FAQ
What is the difference between financial planning and advice?
- Financial planning is a comprehensive process that helps individuals or businesses set and achieve financial goals.
- Financial advice refers to specific recommendations given by a professional on investments, pensions, tax planning, or insurance.
Can a financial planner give advice?
Yes, a financial planner can give advice if they are qualified and regulated by the appropriate financial authority (e.g., FCA in the UK).
What are the 5 steps of financial planning?
- Assess your financial situation (income, expenses, assets, debts).
- Set financial goals (short-term, medium-term, and long-term).
- Develop a financial plan (budgeting, investment strategy, risk management).
- Implement the plan (taking action on investments, savings, and policies).
- Monitor and review (adjust the plan as necessary).
What is financial planning advice?
It refers to personalized recommendations on managing finances, investments, pensions, and tax planning to achieve financial goals.
What is an IFA qualification?
An IFA qualification typically includes the Level 4 Diploma in Financial Planning or the Diploma in Regulated Financial Planning, allowing professionals to offer independent financial advice.
What is IFS Level 4?
IFS Level 4 refers to the Diploma for Financial Advisers (DipFA), a qualification offered by the London Institute of Banking & Finance (LIBF) for financial professionals.
What is finance advice?
Finance advice is guidance from professionals on managing money, investments, retirement planning, tax efficiency, and estate planning.
What is FP&A?
FP&A stands for Financial Planning & Analysis, a corporate finance function that focuses on budgeting, forecasting, and performance tracking.