Chartered Financial Planner??

Brie

There's a planned meeting at work regarding our pension scheme (Nest) and pensions in general.  I have asked if the individual that is being brought in to discuss this is an IFA.  I have been told that they do think so.  But his title in his email signature is Chartered Financial Planner.

Now I would have thought that an IFA would want to shout that they are an IFA.  So I'm assuming this chap isn't.

So what does it mean if he's a Chartered Financial Planner?  A quick google hasn't thrown up anything useful for me.  

HappyHarry

To be fair my business card and email signature says chartered financial planner, but it doesn't mention that I am also an IFA.

A chartered financial planner means that the adviser has passed far more stringent exams than necessary for the role of general financial planning, and they will also likely have specialisms such as pension transfer permissions. 

A chartered financial planner is more likely to provide some financial planning for you, taking into account your full circumstances and objectives, rather than just offering to look after your investments.

You are likely to find more chartered financial planners are IFAs rather than FAs, simply because if they have gone to the huge effort of getting the higher qualifications, then why would they restrict themselves to only be able to offer a limited  range of products to their clients?

However, you should ask if they are an IFA, and just look to hear a resounding "yes" rather than any weasel words.

squirrelpie

Brie said:

So what does it mean if he's a Chartered Financial Planner?  A quick google hasn't thrown up anything useful for me.  

It's strange what google throws up for some people. The first hit it shows me is https://www.cii.co.uk/membership/join-us/chartered/corporate-chartered/why-choose-a-chartered-firm/financial-planners/ and the second hit is a gov.uk site confirming it https://www.regulated-professions.service.gov.uk/professions/chartered-financial-planner 

Marcon

Brie said:

There's a planned meeting at work regarding our pension scheme (Nest) and pensions in general.  I have asked if the individual that is being brought in to discuss this is an IFA.  I have been told that they do think so.  But his title in his email signature is Chartered Financial Planner.

Now I would have thought that an IFA would want to shout that they are an IFA.  So I'm assuming this chap isn't.

So what does it mean if he's a Chartered Financial Planner?  A quick google hasn't thrown up anything useful for me.  

Maybe a slow google...?! Masses of info there.

Absolutely nothing to stop you asking him direct if he's an IFA, but unless he is actually giving individual advice (unlikely), he's well qualified to give generic information to you all, so not worth making a song and dance about if he isn't an independent. If NEST is the only scheme on offer, independence is neither here nor there.

Albermarle

A chartered financial planner is more likely to provide some financial planning for you, taking into account your full circumstances and objectives, rather than just offering to look after your investments.

I always understood that an IFA would also normally look at your full circumstances and objectives, rather than just setting up investments? 

Marcon

Albermarle said:

A chartered financial planner is more likely to provide some financial planning for you, taking into account your full circumstances and objectives, rather than just offering to look after your investments.

I always understood that an IFA would also normally look at your full circumstances and objectives, rather than just setting up investments? 

Depends how well qualified the IFA is and the services they offer/you contract for.

Same goes for a financial adviser (ie one who is tied/restricted and thus not classed as independent) - they may offer financial planning advice, but can only pick from a limited range of options.

In all cases, you'd expect the relevant and appropriate amount of fact finding to be done before any advice of any sort can be given.

westv

The CII exams were far more difficult when I achieved ACII.  

Brie

Thanks for the input.  While the current work scheme is Nest that is not my concern.  I'm stopping working in a couple of weeks so will be looking to cash this out in some form.  It's only a couple of years worth of contributions so is likely to be considered trivial.  

My concern is that I have another work scheme that I'm unable to progress anywhere.  I had one IFA (top rated for our area) who said that I wasn't allowed to take anything out of the scheme as I'm not British.  (idiot)  And I'm now waiting for a second IFA to tell me where I might put the money from the scheme.  I've been waiting since December and am getting tired of the humming and hahhing.  There's been some comments about I'll just have to put the scheme into payment directly from the company (as if it's a DB) when the scheme information states that the only options are to transfer it to a personal pension or to an annuity.  

Because of the difficulties I'm considering trying someone new and this chap seems to be well thought of but I wasn't sure what the title signified.  (3rd time lucky??)

sandsy

A Chartered Financal Planner (CFP) has passed exams that other qualified advisers may not have passed.
A CFP might be independent but they might not be too. Advisers are either independent or restricted. If they are independent, they can advise on investment products from across the market. If they are restricted, they are limiting the selection of investment products they advise on, in some way. At the extreme, this might mean they only advise on the products of 1 company. 

An independent financial adviser (IFA) will usually shout it from the rooftops. A restricted adviser may try every trick in the book to avoid telling you their status.

dunstonh

 had one IFA (top rated for our area) who said that I wasn't allowed to take anything out of the scheme as I'm not British.  (idiot) 

Are you American or a citizen of another country that taxes you or requires a tax return even if you resident in the UK? - that can often be a blocker.

There's been some comments about I'll just have to put the scheme into payment directly from the company (as if it's a DB) when the scheme information states that the only options are to transfer it to a personal pension or to an annuity.  

Nest support drawdown if the value is over £10k (from memory - its Saturday night and I am not checking).  If under £10k, then they do not (although they support UFPLS or transfer).

Because of the difficulties I'm considering trying someone new and this chap seems to be well thought of but I wasn't sure what the title signified.  (3rd time lucky??)

As HH says further up the thread, getting all the modules to be allowed to refer to yourself as a CFP is a lot of hard work and effort.    However, it is mostly unnecessary for around 97% of consumers.    Some of the modules that go towards CFP have more routine use than others, which can be highly specialist.  Trust work, for example, I believe should best be done with a CFP who has trust-relevant qualifications.    I also think that for pensions, any of the higher or further qualification modules is worthwhile, as the standard pension qualification is a bit naff.   The higher/further ones put a lot more meat on the bone.  I think any adviser advising on drawdown should have higher/further qualifications in retirement income planning for that reason.

A lot of IFAs don't go the full distance with chartered but do sit one or two of the modules in the areas that they spend more time working on.  The qualification is modular.   So, if an adviser has sat and passed the modules in the area(s) you are looking at, that would satisfy most people.   Like most qualifications, you can choose which areas you study and sit.  One core unit is required, but the remainder can come from selected areas.   It's possible to get chartered status without sitting either of the pension-focused modules.   Or it's possible without sitting the trusts module.  

You can have an IFA who is not a CFP but has passed the advanced pensions modules and an IFA who is a CFP who hasn't.    Which would you prefer to see if your primary need area is retirement income planning?   

QrizB

dunstonh said:

 had one IFA (top rated for our area) who said that I wasn't allowed to take anything out of the scheme as I'm not British.  (idiot) 

Are you American or a citizen of another country that taxes you or requires a tax return even if you resident in the UK? - that can often be a blocker.

Yes, OP has non-British citizenship .