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Choosing a Financial Planner – What qualifications?

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bpk101
bpk101 Posts: 436 Forumite
Tenth Anniversary 100 Posts Name Dropper Combo Breaker
edited 5 March 2024 at 5:57PM in Savings & investments
Currently seeking an independent financial planner and found someone via Unbiased that I got on very well with in our initial conversations. His company is authorised and regulated by the Financial Conduct Authority (FCA) and he holds various qualifications including DipPFS, Cert CII (MP) and BEng (Hons). 

I've since come across a competitors website who's a Certified Financial Planner (apparently the gold standard according to them), Chartered Wealth Manager and who holds a Certificate in Mortgage Advice (something I'm looking for as part of the service).

What qualifications should I be looking for to be satisfied of someones capabilities in financial planning? 

Comments

  • dunstonh
    dunstonh Posts: 119,646 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Currently seeking an independent financial planner and found someone via Unbiased that I got on very well with in our initial conversations. His company is authorised and regulated by the Financial Conduct Authority (FCA) and he holds various qualifications including DipPFS, Cert CII (MP) and BEng (Hons). 
    If you are using unbiased then make sure its an IFA.  In our area, unbiased has hardly any IFAs on it.  It is dominated by regional and national salesforces or a network adviser.  None of the directly authorised IFAs have an entry on there.   Unbiased has turned into a sales tool for salesforces.

    I've since come across a competitors website who's a Certified Financial Planner (apparently the gold standard according to them), Chartered Wealth Manager and who holds a Certificate in Mortgage Advice (something I'm looking for as part of the service).
    Most IFAs (individuals) don't do mortgages.  They use mortgage advisers in the IFA firm.  Nowadays, its difficult to be a jack of all trades.

    What qualifications should I be looking for to be satisfied of someones capabilities in financial planning? 
    99% of the population will be fine with someone with the standard qualifications.  And I say that as someone who has further qualifications.

    Do you think that you have issues that require further qualifications?

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • artyboy
    artyboy Posts: 1,599 Forumite
    1,000 Posts Second Anniversary Name Dropper
    dunstonh said:
    Currently seeking an independent financial planner and found someone via Unbiased that I got on very well with in our initial conversations. His company is authorised and regulated by the Financial Conduct Authority (FCA) and he holds various qualifications including DipPFS, Cert CII (MP) and BEng (Hons). 
    If you are using unbiased then make sure its an IFA.  In our area, unbiased has hardly any IFAs on it.  It is dominated by regional and national salesforces or a network adviser.  None of the directly authorised IFAs have an entry on there.   Unbiased has turned into a sales tool for salesforces.

    I've since come across a competitors website who's a Certified Financial Planner (apparently the gold standard according to them), Chartered Wealth Manager and who holds a Certificate in Mortgage Advice (something I'm looking for as part of the service).
    Most IFAs (individuals) don't do mortgages.  They use mortgage advisers in the IFA firm.  Nowadays, its difficult to be a jack of all trades.

    What qualifications should I be looking for to be satisfied of someones capabilities in financial planning? 
    99% of the population will be fine with someone with the standard qualifications.  And I say that as someone who has further qualifications.

    Do you think that you have issues that require further qualifications?

    Can I turn that last question around on you... as I think it would be useful to know - what sort of issues (or perhaps 'requirements'?) might benefit from an IFA with additional qualifications?

    For that matter, are there a wide variety of extra qualifications? I for one might find that I'll want estate planning expertise at some point, is that an area of specialization that's covered by an enhanced qualification?
  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    https://adviserbook.co.uk/

    You might try above - tick "confirmed independent" and other options/specialisms required when the menu comes up.
  • dunstonh
    dunstonh Posts: 119,646 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can I turn that last question around on you... as I think it would be useful to know - what sort of issues (or perhaps 'requirements'?) might benefit from an IFA with additional qualifications?
    Multi-millions.  Trust work,  multi-national, commercial, non standard investing.

    For that matter, are there a wide variety of extra qualifications? I for one might find that I'll want estate planning expertise at some point, is that an area of specialization that's covered by an enhanced qualification?
    Yes, its modular and specialisation is possible.   Estate work, for the average consumer, should be fine but if trusts are involved, then it can be worth seeking out advisers with further qualifications in that area.   



    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • GazzaBloom
    GazzaBloom Posts: 823 Forumite
    Fifth Anniversary 500 Posts Photogenic Name Dropper
    edited 6 March 2024 at 10:34AM
    Choose someone with a higher rate of year on year personal net worth accumulation than you.
  • bpk101
    bpk101 Posts: 436 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Choose someone with a higher rate of year on year personal net worth accumulation than you.
    To be fair our milkman probably ticks that box given how slack we've been with our finances recently (hence reaching out for a IFP). 
  • bpk101
    bpk101 Posts: 436 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    edited 6 March 2024 at 10:52AM
    dunstonh said:
    If you are using unbiased then make sure its an IFA.  In our area, unbiased has hardly any IFAs on it.  It is dominated by regional and national salesforces or a network adviser.  None of the directly authorised IFAs have an entry on there.   Unbiased has turned into a sales tool for salesforces.

    Do you think that you have issues that require further qualifications?
    Yes, they're definitely independent. We're London-based so a wider pool I imagine. 

    And no I think our requirements are fairly straightforward. It was only after coming across the competitors site that mentioned this CFP accreditation that got me asking whether it's an essential qualification for a Financial Planner to have (as my preferred candidate doesn't). 
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