CFP SBI Circular

• SCHEME FOR REIMBURSEMENT OF EXAMINATION FEES& PAYMENT OF HONORARIUM
• FINANCIAL PLANNING & WEALTH MANAGEMENT
• CERTIFIED FINANCIAL PLANNER (CFP) BY FINANCIAL PLANNING SERVICES BOARD (INDIA) (FPSB)
• POST GRADUATE DIPLOMA IN FINANCIAL ADVISING (PGDFA)
• INDIAN INSTITUTE OF BANKING & FINANCE (IIBF)

As part of the Bank’s efforts to build up a cadre of knowledgeable officials in the area of Financial Planning & Wealth Management, it has been decided to reimburse the fees paid and also pay honorarium to officials who successfully complete either of the following courses as per details hereunder:

2. CERTIFIED FINANCIAL PLANNER (CFP) BY FPSB (INDIA). FPSB (India) is a professional standards setting body that guides the development and promotion of standards for professional FINANCIAL PLANNING. FPSB (India) is an affiliate of FPSB, DENVER, USA which oversees the internationally recognized CFP Certification. FPSB does not have any training establishment. 37 Private Institutes, in 12 cities provide training for CFP certification as FPSB’s Authorised Educational Providers. These institutes charge between Rs. 55,000/- to Rs. 85,000/- per candidate for one year. In addition each candidate will also have to pay membership and examination charges ranging from Rs. 9,500/- to Rs. 15,500/-. The course is a professional one of a high standard and has the undernoted 6 modules:

• Module I : Introduction to Financial Planning • Module II : Risk Management & Insurance Planning • Module III : Retirement Planning & Employee Benefits • Module IV : Investment Planning • Module V : Tax & Estate Planning • Module VI : Financial Plan Construction

3. POST GRADUATE DIPLOMA IN FINANCIAL ADVISING (PGDFA) BY INDIAN INSTITUTE OF BANKING & FINANCE (IIBF), MUMBAI IIBF Mumbai has introduced similar course with technical support from the Securities Institute, Australia, a pioneer in the area of Financial counselling and advising, to create a cadre of financial advisors in the financial sector. The examination will be held twice a year in June & December, at six centers viz. Hyderabad / Bangalore / Mumbai / Chennai / Kolkata / New Delhi. The candidates are required to pass following six papers within a time limit of three years i.e. six attempts.

• Introduction to Financial Planning • Managing & Marketing of Financial Services • Securities Markets & Products • Insurance Products (Including Pension Products) • Mutual Fund Products & Services • Banking Products & Services

The fee for the above course is Rs. 10,000/- + Rs. 300/- as a one time registration fee (for a non member).

4. The officials who successfully complete CFP/PGDFA course be reimbursed the membership fees, tuition fees and the examination fees on actual receipt basis and each such official also be paid honorarium of Rs. 2,00,000/- for successfully completing the CFP course and Rs. 7500/- for PGDFA course respectively.

5. Since we are paying hefty sum for the courses, the concerned official would be required to execute a suitable undertaking/bond agreeing to serve the bank for a minimum period of 3 years from the date of receiving the reimbursement/honorarium.

6. As the CFP course would take upto 6 months for completion, we propose that once an official completes 3 of the 6 modules an honorarium of Rs. 7,500/- may be paid to him. This may be adjusted against the final honorarium of Rs. 20,000/- payable on successful completion of the CFP Program. In case the officer fails to complete the course successfully, the amount may be recovered from him.

7. The official will have to seek prior permission of the Bank before taking up the course. The authority to permit this will not be below the rank of DGM. 8. Please, bring the contents of this communication to the knowledge of all officials working in branches/offices under your control.