What is Financial Planning?

Financial planning can help you achieve your financial goals in life – no matter what stage you are at. Whether that’s buying your first home, expecting a new addition to your family, enjoying an early retirement, or achieving financial independence.

Financial planning and financial advice

What's the difference?

Many people think that financial planning and financial advice are two ways of describing the same thing, but this could not be any further from the truth!

The key difference between a financial planner and a financial advisor is their approach to helping you. A financial planner focuses on you – your goals, your aspirations, your concerns. They look at the bigger picture and deliver a holistic strategy with a financial plan. A financial advisor focuses solely on a single aspect – which may be your money and your investments.

For example, you’ve just had a new baby and might be thinking about taking out life cover to protect your family should anything happen to you. A financial advisor will help you find and buy a good product. However, a financial planner will look at the whole picture and use their expertise to help you create an overarching strategy to protect your family, which may include setting up a tax-efficient trusts, will writing, paying for school fees and education costs, income protection and so forth.

Many people believe what they need is a financial advisor, but what they are really looking for is a financial planner – a CERTIFIED FINANCIAL PLANNER™ professional.

Highly Qualified Financial Planners and Accredited Firms

The value of holistic financial planning from a qualified professional

The title ‘financial planner’ on its own does not indicate that an individual is certified and qualified. In the UK, any financial advisor can say they are a financial planner, despite not offering any financial planning services.

That’s where we come in. Wayfinder will help you find the most qualified CFP™ professionals or Accredited Financial Planning Firms™ in the UK. The best of the best.

Although we do not guarantee their work, the CFP™ certification can only be used by those who have fulfilled rigorous international standards of financial planning by achieving very specific qualifications and requirements. Every CFP™ professional must commit to high ethical standards, as well as adhere to the CISI’s Code of Conduct, before they can use the internationally recognised CFP™ certification.

You can be confident a CFP™ professional will act in your best interest to provide objective financial planning.



What is a CFPTM professional?

These individuals are highly trained, proving they have met rigorous international competency, ethical and professional practice standards. They specialise in improving the financial wellbeing of individuals, couples, and families.

The CFP mark gives you the peace of mind that you will receive objective, expert, and trusted financial planning advice.

What is an AFPF?

Accredited Financial Planning FirmsTM demonstrate excellence in everything they do and are recognised as some of the most trusted financial planning firms in the UK. They deliver a comprehensive financial planning service, helping clients achieve their life goals. They are the leaders in their profession, demonstrating the ultimate in professionalism through the calibre of the service they provide.

What can a financial planner give guidance on?

A financial planner will listen to what goals you want to achieve in your life and create a tailored plan unique to you.

These are just some of the things they can guide you with:

  • Achieving financial independence
  • Starting a new business
  • Exploring different careers
  • Family planning
  • Pension and retirement planning
  • Tax efficient investing
  • Inheritance tax and estate planning
  • Everything from budgeting, mortgages to socially responsible investing and more

What can a financial planner give guidance on?

A financial planner will listen to what goals you want to achieve in your life and create a tailored plan unique to you. These are just some of the things they can guide you with:

  • Achieving financial independence
  • Starting a new business
  • Exploring different career
  • Family planning
  • Pension and retirement planning
  • Tax efficient investing
  • Inheritance tax and estate planning
  • Everything from budgeting, mortgages to social responsible investing and more

The six stages of Financial Planning

A CFP™ professional wants to understand you. Who you are, your goals in life, the concerns you have right now and for the future.

The more they can understand who you are, the better the financial planning service they can provide. Each CFP™ professional may approach your session differently, however, the financial plans they will create with you will always follow the same tried and tested international standards – the six steps of financial planning.

Step 1

Establish your goals in life – short, medium and long term

Step 2

Work out what assets and liabilities you have – write them down

Step 3

Evaluate your current financial position – how close are you to achieving your goals?

Step 4

Develop your plan – create a “route map” for achieving your different goals

Step 5

Implement your plan – make the changes and make it happen

Step 6

Monitor and review your plan at least yearly and make adjustments when needed  

Next steps

Letting someone help you achieve your life goals is a very intimate decision. That’s why finding the right professional for you is important. Let us help you find your qualified CFP™ professional.

 Find out if you need a Financial Planner   What to know before seeing a Financial Planner