Skills Council for Financial Services chief executive David Jackman has enlisted the help of the Institutte of Financial Planning to assist him in defining the marketplace.
Speaking at the Institute of Financial Planning annual conference in Telford today Jackman said it was essential to have a clear demarcation between planning and advice in order to help develop ISO standards for the industry.
To help define the marketplace, Jackman has asked IFP members to provide him with information on the differences between financial planning and advice.
IFP chief executive Nick Cann believes his members will explain to Jackman that financial planning is a comprehensive ongoing service whereas advice is segmented, product-led and reactive.