Identifying A Profile Of Key Competencies For Financial Planners

Abstract

In order to provide quality professional education programs to advance knowledge, skills and competencies of individuals in the financial services industry and in continuing education courses, there is a need to identify a professional’s key competencies profile. In recent years, many financial planning associations worldwide have become interested in establishing competency-based requirements for certifying professionals and have adopted competency-based approaches for continuing education. The purpose of this paper is to identify a profile of key competencies for financial planners.  The empirical study is carried out through a stratified survey of financial planners within insurance companies, commercial banks, consulting firms, credit unions, security dealers and brokers, trusts and independent professionals.  More than individual knowledge or skills, this research views professional competence as result-oriented, expressing an optimal mobilization and use of resources available in the multidisciplinary areas of financial planning, according to professional standards and in harmony with best practices to achieve customer satisfaction. The research design presents an innovative conceptual framework which facilitates the identification of a profile of key competencies for financial planners. Findings enable an advance in knowledge, both at an academic and a professional level, by identifying a profile of twelve specific dimensions of key competencies for financial planners within the financial services industry.