Other Qualifications in The Financial Advice Profession
ISO 22222 Certification BS ISO 22222 Financial Planner Certification confirms a financial planner’s conformity to the international ISO financial planning standards. The Certification is a personal award and applies to individual Financial Planners. The standard defines six steps of the personal financial planning process:
Establishing and defining the client and personal financial planner relationship. Gathering client data and determining goals and expectations. Analysing and evaluating the client's financial status. Developing and presenting the financial plan. Implementing the financial planning recommendations. Monitoring the financial plan and the financial planning relationship.
Benefitsof BS ISO22222 certification: Demonstrates that a Financial Planner’s advice skills & knowledge have been benchmarked against an international standard The Financial Planner will receive independent validation of their skills Developmental feedback will be provided to the Financial Planner on both their technical & soft skills BS ISO22222 Certification assists in enhancing customer confidence in the Financial Planner’s abilities
CERTIFIED FINANCIAL PLANNER, CFP
One of the most widely used standards adopted by practising financial planners in several countries is the CFP service mark which originates in the United States. However, each country has its own rules and laws about how this certification can be used in promoting or practising financial planning (for reasons of consumer protection and to comply with local financial services legislation). For example, in the UK, it is conferred by the Institute of Financial Planning and the FPSB UK, now an accredited body for awarding qualifications on the Qualifications and Credit Framework (QCF).
CFP is awarded in each country by the locally licensed financial planning, or other professional body, to members of those bodies as a certificate for passing the necessary exams as well as the practical assessment of their ability to put together a financial planning report of a certain standard. The use of the CFP certification is as a licence, renewed annually subject to good conduct and the necessary CPD achievement, as well as the approval by the relevant national jurisdiction to practise as a financial planner or advisor in that jurisdiction alone. It enables the financial planner to use the mark in its marketing material and is overseen by the FPSB (www.fpsb.org) the master licensing body in the United States. It is currently administered in 23 countries by the local licensors (organisations similar to the IFP) with over 126,000 CFP licensees globally who advise the public on the full range of personal financial planning topics.
Read more about this topic: Chartered Financial Planner
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