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I was pushing the Certified Financial Planner (CFP) course in 2002, and it was not a very successful venture. It was seen as a concept, whose time had not come. The career path for CFPs was, and is still not clear.

I scanned job postings for CFPs, and found only a few wealth management firms eager to hire them. Banks prefer the mandatory NISM (National Institute of Stock Markets run by SEBI) VA Mutual Fund Certification and IRDA certification conducted by Insurance Institute of India. Mainstream banks anyway, offer the complete bouquet of wealth management services to a handful of premium clients. Other than that, they have tie-ups with certain companies and prefer to sell select products. It is good to know that PFRDA (Pension Fund Regulatory and Development Authority) allows examination waiver for CFPs to become Retirement Advisors.

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