Development strategy of the self-regulatory organization «Eurasian Association of Investment and Financial Advisers» for 2023-2025

1. Objectives of the Association:

Competent participation in the sustainable and balanced development of the financial market of the Republic of Kazakhstan and the countries of the Eurasian space, contributing to the development of the Association’s members, improving the quality of the financial market in the Republic of Kazakhstan.

Enhancing the role of the Association in fulfilling its strategic objectives by organizing an effective dialogue between the professional community of financial advisers and the market, ensuring a balance between the interests of the state and the professional community.

Achieving the planned growth points in order to improve the quality of the financial market, increase the level of investment and financial literacy of the population and, as a result, increase its well-being.

2. Development Vision:

The Association is an effective dialogue platform for developing clear, understandable, fair «rules of the game» in the industry, ensuring a balance of interests of society, the state and members of the Association, and developing the professional community.

3. Our Mission:

Creating favorable conditions for the activities and professional development of the Association’s members by protecting their interests and organizing effective interaction and exchange of views between all industry participants. Comprehensive assistance in improving the quality of professional services provided, contributing to the growth of the welfare and financial literacy of the population, the formation of an economically strong society, and the balanced development of the financial market (hereinafter referred to as the industry).

4. The motto of the Association:

«Through the prosperity of citizens, to the prosperity of the country!»

5. Principles of the Association’s activity:

the priority of protecting the interests of the Association’s members, taking into account the balance of interests of society, the state and the Association’s members;
independence that does not allow restrictions on the legally carried out activities of the Association;
competence that allows maintaining a high professional level of the Association’s members and staff for the effective implementation of its tasks;
involvement of Association members and their employees in the problems of the industry and the activities of the Association;
quality, timeliness and integrity in the implementation of the tasks of the Association, compliance with the best principles of management and interaction with the members of the Association and market participants.
6. Objectives of the Strategy

Formation of directions for the development of the Association’s activities, coordination of the activities of its members to solve problems:

creating conditions for the formation and development of a professional community of new financial market participants — the Institute of independent financial advisers;
creation and improvement of the industry regulatory framework;
improving the level of investment and financial literacy of the population;
the development of human capital in the industry and the training of qualified personnel, the implementation of projects that are important to ensure a high professional level in the field of competence;
stimulating the development of the industry, ensuring regional development and growth;
implementation of best practices based on the best international experience;
development of international cooperation with relevant international organizations;
increase of authority among other participants of the financial market and society.
7. Key activities of the Association for 2023-2025

The development of a civilized market for the services of independent financial advisers, the creation and improvement of a system for regulating the professional activities of a new institution of the financial market – investment and financial advisers;
Training of qualified personnel, creation of professional education, including through the adaptation of advanced foreign techniques;
Creation of a Center for independent assessment of qualifications and certification of financial advisers to determine the compliance of professional knowledge, experience and skills with established requirements;
Information and methodological support for the activities of financial advisers in financial consulting;
The adoption of a professional standard of activity and an Ethical Code to establish moral principles, ethical norms and rules of financial advisor’s activities that comply with the best international practices;
Assistance in protecting the rights and legitimate interests of financial advisers;
Settlement of customer complaints, settlement of disputes and conflicts between members of the Association;
Informational interaction of financial advisers-members of the Association on issues of their professional activities;
Improving financial literacy of the population, promoting the welfare of citizens through improving their financial literacy, including in the field of personal finance management;
Creation of an Educational Program Center for the development of financial literacy training programs in various areas, educational activities and obtaining new knowledge;
Creation of an Accreditation Center for legal entities and individuals implementing measures to develop financial literacy, as well as accreditation of training programs for private novice investors in the basics of investment literacy;
Implementation of the economic initiative of the Association members;
Regional development, the opening of regional councils in Kyrgyzstan and Uzbekistan, the creation of competence centers in the regions, an increase in the number of qualified certified financial advisers and financial consultants on the ground;
Creation of an effective platform for the collection, transfer and adaptation of knowledge and technologies, financial products that meet the best international practices in order to improve the quality of personal financial planning services and financial literacy in the market;
Implementation of measures to promote and develop the activities of the Association, to form a high level of professional culture.
8. Improving the system of regulation of the professional activities of financial advisers

The association will be:

— actively participate in the formation of strategic directions for the development of the industry by developing a strategy for the development of the Association, its actualization;

— to contribute to increasing the attractiveness of the profession of an independent financial adviser in the Republic of Kazakhstan and other countries of the Eurasian space;

— to develop and improve the system of regulation of their activities, effectively participating in the standard-setting process on the activities of financial markets, including on issues of professional competence of the Association’s members;

— to ensure the development and adoption in the industry of regulations, standards and good practices that are mandatory for all members of the Association, as well as to ensure control over their compliance;

— to represent and protect the interests of the members of the Association and, for this purpose, to participate in the work of advisory bodies at the Central Executive Committee and MIO, regulatory authorized bodies, to constructively interact with them and organizations of all forms of ownership in order to create conditions for the effective activities of the members of the Association;

— to monitor and participate in the work on improving the legislation of the Republic of Kazakhstan and other countries of the Eurasian space related to the sphere of activity and affecting the interests of the members of the Association.

9. Personnel training, education, social responsibility

The association will be:

— take measures to improve the professional level of the Association’s members by organizing events aimed at improving the skills of specialists, members of the Association (training programs, seminars, certifications, conferences, exhibitions, etc.), both in the specialty and related disciplines, including by creating a training center at the Association;

— create favorable conditions for improving local content, create and develop their own training programs for obtaining special additional professional education «Independent Financial Adviser», adapting the best international experience;

— develop measures to build an industry-wide system to reduce the risks of negative performance results and negative work experience (professional standards for financial advisers, qualification requirements, internal standards and rules, code of professional ethics, etc.), promote the introduction of international standards, reporting forms, development of risk reduction procedures, unification of approaches, etc., including by transferring and adapting the best international practices and work experience;

— to develop the implementation in the industry of national certification systems (confirmation of qualification skills) of financial advisers at the Association by developing a Center for independent assessment of qualifications and certification of financial advisers;

— to create and develop a knowledge base and competencies to improve the professional level, information and methodological support for the members of the Association;

— to expand the regional presence in order to form competence centers on the ground and increase the coverage of the activities of financial advisers to a wide range of the population;

— to form and maintain national registries (a single database) of certified investment and financial advisers;

— to develop and develop social programs, to promote the initiative for the development of corporate social responsibility of Association members with the publication of an annual relevant report.

10. Improving financial literacy of the population

The association will be:

— Take measures to develop and effectively implement a National Strategy for Improving Financial Literacy and developing financial education, including through the development of targeted educational programs for various segments of the population (adults, children and youth);

— to form and develop a scientific and methodological base for the purpose of financial education, identification and forecasting of new challenges and needs of the population in knowledge and skills;

— organize and conduct thematic conferences, forums, seminars, educational and cultural events on financial education, investment culture and financial planning, such as «Financial Literacy Days», «Family Financial Festivals», round tables, etc.

— to consolidate the pool of experts in the field of financial consulting and financial literacy development, involving them in work with the public;

— to support, organizationally, methodically and financially, projects in the field of development of financial literacy of the population.

11. International cooperation

The association will be:

— comprehensively develop cooperation and interact with leading relevant international organizations (EFPA, FECIF, MDRT, NAFPA, CII, CFPB, etc.), actively participate in their work and their events in order to study the experience, best international practices of personal financial consulting, attract advanced technologies and represent the interests of the industry;

— to implement the holding of events by key international industry organizations in the Republic of Kazakhstan;

— to take an active part in international industry forums and meetings in order to represent the interests of the Association’s members, share experiences and gain new knowledge;

— to involve reputable international organizations, industry experts to share experiences, conduct expert assessments, round tables and develop appropriate recommendations;

— to improve the quality and content of conferences and forums under the auspices of the Association.

12. Resources and mechanisms for the implementation of this Strategy

The association will be:

— to interact with authorized state bodies, the National Bank, the Agency for the Development and Regulation of Financial Markets, the business community, educational and cultural institutions, specialized and friendly organizations and associations, regardless of ownership forms, the mass media both in the Republic of Kazakhstan and other countries of the Eurasian space in order to achieve the goals provided for in this Strategy;

— in order to solve specific tasks of the Association and its members, implement targeted projects together with the members of the Association, create and develop the necessary competence centers (working groups, profile committees) with the participation of both members of the Association and involved experts with planning their work in priority areas of activity, summarize, analyze and consolidate the proposals of the members of the Association on the development of the industry, work on them with the authorized bodies;

— to expand the scope of the Association’s activities by cooperating with other industry associations and attracting new members, to contribute to the personnel strengthening of the Association by involving professionals from various related industries and organizations in the work of the Association, regardless of the form of ownership;

— to work on the internal regulation of the Association’s business processes in order to achieve the objectives of the Strategy and transparency to its members;

— to create and develop communication channels with the members of the Association by forming a professional community, holding industry conferences, encouraging industry leaders by holding competitions in various areas (the best about the profession, the best products, social responsibility, best practice, etc.);

— to create and develop a high-quality level of information tools for the Association (website, social networks, educational and methodological manuals), to promote the creation of effective mechanisms for interaction with members of the Association and responding to their needs;

— to establish and strengthen interaction with the media to cover the initiatives of the Association and its members, as well as to promote the positive image of the Association;

— to promote the symbols of the Association as a quality mark that guarantees compliance with high professional and ethical standards.

13. Expected results

Creation of a reputable professional association, strengthening the position of a new industry association as an equal participant in the financial market;
Qualified representation of the interests of the Association’s members in relations with public authorities, public and non-governmental organizations;
The introduction of advanced knowledge in personal finance planning, conscious investment skills, and improving financial literacy of the population;
Development of financial education, development of a new profession of an independent financial advisor;
Expansion of the range of information and analytical services, development of a network of certified financial consultants, consolidation of experts and consultants, development of publishing activities;
Expansion of international cooperation, development of regional integration processes in the field of independent financial advisers, increasing the recognition of the association both in the country and on international platforms;
Increasing the responsibility of the Association’s members and, as a result, increasing the trust of citizens in the new institution of the financial market — accredited financial advisers.
Formation of a positive image of the industry.