People looking for professional financial advice on such important issues as Financial & Investment Advice, Retirement Planning or Estate Planning matters should seek an Independent Financial Adviser who has achieved Chartered Financial Planner status.
A Chartered Financial Planner is someone with considerable academic qualification and market knowledge that backs up their advice and guidance. The Chartered Insurance Institute (CII) consider a Chartered Financial Planner as the “gold standard of financial planning” for ethics and professionals.
A Chartered Financial Planner would have successfully passed through several CII Diploma’s and CII Advanced Diploma examinations in many areas such as Taxation, Trusts, Pension, Investment and Financial Planning. The status offered to a Chartered Financial Planner is recognised through the CII Chartered Financial Planner logo, seen on website and stationary and sets them apart from other advisers.
A Chartered Financial Planner will understand and analyse your financial position prior to recommending a researched and relevant solution for you to consider. All advice is confirmed through suitability of advice reports, which help you make better informed financial decisions. Chartered Advisers are often specialist and expert in certain areas. The true value of using a Chartered and Independent Financial Adviser comes in the confidence you get from the planning process, the understanding of the products you hold and improving financial security.
How to find a Chartered Financial Planner
You can find a Chartered Financial Adviser by searching on the following websites using your postcode, town or city and seek out the highest standard of financial planning.
The Financial Services Register.
The Financial Services Register is a public record that shows details of firms, individuals and other bodies that are, or have been, regulated.
You can search the Register to find out whether a firm you are using, or plan to do business with, is authorised or registered by the FCA, or is exempt.
Financial Services Register – https://register.fca.org.uk/
Seven things to look for when choosing a Chartered Financial Planner:
01.
Independent Financial Advice
A first step is to assure yourself that your adviser is classed as being independent. This means that they are not an agent for one or a small number of insurance companies but are an agent for you.
An Independent Financial Adviser can source financial products from the whole of market and therefore select the most appropriate solution for you. This is not the case when advisers are tied to the products of a single company.
An Independent Adviser will clearly state their status and use the well know white £ sign on a blue background on their website and stationary.
02.
Chartered Financial Planner Accreditation
Chartered Financial Advisers are seen by the Chartered Insurance Institute (CII) and Personal Finance Society (PFS) as the highest standard for financial planning practise. A Chartered Financial Planner would have successfully passed several CII Advanced Diplomas in many financial disciplines and it is the considerable academic qualification and resulting market knowledge that back up their advice and guidance. Chartered Financial Planners help you make better informed financial decisions.
A Chartered Financial Adviser will promote their status through the use of the CII Chartered Financial Planner logo on their website and stationary.
03.
Financial Conduct Authority
All Financial Advisers have to be authorised and regulated by the Financial Conduct Authority (FCA). You can check this by visiting the FCA at www.fca.org.uk and check the regulator of firms and individuals.
04.
Network Member or Directly Authorised
Financial Advisers can either be authorised and regulated directly by the Financial Conduct Authority (FCA) or be part of a Network of IFA’s in which the network or host company is authorised and regulated. The network member is regulated by the network, not the FCA.
The larger the firm and the greater its resources usually means that it will more likely to be directly authorised and regulated by the Financial Conduct Authority.
05.
Investment Research
Some Financial Advisory firms will conduct extensive investment selection research “in house” in order to be much closer to the investment portfolio selection decisions, whilst others will leave these decisions to third party investment providers.
Independent Financial Advisers can offer both in house researched investment solutions as well as third party solutions.
06.
Specialist Knowledge
You may have a particular need for seeking financial advice and it is therefore important to ensure that your adviser has all the relevant qualifications, knowledge and experience to deal with your area of need. A good example of this is Defined Benefit Pension Transfer advice where only a limited number of Financial Advisers have the relevant CII qualifications. A Chartered Financial Adviser is most likely to have all areas covered by qualifications.
07.
Sound Financial Standing
If you are seeking financial advice from a firm of Chartered Financial Advisers it would be reassuring to know that the firms finances themselves are in good order. There are a number of company record and credit websites that you can check a company’s financial well-being on. A good one is www.endole.co.uk but there are others.
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FAQs
A Chartered Financial Planner will understand and analyse your financial position prior to recommending a researched and relevant solution for you to consider. All advice is confirmed through suitability of advice reports, which help you make better informed financial decisions.
Why choose a Chartered Financial Planner? ›
“When you use a Chartered firm, you are dealing with proven professionals. The CII is empowered by the Privy Council to award Chartered status, and the award is only made in deserving cases. And, while Chartered titles are steeped in history, they remain the benchmark of professional excellence and integrity.”
Why you should choose a CFP? ›
For 50 years, CERTIFIED FINANCIAL PLANNER® certification has been the standard of excellence for financial planners. CFP® professionals have met extensive training and experience requirements, and commit to CFP Board's ethical standards that require them to put their clients' interests first.
Why choose a fee only financial planner? ›
Many financial advisors offer a fee-only compensation structure, where they receive a fee for their planning services in lieu of traditional commissions. The benefits of fee-only include transparency, no hidden charges, and no conflicts of interest in selling a certain product line or company offering.
What is the difference between a Chartered Financial Planner and a CFP? ›
When it comes to CFA vs. CFP certificants, a CFA helps high net-worth clients and corporations grow their wealth, while a CFP helps individual clients prepare for their future and meet their financial goals.
Why choose a financial planner? ›
A financial advisor can bring you closer to the future you see for yourself in many ways – from creating personalized savings strategies for all your short- and long-term goals, to selecting the right investment products for you, working through estate considerations and setting up insurance protection for you and your ...
Why become a chartered town planner? ›
Chartered Planners represent the gold standard of planning practice. They are recognised by employers, clients and members of the public for their skills, expertise and professional practice.
How prestigious is CFP? ›
CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical ...
What are the benefits of working with a CERTIFIED FINANCIAL PLANNER? ›
Working with a CFP® professional provides peace of mind, as she or he is trained to guide you through the daunting process of pulling your financial life together into a clear picture. A CFP® professional is your partner along the way.
Why is the CFP so hard? ›
Candidates are expected to evaluate a hypothetical situation and identify the best course of action for their client, a complex task that requires both memorization and applied critical thinking. So, the case study section of the CFP® exam is usually considered the most difficult. How Much Does the CFP Exam Cost?
While not everyone needs an ongoing relationship with a certified financial planner, pretty much everyone can benefit from having a consultation — and some initial input — with a CFP. Especially since there are a variety of concerns that a financial professional can assist with.
Is it worth paying for a financial planner? ›
A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.
Are financial advisors worth the 1% fee? ›
But, if you're already working with an advisor, the simplest way to determine whether a 1% fee is reasonable may be to look at what they've helped you accomplish. For example, if they've consistently helped you to earn a 12% return in your portfolio for five years running, then 1% may be a bargain.
Why use a chartered financial planner? ›
Chartered financial planners have made a joint public commitment with the CII to deliver the highest standards of professionalism, then placed a public badge on that commitment. The Chartered badge proudly tells you when a professional has made a public commitment to putting you first. The badge says it all.
What pays more, CFA or CFP? ›
– The CFA Institute says a CFA charter holder can earn between $126,000 and $177,000. – Comparably.com data from Feb. 2023 shows the average CFP® salary in the U.S. is $121,099. The total range is between $39,300 and $187,200.
Should I get my CFP or ChFC? ›
Key takeaways: Earning a ChFC may be more beneficial for insurance agents, bankers and estate planners, while earning a CFP may be more beneficial for accountants, investment planners and legal advisors. Both designations can make you more marketable to employers and clients.
Why choose a CFA? ›
Benefits of becoming a CFA include:
Access to More Career Paths. The Chance to Earn a Higher Salary. A Cost-Effective Certification. Preparation for Real World Contributions.
Why do you choose to be a chartered accountant? ›
Qualifying as a chartered accountant provides a person with a keen understanding of how organisations work through finance. It also equips them with the tools to make evidence-based decision-making, and it combines both management and technical skills, she adds.
Why do you want to work as a financial planner? ›
Mention your passion for helping people
Financial advisors have significant responsibility because they can directly influence their clients' financial future. The passion for interacting with people and helping them with their financial goals is an ideal attribute that many employers seek.
Why is it important to hire a certified financial planner? ›
A CFP® professional is prepared to adjust your financial plans as you make adjustments to life's never-ending changes. Working with a CFP® professional provides peace of mind, as she or he is trained to guide you through the daunting process of pulling your financial life together into a clear picture.
