Chartered Financial Planner??

Brie

QrizB said:

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 .

Yes but no.  Yes, non British.  No, not a yank (hurrah!!) and I don't need to do a tax return, last one having been done for 1994 when I last lived there.  

MetaPhysical

How do you verify the status of a CFP ????? Is there a number associated with their certification?  There is in other industries.  For example, I am a Chartered Engineer with the Engineering Council and verified by them.  If so asked I can provide my EC registration number for verification to a client if they wish to verify my status and qualifications.  A doctor can give their GMC number or a solicitor their Law Society number.  Is there a similar verification process for a CFP?

dunstonh

How do you verify the status of a CFP ????? Is there a number associated with their certification? 

CFPs have a protected designation.   It cannot be used by those who are not CFPs.

The PFS website can show the adviser status: https://www.thepfs.org/membership/find-an-adviser/

However, there are multiple exam boards and whilst the PFS is the largest (by some way), those using other exam boards will have their own site.

Advisers also have qualification statements that can be provided (downloaded from the exam board website)

mybestattempt

MetaPhysical said:

How do you verify the status of a CFP ????? Is there a number associated with their certification?  There is in other industries.  For example, I am a Chartered Engineer with the Engineering Council and verified by them.  If so asked I can provide my EC registration number for verification to a client if they wish to verify my status and qualifications.  A doctor can give their GMC number or a solicitor their Law Society number.  Is there a similar verification process for a CFP?

Does this help?

https://www.thepfs.org/about-us/faqs/#!#member-directories

BritishInvestor

sandsy said:

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.

A CFP is something different

https://www.cisi.org/cisiweb2/cisi-website/why-choose-a-CISI-qualification/financial-planning/why-become-a-certified-financial-planner-professional

dunstonh

BritishInvestor said:

sandsy said:

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.

A CFP is something different

https://www.cisi.org/cisiweb2/cisi-website/why-choose-a-CISI-qualification/financial-planning/why-become-a-certified-financial-planner-professional

Its not.  It just happens to have the same initials.
PFS uses chartered financial planner
CISI uses certified financial planner.

They are different exam boards.  

squirrelpie

Sounds horribly complicated and designed to confuse Joe Public, which doesn't inspire confidence in either qualification.

Albermarle

squirrelpie said:

Sounds horribly complicated and designed to confuse Joe Public, which doesn't inspire confidence in either qualification.

Pretty similar with all professional qualifications I think, different exam boards, awards, professional entities etc 

MetaPhysical

Albermarle said:

squirrelpie said:

Sounds horribly complicated and designed to confuse Joe Public, which doesn't inspire confidence in either qualification.

Pretty similar with all professional qualifications I think, different exam boards, awards, professional entities etc 

Not so in terms of the regulating body.  Many professions have ONE body that supervises the profession; As I mentioned earlier Law Society, GMC and Engineering Council for those professions.  

BritishInvestor

dunstonh said:

BritishInvestor said:

sandsy said:

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.

A CFP is something different

https://www.cisi.org/cisiweb2/cisi-website/why-choose-a-CISI-qualification/financial-planning/why-become-a-certified-financial-planner-professional

Its not.  It just happens to have the same initials.
PFS uses chartered financial planner
CISI uses certified financial planner.

They are different exam boards.  

CFP is trademarked by the CISI according to this

https://www.cisi.org/cisiweb2/docs/default-source/Financial-Planning/cisi-brand-guidelines.pdf?sfvrsn=4#:~:text=The CFP Mark must be,a plural or possessive word.

Two very different qualifications, and arguably only one relates to financial planning.