Choosing a Financial Planner – What qualifications?

bpk101

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? 

xylophone

https://blog.financialadvisers.co.uk/a-more-detailed-look-at-financial-adviser-qualifications-in-the-uk/

might help.

dunstonh

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?

artyboy

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

https://adviserbook.co.uk/

You might try above - tick "confirmed independent" and other options/specialisms required when the menu comes up.

dunstonh

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.   

GazzaBloom

Choose someone with a higher rate of year on year personal net worth accumulation than you.

bpk101

GazzaBloom said:

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

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).