The Financial Planning Association (FPA) is offering a new program to help advisors chart out ways to build behavioral skills to better their practices, according to the organization.
In celebrating the organization’s 25th anniversary, the FPA’s “Competency Model” is geared towards brushing up advisors’ capacity with the softer skills of financial planning, which are outside of technical knowledge.
Advisors from Guiding Wealth, MML Investors Services and Abacus Wealth were among the participants in creating the model. According to FPA Chief Operating Officer and Interim CEO Dennis Moore, the program helps planners assess their strengths and bolster the skills they need “whether you’re a student, a new planner, or a seasoned firm owner.”
The model divides its materials into six “behavioral domains,” including interpersonal impact, client communication and care, critical thinking, leadership, professionalism and advancing the financial planning profession. Advisors can map their starting point (and their progression) with three proficiency levels: foundational, intermediate and advanced.
To track progress in the domain areas, advisors can use a digital hub that breaks down each sub-section and offers self-guided assessments to determine their proficiency in each, and will offer live and on-demand webinars on the particular topics, as well as introductions to national conferences and other events.
For example, in the “Interpersonal Impact” domain, users are asked to complete the initial assessment, with bullet points marking targets to hit in the different proficiency levels. After the evaluation, the model offers “personalized course recommendations” for where it deems work is most necessary.
In April, the FPA unveiled a new certification program to equip advisors with skills to avoid cybersecurity issues. The program, designed with cyber compliance organizations FCI Cyber and Buckler, LLC, is open to members and non-members (with a reduced fee for members).
According to the FPA, the courses are suitable for firms of any size and help them understand the “complex cyber landscape” and whatever compliance requirements they may need to meet (including if they lack formal training or education in cybersecurity).
The programs include six modules of cybersecurity protection and regulatory demands, with exams covering each topic. Additionally, the program shows firms how to comply with the relevant regulators, including the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Internal Revenue Service and the New York Department of Financial Services.
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