What is the BS ISO22222 Standard?
ISO is an independent, non-governmental international organization with a membership of 163 national standards bodies . Through its members, it brings together experts to share knowledge and develop voluntary, consensus-based, market relevant International Standards that support innovation and provide solutions to global challenges. International standards give world-class specifications to service, ensuring quality, safety and efficiency.
(Source: ISO 08/06/2017).
Paul McDonnell is a Chartered Financial Planner and the Principle of Clarity Financial Planning. Paul is one of only a select few financial planners in the UK to be awarded ISO 22222 (Personal Financial Planning requirements for personal financial planners) by Standards International. ISO 22222 is an internationally agreed benchmark that assesses and awards financial planners on their knowledge, skills, experience and ethical values.
- Is structured and holistic addressing all aspects of financial planning
- Indicates competence and quality above and beyond current regulatory requirements.
- Is externally monitored and re-assessed regularly.
The structured approach (six steps):
- Establishing and defining the client and personal financial planner relationship.
- Gathering client data and determining goals and expectations.
- Analysing and evaluating the client’s financial status.
- Developing and presenting the financial plan.
- Implementing the financial planning recommendations.
- Monitoring the financial plan and the financial planning relationship.