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Insurance major Bajaj Capital employs 12 CFPs in their Delhi office and they plan to recruit 50,000 CFPs, said Rajiv Bajaj, MD of Bajaj Capital.  The main reason for the increase in demand for CFPs is the changing face of the Profession.  Earlier agents/brokers did the job of a FINANCIAL PLANNER.  But it was strictly on a transaction basis and their loyalty was to the company from whom they got a cut, Bajaj said.  “Whereas, now a CFP helps an individual in finalizing the products for lifetime.”  

There is, however, a dearth of professional CFPs.  At present, there are only 1,400 CERTIFIED FINANCIAL PLANNERS in the market and another 5,000 are undergoing training at Financial Planning Standards Board of India (FPSBI).  “But the market needs at least 50,000 FINANCIAL PLANNERS” said Shailesh Haribhakti, Chairman of FPSBI,

Gauvrav Mushroowala, who holds a CFP diploma from FPSBI, runs a consultancy for 19 years now.  As the private sectors were opening up, he said he decided to get himself equipped with a CFP diploma.  “The course run by FPSBI helped me understand the complex financial products better and I am now in a better position to guide my clients on financial deals”, he said.