The Institute of Financial Planning has started awarding accredited financial planning firm status to businesses.
At the IFP annual conference in Newport this week, the IFP named the first 25 firms to be awarded the title.
To become an accredited financial planning firm, businesses must provide a full financial planning service, including cashflow modelling. The proposition must be clearly communicated to clients in marketing material and procedures have to be consistent with the IFP’s code of ethics and practice standards.
There has to be a consistent fee structure in place across the company, with staff aware of how the financial planning service differs from financial advice.
On application, at least half of the firm’s FSA-registered advisers must be qualified as a certified financial planner, or as a professional or chartered financial planner who holds the AF5 financial planning process unit. Accredited financial planning firms will pay a fee of £750 per company on acceptance and annually on renewal. An additional £25 is charged per adviser for IFP members, or £75 per adviser for non-members.
IFP chief executive Nick Cann says: “As we get a far greater understanding of how these firms are delivering financial planning, we will be able to share best practice with those aspiring to this model.”
Facts and Figures managing director Simon Webster says: “The Institute of Financial Planning does good work and is worthy of support but its accreditation is more expensive than the Chartered Insurance Institute’s and is less well known.”
The CII’s Chartered firm accreditation costs between £500 and £2,000, depending on the number of advisers in the firm.
The first 25 IFP accredited financial planning firms
- Stafford & Co
- Navigator Financial Planning
- Fortitude Financial Planning
- Dunham Financial Services
- Forty-Two Wealth Management
- Fort Financial Planning
- Lumen Financial Planning
- Piercefield Asset Management
- Baigrie Davies & Company
- Mazars Financial Planning
- 1st Chartered Financial Planning
- Planning for Life
- Perceptive Planning
- Bourlet Wealth Management
- Eldon Financial Planning
- Prestwood Etheridge & Russell
- Index Wealth Management
- Smart Financial Planning
- Brook-Dobson Brear
- BoulterBowen WealthCare
- Paradigm Norton Financial Planning
- Page Russell
- Bloomsbury Financial Planning