IFPHK's work experience requirement is defined as "the provision(1) of personal delivery or teaching(2) of comprehensive financial planning process to a client(3)." For a complete Qualified experience must fit within the six primary elements of the personal financial planning process described as follows:

1. Establishing and Defining the Relationship with the Client

This includes explaining the issues and concepts related to the personal financial planning process. The candidate must specify the services he/she or his/her firm will provide and clarify the client's and your responsibilities.

2. Gathering Client Data Including Goals

Data gathering includes interviewing or questioning the client about various aspects of his or her financial resources, obligations and expectations. During this process, the candidate will need to determine his/her client's goals, needs and priorities; assess his/her client's values and attitudes; and determine the client's time horizons and risk tolerance. In addition, the candidate will collect applicable client records and documents.

3. Analyzing and Evaluating the Client's Financial Status

This process involves analyzing and evaluating client data such as current cash flow needs, risk management, investments, taxes, retirement, employee benefits, estate planning and/or special needs.

4. Developing and Presenting Financial Planning Recommendations and/or Alternatives

Financial planning recommendations should meet the goals and objectives of the client, and reflect his or her values, situation and risk tolerance. This process includes presenting and reviewing the recommendations with the client, working with the client to ensure that the plan meets his or her goals and expectations, and revising the recommendations as necessary.

5. Implementing the Financial Planning Recommendations

This is the process of helping the client put the financial planning recommendations into action. This can include coordinating with other professionals, such as accountants, attorneys, real estate agents, investment advisers, stockbrokers and insurance agents.

6. Monitoring the Financial Planning Recommendations

Areas to be monitored or reviewed include the soundness of the recommendations and the client's progress. This process also involves discussing with the client any changes in his/her personal circumstances, evaluating changing tax laws, and making recommendations based on new or changing conditions.

(1) Provision

Supervising the provision of or directly supporting the delivery of comprehensive financial planning process to clients may not be 100% recognized as qualified experience. Recognition is based on IFPHK’s absolute sole discretion.

(2) Teaching

Credit for teaching is limited to teaching of CFP curriculum in an IFPHK Registered Program. Teaching other finance related classes (university level) is given a maximum of two years worth of experience credit. The rest of the experience must be personal financial planning experience or teaching the CFP curriculum courses full-time in an IFPHK Registered Program.

(3) Personal Delivery of Financial Planning to a client

"Clients" are individuals who engage a financial planning professional and for whom professional services are rendered. Pro-bono experience may be recognized, provided that there is a client AND you are acting as a financial planning professional who is capable and qualified to offer objective and comprehensive financial advice to or for the benefit of individuals for achieving their financial planning objectives.