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.
Chartered Financial Planners Directory.
Use this directory to search for a particular firm, or to search for firms advising on particular types of financial products.
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.
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.
Chartered status is considered a mark of professional competency, and is awarded mainly by chartered professional bodies and learned societies. Common in Britain, it is also used in Ireland, the United States and the Commonwealth, and has been adopted by organizations around the world.
https://en.wikipedia.org › wiki › Chartered_(professional)
Financial Planner is someone with considerable academic qualification and market knowledge that backs up their advice and guidance. The Chartered Insurance Institute (CII
The Chartered Insurance Institute (CII
The Chartered Insurance Institute (CII) is a professional body dedicated to building public trust in the insurance and financial planning profession. The CII's purpose, as set out in its 1912 royal charter, is to 'Secure and justify the confidence of the public' in its members and the insurance sector as a whole.
https://en.wikipedia.org › wiki › Chartered_Insurance_Institute
“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.”
Although CFP Board does not guarantee their work, CFP® professionals have met rigorous qualifications for financial planning. Only those who have fulfilled CFP Board's rigorous requirements can call themselves a CFP® professional. As part of their certification, CFP® professionals commit to high ethical standards.
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. That's why partnering with a CFP® professional gives consumers confidence today and a more secure tomorrow.
Always ask for (and verify) an advisor's specific credentials. Anyone who gives investment advice — which most financial advisors do — must be registered as an investment advisor with the SEC or the state if they have a certain amount of assets under management.
To attain Chartered Financial Planner status as an individual, one must study for and pass approximately 14 exams in various aspects of financial services and related subjects. Each exam offered by the Chartered Insurance Institute carries a certain number of "credits" in their qualification scheme.
With adequate funds at hand, you can cover your monthly expenses, invest for your future goals and splurge a little for yourself and your family, without worry. Financial planning helps you manage your money efficiently and enjoy peace of mind.
Sample Answer: I believe my experience as a financial advisor with my previous employer makes me a strong candidate for this position. I have a strong network of clients and a wealth of knowledge about financial planning that I would love to put to use here.
“A financial advisor can help you think through the ways you could put that money to work toward your personal and financial goals,” Lawrence says. You'll want to think about how much could go to paying down existing debt and how much you might consider investing to pursue a more secure future.
Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.
Ultimately, the most important thing is to make sure you're comfortable with how your adviser's compensation structure works before deciding if they should handle your portfolio directly. Choose a financial advisor who listens to your concerns and responds to your questions.
When choosing a bank, consider factors like security, bank fees, interest rates, location, ease of deposit, and digital banking capabilities. Other important considerations include minimum requirements, availability of funds, customer service, investment account options, and perks offered by the bank.
The key difference between a financial planner and a financial advisor is that a financial planner focuses on you and your goals, whereas a financial advisor focuses on your money and your investments.
While the CFA is the best designation to pursue in terms of investment knowledge, it certainly does not cover all of the aspects of financial planning. In very general terms, however, the CFA designation may help those in the corporate world more than those starting their own financial planning business.
Did you know that only around 14% of financial adviser firms in the UK hold Chartered Status? According to the latest figures from the Chartered Insurance Institute (CII), only 692 of around 5000 financial advisor practices are currently Chartered.
If you have considerable wealth and require a long-term estate plan with multiple moving parts, such as preservation of capital, income generation, taxes, insurance and legal issues, a financial planner is likely the better choice.
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