International CFP Panel CIFPs Conference May 30, 2006

Panel Members Moderator – Cary List Moderator – Cary List COO & EVP Standards, FPSC COO & EVP Standards, FPSC Canada - Chris Reynolds Canada - Chris Reynolds President, Investment Planning Counsel President, Investment Planning Counsel U.S.A. – James Barnash U.S.A. – James Barnash Chair, FPA Chair, FPA Australia – Geoff Davey Australia – Geoff Davey CEO, Finametrica CEO, Finametrica Malaysia – Paul Chan Malaysia – Paul Chan CEO, S&P NetWorth Advisors CEO, S&P NetWorth Advisors

Globalization of the CFP Mark Affiliates: 18 1 st Affiliate: Australia (Dec. 2000) Most Recent Affiliate: China (Apr. 2006) CFP Professionals USA: ~ 50,000 Outside USA:~ 48,000

No. of CFP Professionals CFP Affiliates Global Number of CFP Professionals 2006 Source: Financial Planning Standard BoardNo. of CFP Professionals

Financial Planning in the U.S. Roots in the late 1960s Roots in the late 1960s First CFP graduated 1973 First CFP graduated k – 550k advisors; popn 295 million 350k – 550k advisors; popn 295 million 51k CFP professionals 51k CFP professionals 100+ degree, 135+ certificate programs 100+ degree, 135+ certificate programs FPA 28k members, 19k hold CFP FPA 28k members, 19k hold CFP Competing: CFA, ChFC, CLU, PFS Competing: CFA, ChFC, CLU, PFS

A Little About Australia Population – 22 million Population – 22 million GDP – USD $680 billion GDP – USD $680 billion Domestic Share Market - $840 B (8 th ) Domestic Share Market - $840 B (8 th ) Managed Investments – $740 B Managed Investments – $740 B Investment Market - $3,800 B Investment Market - $3,800 B

Financial Planning in Australia FPDrivers: Income tax and social security arbitraging, compulsory Universal Retirement Savings (9% paid by employer) FPDrivers: Income tax and social security arbitraging, compulsory Universal Retirement Savings (9% paid by employer) First CFP graduated 1990 – first outside of US First CFP graduated 1990 – first outside of US 2005 – 290 CFPs awarded 2005 – 290 CFPs awarded Undergraduate degree required as of 2007 Undergraduate degree required as of 2007 Total CFP professionals – 5,300 (4 th largest in world) Total CFP professionals – 5,300 (4 th largest in world) 100+ degree, 135+ certificate programs 100+ degree, 135+ certificate programs FPA 12k members, almost half hold CFP FPA 12k members, almost half hold CFP Competing: Accounting specialties mostly, ChFP Competing: Accounting specialties mostly, ChFP Regulation:Single proactive, reformist and intimidating federal regulator Regulation:Single proactive, reformist and intimidating federal regulator

Financial Planning in Canada CFP first granted 1997 – replaced Chartered CFP first granted 1997 – replaced Chartered 2005 – 1,000 CFPs awarded 2005 – 1,000 CFPs awarded Total CFP professionals – 17,000 (4 th largest in world) Total CFP professionals – 17,000 (4 th largest in world) 10+ degree, 50+ certificate programs 10+ degree, 50+ certificate programs Membership dedicated to CFPs just blossoming Membership dedicated to CFPs just blossoming Competing: RFP (400), PFP (banks only) Competing: RFP (400), PFP (banks only) Regulation: Mostly provincial plus national SROs More than 20 regulators Regulation: Mostly provincial plus national SROs More than 20 regulators

A Little About Malaysia Population: 25 million Key Retirement Scheme: Employees Provident Funds (EPF) 11 million EPF members Mandatory Contributions (11% + 12%) Total Fund Size: US$ 68 B Financial Services Sector Blueprint: Securities Commission: Capital Master Plan (Feb. 2001) Central Bank: Financial Sector Master Plan (Mar. 2001) Impact of Globalization, Liberalization and Convergence of Financial Service Sector on Financial Services Profession Key Financial Services: Insurance, Unit Trusts, Banking, Stockbroking, Assets Management, Fund Management, Wills & Trusts, Islamic Financial Market Approx. >100,000 Financial Services Providers Represented

Financial Planning in Malaysia FPAM launched in 2000 Total FPAM membership – 9,900 Total CFP professionals – 3,600 (6 th largest) 5 Education providers Key competitors: ChFC (350), RFP (1,000) Other competitors: ChFP, RFC, CIFP Regulation: Financial planning practitioners licensed by: Securities Commission (Securities Industry Act) Central Bank of Malaysia (Insurance Act)