Laying the Foundation

We know, through decades of extensive field research, that only well-trained professionals are qualified to offer financial counseling and coaching services. The Association for Financial Counseling and Planning Education® (AFCPE®) was founded over 30 years ago by academics who recognized the need to professionalize the field of financial counseling and education and the inherent value of creating an effective community of practice to support professionals within this field.

 

As the community grew to include professionals well outside of academia, the need for comprehensive certification programs became apparent. Financial services organizations, credit unions, community-based organizations and the Department of Defense recognized the need for high-quality financial services and needed a certification program that met those needs. In response, AFCPE built comprehensive and rigorous certification programs – with the AFC® (Accredited Financial Counselor®) at the core – to ensure that each financial professional has both the depth and breadth of knowledge to help consumers create lasting financial behavior change.

 

Research is the foundation of the AFCPE community. We believe it is critical for financial professionals to have a knowledge base grounded in core financial fundamentals. This knowledge allows professionals to identify ways to apply best practices in new or different ways. Being able to point to the evidence that supports our practice inspires confidence in our clientele and improves the credibility of the field as a whole. Conversely, it is equally important that we measure the work being done in financial counseling and education, to provide project managers and policymakers with the information needed to effect change.

 

Building the Bridge

The field of financial capability is growing rapidly, and it is more important than ever to bridge our efforts and bring together the variety of voices and perspectives. As a community, we can identify gaps and use the strengths and connections of each individual to address these deficiencies, and set the standards for the field and create an active community of practice.

A strong community is diverse. With research as a firm foundation, AFCPE has grown to include a variety of professionals from every area of our field, including the military, credit unions, universities, nonprofit and government agencies, researchers and private practitioners. Together, we create a full continuum of professional expertise. Each unique background, experience, skill and strength enriches the field and enhances the opportunities available to professionals and consumers alike.

The diversity of the AFCPE community has been essential to our evolution and strengthens our efforts toward a common purpose and vision – to improve the financial well-being of individuals and families worldwide. The community allows professionals to share best practices and to create and strengthen programs and initiatives in a way that is both collaborative and intentional.

A strong community connects, not isolates. Likewise, it is important to celebrate and utilize the variety of strengths, skills, and experiences of each member. Diverse communities require cross-constituency communication to identify opportunities for growth and interconnectedness. AFCPE does this in a variety of ways. Annually, we host our Annual Research & Training Symposium, exposing members from all over the world to new research, new practices, and new ideas and allowing them to network together and renew the momentum around the work we are doing. Within the community, we have also helped to identify groups of private practitioners who may not have access to the same type of career networks that currently exist in academia or the nonprofit community, and have given them an outlet to connect. Connections made at AFCPE have become mentor groups, very often consisting of cross-constituency members, whom they can reach out to when they have questions about new or difficult client situations or need support in an area of expertise where they are lacking. These groups also help bridge the continuum of care for the clients whom they serve – connecting AFC professionals with financial planners, marriage and family therapists and even legal professionals to ensure that clients have access to the highest quality of care.

 

A strong community is built on partnerships. Creating professional communities between organizations helps drive strategy and inform policy. At the national level, partnerships provide the opportunity to identify and share best practices and expand efforts to unify goals and purposes, ideally leading to federal industry regulation. Locally, partnerships allow for a customized approach to meet the needs of the community, and provide opportunities for more direct involvement of professionals. Overall, working with other reputable organizations eliminates duplication, increases efficiency, and elevates the rigor of programs.

 

Through partnerships, we can meet the needs of our community. AFCPE professionals have had a great impact on the military community through meaningful partnerships with organizations like the FINRA Foundation and the Consumer Financial Protection Bureau (CFPB). Since 2006, the FINRA Foundation has awarded 1,360 fellowships to military spouses worldwide to help them earn their AFC certification. The program enables them to use their training and experience to serve the military community while gaining portable skills for a career in financial counseling. In partnership with the CFPB, over the past year, more than 60 financial coaches have been placed in select locations throughout the country to bridge access to financial education for veterans and low-income families.

 

A strong community invests in the personal and professional development of its individuals. A community of practice ensures sustainability and evolution, but only when the community is working together to foster the development of each community member. AFCPE recently created a mentorship program to support students entering the field or professionals pursuing a new career path. While the program is new, the practice has been authentically occurring for decades. The 2015 AFCPE Educator of the Year, Ryan Law, AFC® first attended the AFCPE Symposium as a student and now plays a critical role as an educator and innovator.  Ryan has used his teaching skills to provide guidance and materials to help others start Student Money Management Centers nationwide. Alena Johnson, AFC®, Educator of the Year, found AFCPE early in her career as well. Since then she has mentored over 2,000 students choosing to enter careers in the financial field and is now upholding the standard of the certification through her work as an instructor for the AFC program. This type of mentorship exemplifies how community members learn from each other, and work together to unite the parts into the whole.

 

Setting the Standard

A strong community of practice is needed to help elevate the standards of our field, enhance the value of the profession, increase meaningful career opportunities, and ultimately better serve consumers. While we are making great strides in creating this community, there is still significant work ahead.

 

As a community of financial professionals, we must demand rigorous and comprehensive standards to create a complete continuum of care for consumers. For consumers with wealth this path is often clear, but the landscape for the remainder of our country is laden with misleading messages and confusing marketing. By building a community of practice, we bring clarity and definition to this continuum and provide access to high-quality education and counseling for consumers of all demographics, income levels, and backgrounds.

 

Likewise, it is our role to ensure that all professionals are held to a high standard of education, experience, and ethics. Across the financial continuum, regulation is critical. By setting necessary regulations and defining the continuum, consumers are better able to identify professionals who have the knowledge and experience to provide financial expertise and help guide financial behavior change.

 

It is through these efforts that the value of financial professionals will be recognized. Working collectively, we can close the access gap so that all individuals are able to find quality financial guidance and expertise. It is only through the work of the community that we will realize our shared mission: to create a financially capable nation.