.12
Ass
esse
d w
heth
er th
e em
erge
ncy
fund
is
ade
quat
e YE
S/N
OYE
S/N
OYE
S/N
O
1.13
Ass
esse
d th
e im
pact
of
pote
ntia
l ch
ange
s in
inco
me
and
expe
nses
YE
S/N
OYE
S/N
OYE
S/N
O
1.14
Iden
tifie
d co
nflic
ting
dem
ands
on
cash
fl
ow
YES/
NO
YES/
NO
YES/
NO
1.15
Ass
esse
d fin
anci
ng a
lter
nati
ves
YES/
NO
YES/
NO
YES/
NO
1.16
Dev
elop
ed fi
nanc
ial m
anag
emen
t st
rate
gies
YES/
NO
YES/
NO
YES/
NO
1.17
Eva
luat
ed a
dvan
tage
s an
d di
sadv
anta
ges
of e
ach
finan
cial
m
anag
emen
t st
rate
gyYE
S/N
OYE
S/N
OYE
S/N
O
1.18
Opt
imis
ed s
trat
egie
s to
mak
e fin
anci
al
man
agem
ent r
ecom
men
dati
ons
YE
S/N
OYE
S/N
OYE
S/N
O
1.19
Pri
orit
ised
act
ion
step
s to
ass
ist t
he
clie
nt in
impl
emen
ting
fina
ncia
l m
anag
emen
t rec
omm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
Men
tor
Sign
atur
eM
ente
e Si
gnat
ure
Dat
e
Ass
essm
ent c
rite
ria
Fi
nanc
ial M
anag
emen
t
Perf
orm
ed
task
Evid
ence
pre
sent
ed b
y m
ente
eM
ento
r ra
ting
Ass
esso
r
Com
men
tsPl
ease
ci
rcle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al
com
pete
nce
leve
l
Init
ials
Rati
ngRa
ting
Rati
ng
12
FPI Financial Planner Work Experience Portfolio
2. F
inan
cial
Pla
nnin
g Co
mpo
nent
: Ass
et M
anag
emen
t
Has
the
cand
idat
e en
gage
d in
ass
et m
anag
emen
t?In
dex
of E
vide
nce
Veri
fied
(offi
cial
use
onl
y)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Ass
et M
anag
emen
t
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
1.2
Colle
cted
info
rmat
ion
nece
ssar
y to
pre
pare
det
aile
d st
atem
ent o
f in
vest
men
t ho
ldin
gs
YES/
NO
YES/
NO
YES/
NO
2.2
Det
erm
ined
the
clie
nt’s
ass
et
allo
cati
on
YES/
NO
YES/
NO
YES/
NO
2.3
Iden
tifie
d ca
sh fl
ows
avai
labl
e fo
r in
vest
men
t YE
S/N
OYE
S/N
OYE
S/N
O
2.4
Det
erm
ined
the
clie
nt’s
ex
peri
ence
wit
h, a
nd a
ttit
udes
an
d bi
ases
tow
ard,
inve
stm
ents
YE
S/N
OYE
S/N
OYE
S/N
O
2.5
Det
erm
ined
the
clie
nt’s
in
vest
men
t obj
ecti
ves
YES/
NO
YES/
NO
YES/
NO
2.6
Det
erm
ined
the
clie
nt’s
to
lera
nce
for
inve
stm
ent r
isk
YES/
NO
YES/
NO
YES/
NO
2.7
Iden
tifie
d th
e cl
ient
’s
assu
mpt
ions
and
retu
rn
expe
ctat
ions
YE
S/N
OYE
S/N
OYE
S/N
O
2.8
Iden
tifie
d th
e cl
ient
’s ti
me
hori
son
YES/
NO
YES/
NO
YES/
NO
2.9
Cal
cula
ted
requ
ired
rate
of
retu
rn to
reac
h th
e cl
ient
’s
obje
ctiv
es
YES/
NO
YES/
NO
YES/
NO
13
FPI Financial Planner Work Experience Portfolio
Ass
essm
ent c
rite
ria
Ass
et M
anag
emen
t
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
2.10
Det
erm
ined
the
char
acte
rist
ics
of in
vest
men
t hol
ding
s YE
S/N
OYE
S/N
OYE
S/N
O
2.11
Det
erm
ined
the
impl
icat
ions
of
acqu
irin
g/di
spos
ing
of a
sset
s YE
S/N
OYE
S/N
OYE
S/N
O
2.12
Con
side
red
pote
ntia
l in
vest
men
t str
ateg
ies
YES/
NO
YES/
NO
YES/
NO
2.13
Ass
esse
d w
heth
er in
vest
men
t re
turn
exp
ecta
tion
s ar
e co
nsis
tent
wit
h th
e ri
sk
tole
ranc
e
YES/
NO
YES/
NO
YES/
NO
2.14
Ass
esse
d w
heth
er a
sset
ho
ldin
gs a
re c
onsi
sten
t wit
h ri
sk to
lera
nce
and
requ
ired
rate
of
retu
rn
YES/
NO
YES/
NO
YES/
NO
2.25
Dev
elop
ed a
sset
man
agem
ent
stra
tegi
es
YES/
NO
YES/
NO
YES/
NO
2.16
Eva
luat
ed a
dvan
tage
s an
d di
sadv
anta
ges
of e
ach
asse
t m
anag
emen
t str
ateg
y YE
S/N
OYE
S/N
OYE
S/N
O
2.17
Opt
imis
ed s
trat
egie
s to
m
ake
asse
t man
agem
ent
reco
mm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
2.18
Pri
orit
ised
act
ion
step
s to
ass
ist
the
clie
nt in
impl
emen
ting
as
set m
anag
emen
t re
com
men
dati
ons
YES/
NO
YES/
NO
YES/
NO
Men
tor
Sign
atur
eM
ente
e Si
gnat
ure
Dat
e
14
FPI Financial Planner Work Experience Portfolio
3. F
inan
cial
Pla
nnin
g Co
mpo
nent
: Ris
k M
anag
emen
t
Has
the
cand
idat
e en
gage
d in
ris
k m
anag
emen
t?In
dex
of E
vide
nce
Veri
fied
(offi
cial
use
onl
y)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Risk
Man
agem
ent
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
3.1
Colle
cted
det
ails
of
the
clie
nt’s
ex
isti
ng in
sura
nce
cove
rage
YE
S/N
OYE
S/N
OYE
S/N
O
3.2
Iden
tifie
d po
tent
ial fi
nanc
ial
oblig
atio
ns o
f th
e cl
ient
YE
S/N
OYE
S/N
OYE
S/N
O
3.3
Det
erm
ined
the
clie
nt’s
ris
k m
anag
emen
t obj
ecti
ves
YES/
NO
YES/
NO
YES/
NO
3.4
Det
erm
ined
the
clie
nt’s
tole
ranc
e fo
r ri
sk e
xpos
ure
YES/
NO
YES/
NO
YES/
NO
3.5
Det
erm
ined
rele
vant
life
styl
e is
sues
YE
S/N
OYE
S/N
OYE
S/N
O
3.6
Det
erm
ined
the
clie
nt’s
w
illin
gnes
s to
take
act
ive
step
s to
m
anag
e fin
anci
al r
isk
YES/
NO
YES/
NO
YES/
NO
3.7
Det
erm
ined
cha
ract
eris
tics
of
exis
ting
insu
ranc
e co
vera
ge
YES/
NO
YES/
NO
YES/
NO
3.8
Cons
ider
ed c
urre
nt a
nd p
oten
tial
ri
sk m
anag
emen
t str
ateg
ies
YES/
NO
YES/
NO
YES/
NO
3.9
Ass
esse
d ex
posu
re to
fina
ncia
l ri
sk
YES/
NO
YES/
NO
YES/
NO
15
FPI Financial Planner Work Experience Portfolio
Ass
essm
ent c
rite
ria
Risk
Man
agem
ent
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
3.10
Ass
esse
d th
e cl
ient
’s r
isk
expo
sure
aga
inst
cur
rent
in
sura
nce
cove
rage
and
ris
k m
anag
emen
t str
ateg
ies
YES/
NO
YES/
NO
YES/
NO
3.11
Ass
esse
d th
e im
plic
atio
ns o
f ch
ange
s to
insu
ranc
e co
vera
ge
YES/
NO
YES/
NO
YES/
NO
3.12
Pri
orit
ised
the
clie
nt’s
ris
k m
anag
emen
t nee
ds
YES/
NO
YES/
NO
YES/
NO
3.13
Dev
elop
ed r
isk
man
agem
ent
stra
tegi
es
YES/
NO
YES/
NO
YES/
NO
3.14
Eva
luat
ed a
dvan
tage
s an
d di
sadv
anta
ges
of e
ach
risk
m
anag
emen
t str
ateg
y YE
S/N
OYE
S/N
OYE
S/N
O
3.15
Opt
imis
ed s
trat
egie
s to
mak
e ri
sk
man
agem
ent r
ecom
men
dati
ons
YES/
NO
YES/
NO
YES/
NO
3.16
Pri
orit
ised
act
ion
step
s to
ass
ist
the
clie
nt in
impl
emen
ting
ris
k m
anag
emen
t rec
omm
enda
tion
sYE
S/N
OYE
S/N
OYE
S/N
O
3.17
Opt
imis
ed s
trat
egie
s to
m
ake
asse
t man
agem
ent
reco
mm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
3.18
Pri
orit
ised
act
ion
step
s to
ass
ist
the
clie
nt in
impl
emen
ting
ass
et
man
agem
ent r
ecom
men
dati
ons
YES/
NO
YES/
NO
YES/
NO
Men
tor
Sign
atur
eM
ente
e Si
gnat
ure
Dat
e
16
FPI Financial Planner Work Experience Portfolio
4. F
inan
cial
Pla
nnin
g Co
mpo
nent
: Tax
Pla
nnin
g
Has
the
cand
idat
e en
gage
d in
tax
man
agem
ent?
Inde
x of
Evi
denc
eVe
rifie
d (o
ffici
al u
se o
nly)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Tax
Plan
ning
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
4.1
Colle
cted
the
info
rmat
ion
nece
ssar
y to
est
ablis
h th
e cl
ient
’s ta
x po
siti
on
YES/
NO
YES/
NO
YES/
NO
4.2
Iden
tifie
d ta
xabl
e na
ture
of
asse
ts a
nd li
abili
ties
YE
S/N
OYE
S/N
OYE
S/N
O
4.3
Iden
tifie
d cu
rren
t, de
ferr
ed
and
futu
re ta
x lia
bilit
ies
YES/
NO
YES/
NO
YES/
NO
4.4
Iden
tifie
d pa
rtie
s re
leva
nt to
th
e cl
ient
’s ta
x si
tuat
ion
YES/
NO
YES/
NO
YES/
NO
4.5
Det
erm
ined
the
clie
nt’s
at
titu
des
tow
ard
taxa
tion
YE
S/N
OYE
S/N
OYE
S/N
O
4.6
Revi
ewed
rele
vant
tax
docu
men
ts
YES/
NO
YES/
NO
YES/
NO
17
FPI Financial Planner Work Experience Portfolio
Ass
essm
ent c
rite
ria
Tax
Plan
ning
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
4.7
Cons
ider
ed p
oten
tial
tax
stra
tegi
es a
nd s
truc
ture
s YE
S/N
OYE
S/N
OYE
S/N
O
4.8
Eval
uate
d ex
isti
ng ta
x st
rate
gies
and
str
uctu
res
for
suit
abili
ty
YES/
NO
YES/
NO
YES/
NO
4.9
Ass
esse
d fin
anci
al im
pact
of
tax
plan
ning
alt
erna
tive
s YE
S/N
OYE
S/N
OYE
S/N
O
4.10
Dev
elop
ed ta
x pl
anni
ng
stra
tegi
es
YES/
NO
YES/
NO
YES/
NO
4.11
Eva
luat
ed a
dvan
tage
s an
d di
sadv
anta
ges
of e
ach
tax
plan
ning
str
ateg
y YE
S/N
OYE
S/N
OYE
S/N
O
4.12
Opt
imis
ed s
trat
egie
s to
mak
e ta
x pl
anni
ng
reco
mm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
4.13
Pri
orit
ised
act
ion
step
s to
ass
ist t
he c
lient
in
impl
emen
ting
tax
plan
ning
re
com
men
dati
ons
YES/
NO
YES/
NO
YES/
NO
Men
tor
Sign
atur
eM
ente
e Si
gnat
ure
Dat
e
18
FPI Financial Planner Work Experience Portfolio
5. F
inan
cial
Pla
nnin
g Co
mpo
nent
: Ret
irem
ent P
lann
ing
Has
the
cand
idat
e en
gage
d in
reti
rem
ent m
anag
emen
t?In
dex
of E
vide
nce
Veri
fied
(offi
cial
use
onl
y)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Reti
rem
ent P
lann
ing
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
5.1
Colle
cted
the
deta
ils
of p
oten
tial
sou
rces
of
reti
rem
ent i
ncom
e YE
S/N
OYE
S/N
OYE
S/N
O
5.2
Colle
cted
the
deta
ils o
f es
tim
ated
reti
rem
ent
expe
nses
YE
S/N
OYE
S/N
OYE
S/N
O
5.3
Det
erm
ined
the
clie
nt’s
re
tire
men
t obj
ecti
ves
YES/
NO
YES/
NO
YES/
NO
5.4
Det
erm
ined
the
clie
nt’s
at
titu
de to
war
d re
tire
men
t YE
S/N
OYE
S/N
OYE
S/N
O
5.5
Det
erm
ined
the
clie
nt’s
co
mfo
rt w
ith
reti
rem
ent
plan
ning
ass
umpt
ions
YE
S/N
OYE
S/N
OYE
S/N
O
5.6
Dev
elop
ed fi
nanc
ial
proj
ecti
ons
base
d on
cur
rent
po
siti
on
YES/
NO
YES/
NO
YES/
NO
19
FPI Financial Planner Work Experience Portfolio
Ass
essm
ent c
rite
ria
Reti
rem
ent P
lann
ing
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al c
ompe
tenc
e le
vel
Init
ials
Rati
ngRa
ting
Rati
ng
5.7
Det
erm
ined
if th
e cl
ient
’s
reti
rem
ent o
bjec
tive
s ar
e re
alis
tic
YES/
NO
YES/
NO
YES/
NO
5.8
Cons
ider
ed p
oten
tial
re
tire
men
t pla
nnin
g st
rate
gies
YE
S/N
OYE
S/N
OYE
S/N
O
5.9
Ass
esse
d fin
anci
al
requ
irem
ents
at r
etir
emen
t da
te
YES/
NO
YES/
NO
YES/
NO
5.10
Ass
esse
d th
e im
pact
of
chan
ges
in a
ssum
ptio
ns o
n fin
anci
al p
roje
ctio
ns
YES/
NO
YES/
NO
YES/
NO
5.11
Ass
esse
d tr
ade-
offs
nece
ssar
y to
mee
t ret
irem
ent o
bjec
tive
s YE
S/N
OYE
S/N
OYE
S/N
O
5.12
Dev
elop
ed re
tire
men
t pl
anni
ng s
trat
egie
s YE
S/N
OYE
S/N
OYE
S/N
O
5.13
Eva
luat
ed a
dvan
tage
s an
d di
sadv
anta
ges
of e
ach
reti
rem
ent p
lann
ing
stra
tegy
YE
S/N
OYE
S/N
OYE
S/N
O
5.14
Opt
imis
ed s
trat
egie
s to
m
ake
reti
rem
ent p
lann
ing
reco
mm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
Men
tor
Sign
atur
eM
ente
e Si
gnat
ure
Dat
e
20
FPI Financial Planner Work Experience Portfolio
6. F
inan
cial
Pla
nnin
g Co
mpo
nent
: Est
ate
Plan
ning
Has
the
cand
idat
e en
gage
d in
est
ate
man
agem
ent?
Inde
x of
Evi
denc
eVe
rifie
d (o
ffici
al u
se o
nly)
Yes
No
Nev
erSo
met
imes
Mos
t of
the
Tim
eA
ll th
e Ti
me
Indi
cate
whe
ther
the
follo
win
g ab
iliti
es h
ave
been
app
lied
duri
ng th
e w
ork
expe
rien
ce p
erio
d. R
atin
g cr
iter
ia:
1: N
ot c
apab
le o
f pe
rfor
min
g
3:
Cap
able
wit
h lim
ited
/ p
erio
dic
inte
rven
tion
Re
quir
ed fi
nal c
ompe
tenc
e le
vel =
4
2: C
apab
le w
ith
sign
ifica
nt /
fre
quen
t int
erve
ntio
n
4: C
apab
le w
ith
no in
terv
enti
on
Ass
essm
ent c
rite
ria
Esta
te P
lann
ing
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al
com
pete
nce
leve
lIn
itia
lsRa
ting
Rati
ngRa
ting
6.1
Colle
cted
lega
l agr
eem
ents
an
d do
cum
ents
that
impa
ct
esta
te p
lann
ing
stra
tegi
es
YES/
NO
YES/
NO
YES/
NO
6.2
Iden
tifie
d th
e cl
ient
’s e
stat
e pl
anni
ng o
bjec
tive
s YE
S/N
OYE
S/N
OYE
S/N
O
6.3
Iden
tifie
d fa
mily
dyn
amic
s an
d bu
sine
ss re
lati
onsh
ips
that
cou
ld im
pact
est
ate
plan
ning
str
ateg
ies
YES/
NO
YES/
NO
YES/
NO
6.4
Proj
ecte
d ne
t wor
th a
t dea
th
YES/
NO
YES/
NO
YES/
NO
6.5
Cons
ider
ed c
onst
rain
ts to
m
eeti
ng th
e cl
ient
’s e
stat
e pl
anni
ng o
bjec
tive
s YE
S/N
OYE
S/N
OYE
S/N
O
6.6
Cons
ider
ed p
oten
tial
est
ate
plan
ning
str
ateg
ies
YES/
NO
YES/
NO
YES/
NO
21
FPI Financial Planner Work Experience Portfolio
Ass
essm
ent c
rite
ria
Esta
te P
lann
ing
Perf
orm
ed ta
skEv
iden
ce p
rese
nted
by
men
tee
Men
tor
rati
ngA
sses
sor
Com
men
tsPl
ease
cir
cle
Trim
este
r 1
date
:Tr
imes
ter
2 da
te:
Trim
este
r 3
date
:Ra
ting
Dev
elop
men
t re
quir
ed?
Dem
onst
rate
d fin
al
com
pete
nce
leve
lIn
itia
lsRa
ting
Rati
ngRa
ting
6.7
Cal
cula
ted
pote
ntia
l exp
ense
s an
d ta
xes
owed
at d
eath
YE
S/N
OYE
S/N
OYE
S/N
O
6.8
Ass
esse
d th
e sp
ecifi
c ne
eds
of
bene
ficia
ries
YE
S/N
OYE
S/N
OYE
S/N
O
6.9
Ass
esse
d th
e liq
uidi
ty o
f th
e es
tate
at d
eath
YE
S/N
OYE
S/N
OYE
S/N
O
6.10
Dev
elop
ed e
stat
e pl
anni
ng
stra
tegi
es
YES/
NO
YES/
NO
YES/
NO
6.11
Eva
luat
ed th
e ad
vant
ages
and
di
sadv
anta
ges
of e
ach
esta
te
plan
ning
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y YE
S/N
OYE
S/N
OYE
S/N
O
6.12
Opt
imis
ed s
trat
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s to
m
ake
esta
te p
lann
ing
reco
mm
enda
tion
s YE
S/N
OYE
S/N
OYE
S/N
O
Men
tor
Sign
atur
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ente
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gnat
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Dat
e
22
FPI Financial Planner Work Experience Portfolio
Financial Planner Professional SkillsA. Financial Planner Professional Skills
The candidate should indicate whether he or she applied the skills described in FPI’s Financial Planner Professional Skills during the work experience period.
Professional Responsibility YES NO
Establish trust in all professional relationships
Act in the best interest of the client
Demonstrated ethical judgment
Demonstrate honesty and integrity
Recognises personal limits and voluntarily refer clients to other professionals
Recognises the role of the profession to the general public and act accordingly
Practice YES NO
Comply with FAIS legislation and other related regulations
Adhere to FPI Code of Ethics and Professional Responsibility and Financial Planning Practice Standards
Keep up to date with economic, political and regulatory changes
Engage in continuous professional development to ensure currency of knowledge and skills
Exercises autonomy and initiative in the performance of professional activities
Communication YES NO
Established good rapport with the client and others
Listen to what clients and others are saying and take time to make sure you understand the points being made
Communicate information and solutions in a manner that client can understand
Present logical and persuasive rationales
Dealt effectively with objections and complaints
Reach agreement with the client and others
Cognitive YES NO
Apply mathematical methods and formulae appropriately
Analyse and integrate information from various sources to arrive at appropriate solutions
Use logic and reasoning when considering solutions for client’s needs
Make informed decisions when faced with incomplete or inconsistent information
Demonstrate capacity to adapt thinking and behaviours
I declare hereby that I am familiar with FPI’s Financial Planner Professional Skills and that I applied the skills as indicated above during the work experience period.
Mentee Name: Signature: Date:
Mentor Signature Date
23
FPI Financial Planner Work Experience Portfolio
B. Engagement in Financial Planning Practices
The candidate should indicate which financial planning processes he or she applied and whether he or she was involved in any of the related Financial Planning Practice Standards during the work experience period.
Financial Planning Process YES NO Related Practice Standards YES NO
1. Established and defined the relationship with a client
1.1 Informed a client about financial planning
1.2 Determined whether he/she can meet a client’s needs
1.3 Defined the scope of engagement with a client
2. Collected a client’s information
2.1 Identified a client’s personal and financial objectives, needs and priorities
2.2 Collected the quantitative information and documents of a client
2.3 Collected the qualitative information of a client
3. Analysed and assessed a client’s financial status
3.1 Analysed a client’s information
3.2 Assessed a client’s objectives, needs and priorities
4. Developed financial planning recommendations for a client and presented the recommendations
4.1 Identified and evaluated a client’s financial planning strategies
4.2 Developed financial planning recommendations for a client
4.3 Presented financial planning recommendations to a client
5. Implemented financial planning recommendations for a client
5.1 Implementation of responsibilities
5.2 Presented products and services to a client for implementation
6. Reviewed a client’s situation
6.1 Agreed on responsibilities and terms for review of a client’s situation
6.2 Reviewed and re-evaluated a client’s situation
I declare hereby that I am familiar with the financial planning process and that I applied related financial planning practices as indicated above during the work experience period.
Mentee Name: Signature: Date:
Mentor Signature Date
24
FPI Financial Planner Work Experience Portfolio
C. Formal Declaration of Adherence to FPI’s Code of Ethics and Professional Responsibility
I have and will continue to place the client’s interests first.
Placing the client’s interests first is a hallmark of professionalism, requiring professional members to act honestly and not place personal and/or gain or employer gain or advantage, economic or otherwise, before the client’s interests.
I have and will provide professional services with integrity.
Integrity requires honesty, candour, fair dealing and truthfulness in all professional matters. Professional members are placed in a position of trust by clients and the ultimate foundation of that trust is their personal integrity. Allowance can be made for legitimate differences of opinion, but integrity cannot co-exist with deceit or subordination of one’s principles. Integrity requires Professional members to observe both the letter and the spirit of the Code.
I have and will provide professional services objectively.
Objectivity requires intellectual honesty and impartiality. Regardless of the services delivered or the capacity in which professional members’ function, objectivity requires that they ensure the integrity of their work, manage conflict and exercise sound professional judgment.
I have and will be fair and reasonable in all professional relationships and disclose and manage conflicts of interest.
Fairness requires providing clients with their due, whatever they are owed, or what may be expected from a professional relationship and includes honesty and disclosure of material conflicts of interest. It involves managing one’s own feelings, prejudices and desires to achieve a proper balance of interests. Fairness is treating others as you would want to be treated.
I have and will act in a manner that demonstrates exemplary professional conduct.
Professionalism requires behaving with dignity and showing respect and courtesy to clients, fellow professionals, and others in business-related activities, and complying with appropriate rules, regulations and professional requirements. Professionalism requires the financial planner, individually and in cooperation with peers, to enhance and maintain the profession’s public image and its ability to serve the public interest.
I have and will maintain the abilities, skills and knowledge necessary to provide professional services competently.
Competence requires attaining and maintaining an adequate level of knowledge, skills and abilities in the performance of professional services. Competence also includes the wisdom to recognise one’s own limitations and whether consultation with other professionals or referral to other professionals would be appropriate or necessary. Competence requires the financial planner to make a continuing commitment to learning and professional improvement.
I have and will protect the confidentiality of all client information.
Confidentiality requires client information to be protected and maintained in such a manner that allows access only allowed to those who are authorised or entitled, according to the laws of the Republic of South Africa. A relationship of trust and confidence with the client can only be built on the understanding that the client’s information will not be disclosed inappropriately.
25
FPI Financial Planner Work Experience Portfolio
I have and will provide professional services diligently.
Diligence requires fulfilling professional commitments promptly and thoroughly, and taking due care when planning, supervising and delivering professional services.
I hereby confirm that I have adhered to the stated principles during the work experience period and will continue to adhere to the principles as stated in FPI’s Code of Ethics and Professional Responsibility.
Mentee Name: Signature: Date:
Mentor Signature Date
Financial Planning Institute of Southern Africa NPCPalms Office Court, Block A, Ground Floor Kudu Avenue, Allen’s NekPO Box 6493, Weltevredenpark, 1715Tel: 086 1000 FPI (374)E-mail: [email protected]