Chartered Financial Planner??

BritishInvestor

MetaPhysical said:

How do you verify the status of a CFP ????? 

This tool helps find CFPs

https://www.cisi.org/cisiweb2/wayfinder/home

Sarahspangles

There’s a specific meaning to Charter/Chartered which I ought to understand better because I used to be a Chartered professional in one discipline and subsequently qualified as a member of a different professional body with a Charter.

The bit I do understand is that the Chartered status is harder for the professional body to get, it’s awarded in the UK to professional bodies that have standards and standing. The fact there are competing accreditations may suggest that there is a competing international accreditation.

Given a choice I’d go for a Chartered professional of a UK body if the matter was UK specific.

squirrelpie

MetaPhysical said:

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.  

It's interesting that there is a government site that lists regulated professions. https://www.regulated-professions.service.gov.uk/professions/search Only one of the financial qualifications under discussion is mentioned.

dunstonh

BritishInvestor said:

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. 

That is a designation.   In the context of this thread, CFP is shorthand for Chartered Financial Planner (and general real world use too)

I have never come across anyone who has used anything other than the CII/PFS qualifications.    A quick search shows that there are only 1037 in the UK of the type you are referring to.   

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

not really as the CISI is global qualification and the CII/PFS is UK specific.   There is also the European version as well (EFA), which recognises the CII/PFS qualifications.

BritishInvestor

dunstonh said:

BritishInvestor said:

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. 

That is a designation.   In the context of this thread, CFP is shorthand for Chartered Financial Planner (and general real world use too)

I have never come across anyone who has used anything other than the CII/PFS qualifications.    A quick search shows that there are only 1037 in the UK of the type you are referring to.   

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

not really as the CISI is global qualification and the CII/PFS is UK specific.   There is also the European version as well (EFA), which recognises the CII/PFS qualifications.

CFP in the real world relates to the CISI qualification. I know someone who has both Chartered Financial Planner and CFP and confirmed it. There are indeed fewer CFPs. The Chartered Financial Planner has a much higher profile, as you point out, and arguably could be considered better for marketing purposes.

https://www.moneymarketing.co.uk/news/a-quarter-of-sjp-advisers-reach-chartered-status/

Those (individuals and firms) who genuinely care about financial planning tend to the CFP. It's difficult (Level 7), and may take several attempts to complete it. 

wjr4

BritishInvestor said:

dunstonh said:

BritishInvestor said:

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. 

That is a designation.   In the context of this thread, CFP is shorthand for Chartered Financial Planner (and general real world use too)

I have never come across anyone who has used anything other than the CII/PFS qualifications.    A quick search shows that there are only 1037 in the UK of the type you are referring to.   

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

not really as the CISI is global qualification and the CII/PFS is UK specific.   There is also the European version as well (EFA), which recognises the CII/PFS qualifications.

CFP in the real world relates to the CISI qualification. I know someone who has both Chartered Financial Planner and CFP and confirmed it. There are indeed fewer CFPs. The Chartered Financial Planner has a much higher profile, as you point out, and arguably could be considered better for marketing purposes.

https://www.moneymarketing.co.uk/news/a-quarter-of-sjp-advisers-reach-chartered-status/

Those (individuals and firms) who genuinely care about financial planning tend to the CFP. It's difficult (Level 7), and may take several attempts to complete it. 

This is correct. Nobody that I know called a chartered financial planner a CFP. CFP is a level 7 exam and higher than a chartered financial planner. It is fully focused on financial planning whereas the CII does not. 

I am not chartered myself but I’ve done exams towards it to broaden my knowledge. I also go way over and above the 35 hours CPD needed every year to learn more about financial planning, rather than sitting an exam and potentially forgetting about it, which a lot of financial advisers do (the ones who want to rush through them as quickly as possible but can’t actually speak to clients or gain their trust). 

Find an adviser who is focused on holistic financial planning and is fully independents as long as they are diploma qualified and experienced, you’ll be ok. 

dunstonh

. I know someone who has both Chartered Financial Planner and CFP and confirmed it.

Well done on finding one.   Rare beasts that they are!

However, the vast majority of advisers use the CII/PFS qualifications, and CFP is frequently used as shorthand for chartered financial planner.   I wouldn't be surprised if most advisers don't even realise the CISI exists.  I never used to until I saw previous conversations on this site, and I am an employer.

Those (individuals and firms) who genuinely care about financial planning tend to the CFP. It's difficult (Level 7), and may take several attempts to complete it. 

I disagree with that.  Indeed, it sounds a bit like marketing speak.   Many advisers care about financial planning and will go the CII/PFS route for additional/further/higher qualifications because of its long history and familiarity.     The CISI is perhaps more attractive for those dealing with international clients or possibly wanting to leave the UK in the future, but I don't see how the choice of a particular professional body/exam board makes one's ethics better than the other.

Also, let's not forget that both CFP qualifications are way above the needs of the everyday consumer.   Both CFPS are very well-qualified types whose extra knowledge would not be necessary for most consumers.   They have earned the right to charge more and are better suited for complicated affairs.  

CarolWHerts

I used to work in this field and there is a terminology difference between the UK and the rest of the world. In the UK the word 'Chartered' in relation to a professional or a professional body is linked to the granting of a Charter by the Privy Council and requires that high standards are demonstrated and maintained. Only bodies or individuals within this framework can use the word 'Chartered'.

There is a requirement on Chartered bodies to operate in the public interest and to demonstrate pre-eminence and stability in a clearly defined field. It's not always easy, particularly in newer, smaller or more specialist fields e.g. computing, to demonstrate this, so there are also lots of perfectly good professional bodies who can't (in the UK) use the word 'chartered'  and use terms like 'certified' instead. 

Outside the UK however, 'chartered' is just a nice word that bodies can choose to adopt in their structure, name, qualifications or marketing with no direct link to external regulation or standards. However this doesn't mean that the body is not well regulated in its own territory or that the individuals are not well qualified. As an example, the CFA (Chartered Financial Analyst) qualification is a seriously hard and highly regarded US based qualification across the corporate financial world, but is just a name (a registered trademark actually) with no connection to the UK Chartered professional structure. 

BritishInvestor

dunstonh said:

I disagree with that.  Indeed, it sounds a bit like marketing speak.   Many advisers care about financial planning and will go the CII/PFS route for additional/further/higher qualifications because of its long history and familiarity.     The CISI is perhaps more attractive for those dealing with international clients or possibly wanting to leave the UK in the future, but I don't see how the choice of a particular professional body/exam board makes one's ethics better than the other.

Also, let's not forget that both CFP qualifications are way above the needs of the everyday consumer.   Both CFPS are very well-qualified types whose extra knowledge would not be necessary for most consumers.   They have earned the right to charge more and are better suited for complicated affairs.  

It's difficult to comment unless you have done both

https://www.linkedin.com/pulse/3-club-gareth-millard-cfp-mcsi-h2bve/