The Institute of Financial Planning has awarded five more firms accredited financial planning firm status, bringing the total to 40.
The five firms added to the accredited financial planning firms register are James Harvey Associates, Loch Fyne Financial Management, Buckle, Green and Partners, Heron House Financial Management and Direction Financial Planning. 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 must be a consistent fee structure in place across the company, with staff aware of how the financial planning service differs from financial advice.
At the time of applying, 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.
The firms will work with the IFP to raise awareness among consumers about the importance of financial planning.
Accredited financial planning firms have to pay a fee of £750 upon acceptance of their application, plus £25 per FSA-registered adviser if they are an IFP member. The cost per adviser rises to £75 for non-members.
IFP chief executive Nick Cann says: “I am delighted we have now recognised 40 firms that have met the demanding standards to become accredited financial planning firms. These firms represent the ultimate standard of excellence.”