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  • FIRST POST
    • Bosworth85
    • By Bosworth85 3rd Jan 18, 11:58 PM
    • 6Posts
    • 1Thanks
    Bosworth85
    IFA or CPA
    • #1
    • 3rd Jan 18, 11:58 PM
    IFA or CPA 3rd Jan 18 at 11:58 PM
    What is the difference between a Certified Financial Planner and a Independent Financial Advisor? I obtained a pension report from a company (Penguin Wealth) who refers to it being prepared by a Certified Financial Planner but unsure if it can be considered independent? The company is FCA registered.
    Thanks
Page 1
    • dunstonh
    • By dunstonh 4th Jan 18, 1:43 AM
    • 90,377 Posts
    • 57,171 Thanks
    dunstonh
    • #2
    • 4th Jan 18, 1:43 AM
    • #2
    • 4th Jan 18, 1:43 AM
    What is the difference between a Certified Financial Planner and a Independent Financial Advisor?
    A CFP does not have to be independent. They could be single tied, multi-tied or an IFA. It is a qualification standard.

    I obtained a pension report from a company (Penguin Wealth) who refers to it being prepared by a Certified Financial Planner but unsure if it can be considered independent? The company is FCA registered.
    Their website also says they are independent. Also, their terms of business issued right at the start of the process should state whether they are restricted or independent.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • stoozie1
    • By stoozie1 4th Jan 18, 12:44 PM
    • 430 Posts
    • 305 Thanks
    stoozie1
    • #3
    • 4th Jan 18, 12:44 PM
    • #3
    • 4th Jan 18, 12:44 PM
    My understanding from my consultation with Penguin wealth was that they are independent.
    • Bosworth85
    • By Bosworth85 4th Jan 18, 7:24 PM
    • 6 Posts
    • 1 Thanks
    Bosworth85
    • #4
    • 4th Jan 18, 7:24 PM
    • #4
    • 4th Jan 18, 7:24 PM
    Thank you for the responses


    Stoozie1 - Were you happy with them?
    • stoozie1
    • By stoozie1 4th Jan 18, 7:32 PM
    • 430 Posts
    • 305 Thanks
    stoozie1
    • #5
    • 4th Jan 18, 7:32 PM
    • #5
    • 4th Jan 18, 7:32 PM
    I don't think I can give you much of a helpful opinion having only had 1 consult! I met with Gavin, and warmed to him.

    My view for what it's worth is that the thing which actually most impressed me was that after the free hour, they didn't feel they could offer much at the moment (rather than be assertive about me needing products) but that at some point my DIY efforts wouldn't be enough and that at that point we'd get together again.

    I also liked their thinking about being careful to actually spend and enjoy your money, and that we only get one life; rather than just accruing as much capital as possible.

    What did you think?
    • Bosworth85
    • By Bosworth85 4th Jan 18, 10:49 PM
    • 6 Posts
    • 1 Thanks
    Bosworth85
    • #6
    • 4th Jan 18, 10:49 PM
    • #6
    • 4th Jan 18, 10:49 PM
    Thanks


    In my case there advice was to transfer into a pension they manage so I want to be careful
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