Standardize regulations for personal financial planning profession according to international standards

Assoc.Prof.Dr. Nguyen Thanh Phuong - Deputy Director of Banking Academy spoke at the Forum

Portrait of profession in new context

Speaking at the opening of the Forum, Associate Professor, Dr. Nguyen Thanh Phuong - Deputy Director of the Banking Academy said that we are together witnessing and participating in the dynamic but also unpredictable development of the Vietnamese financial market. Products and services are increasingly diverse and complex; Along with that, the need for asset management, effective investment and financial security of the people is increasing. That context has raised the urgent need for professional personal financial management for the people.

The role of professional personal financial planners is very important. They must become a bridge, a reliable guide, helping people not only manage their assets effectively but also build a solid financial future. A financial market can only develop truly sustainably when there is the participation of knowledgeable investors, who are properly oriented and protected by clear professional standards, Associate Professor, Dr. Nguyen Thanh Phuong affirmed.

Associate Professor, Dr. Vu Van Phuc, Former Editor-in-Chief of Communist Magazine, The portrait of a personal financial planner must converge many factors. In particular, the professional must be able to analyze customers' finances; build and propose optimal financial solutions, protect customers' interests; have communication and consulting skills and the ability to listen to understand the needs and specific circumstances of each customer; And most importantly, must adhere to professional ethics, always put the interests of customers first. Thereby, promoting effective operation of financial institutions; supporting the function of market supervision, contributing to policy consultation and criticism.

In the banking industry, Ms. Nguyen Thi Hoai Thu, Director of HDBank Priority Customer Center, believes that personal financial planners will shift from the role of "sales" to "in-depth financial consulting"; from the "transactional" mindset to the "long-term companion" model. They will design personalized financial plans and accompany customers in the implementation process; lead responsible and sustainable financial thinking; understand ESG principles and sustainable finance; have effective communication skills and the ability to inspire; behave professionally, honestly and reliably...

In addition, Mr. Nguyen Thanh Hung, Director of Research and Training Department of Bao Viet Life Corporation, said that in the new period, life insurance is a piece in the overall financial picture of individual customers, personal financial planning is an indispensable skill. A personal financial planner is not only a product seller but also a companion, a professional consultant, helping customers achieve their financial goals. To meet this requirement, a personal financial planner needs to continuously learn, improve knowledge, skills and professional ethics.

Associate Professor, Dr. Nguyen Thanh Phuong shared that the personal financial planning profession in Vietnam is still quite new and needs to be more clearly defined in terms of standards and functions. Clarifying this "portrait" and "role" is extremely important, because it not only develops a necessary profession but also directly contributes to improving financial literacy, strengthening trust and promoting sustainable development of the financial market.

Overview of the Forum

Soon there will be a legal framework for new professions

In order to develop the personal financial planning profession in Vietnam, experts suggest that it is necessary to summarize and comprehensively evaluate the results of implementing the National Comprehensive Financial Strategy (Decision No. 149/QD-TTg dated January 22, 2020); continuing to perfect the legal framework for the personal financial planning profession is an inevitable and urgent requirement today, in which it is necessary to implement a National Program on improving financial literacy, management, and personal financial planning; renewing thinking and awareness about the role of personal and family finance and the role of personal financial planners; building a portrait of a personal financial planner that is in line with international standards.

In fact, Mr. Ngo Thanh Huan, CEO of Investment Consulting and Asset Management Joint Stock Company (FIDT), said that Vietnam currently does not have a separate license and a unified competency framework for financial consulting practice, so it is necessary to establish specialized practice standards, separate from brokerage licenses; establish a competency hierarchy system so that people can identify and evaluate consulting quality in a transparent manner; build and apply a competency framework for the consulting force - and at the same time standardize the consulting process according to customer needs. At the same time, educational institutions design and implement training programs according to international standards; strengthen the connection between training institutions - professional organizations - international competency standards.

In response to the enthusiastic exchanges of the speakers, Associate Professor, Dr. Nguyen Thanh Phuong affirmed that the Forum is not only an academic event, but also an opportunity to connect scientists, experts, managers and the business community, to discuss and orient a field with great potential for development such as personal financial planning.

“We believe that creating an open and in-depth dialogue space right at the Academy will be an important premise to raise awareness, share experiences, and aim to standardize and improve the quality of the team of personal financial planners in the future. This is also a valuable foundation for us in building and implementing training programs in general and the Financial Planning and Consulting Training Program in particular. Thereby, contributing a practical part to the professional and systematic development of the personal financial planning industry, and further contributing to building an increasingly transparent, effective and sustainable Vietnamese financial market”, Assoc. Prof. Dr. Nguyen Thanh Phuong affirmed.

Source: https://thoibaonganhang.vn/chuan-hoa-quy-dinh-nghe-hoach-dinh-tai-chinh-ca-nhan-theo-tieu-chuan-quoc-te-162682.html