Chartered status is awarded by the Chartered Insurance Institute (CII) and is considered the “gold standard” financial planning accreditation. Chartered status is a symbol of technical competence and signifies a public commitment to upholding professional standards and adhering to a professional Code of Ethics.
Richard joined Fyfe Financial straight from university in 2003, having graduated with a degree in maths and statistics from the University of Manchester. Since then, he has passed the Certified Financial Planner™ (CFP®) case study exam and also qualified as a Chartered Financial Planner.
Despite the large number of qualifications, Richard regularly reads books, listens to podcasts, and attends courses on his quest to continually improve his knowledge and understanding of all areas of financial planning.
Certified Financial Planner™ (CFP®) Case Study Exam
This exam represents a challenging test of the individual’s technical ability as well as assessing how well they can apply this knowledge to produce an effective financial plan.
Financial Planning Certificate
A recognition offered by the Chartered Insurance Institute in the United Kingdom. Individuals who hold this qualification have
satisfied coursework and testing requirements set by the organisation.
FP1 (Financial Services and their Regulation)
Assesses an understanding of the financial services industry, including regulation and legislation.
FP2 (Protection, Savings and Investment)
Assesses an understanding of protection, savings and investment products.
FP3 (Identifying and Satisfying Client Needs)
Assesses an understanding of conducting a fact-find, assessing the client’s needs, and recommending specific (appropriate) financial products to meet those needs.
Level 4 Diploma in Financial Planning
This level 4 diploma meets the FCA’s qualification requirements for retail investment advisers, demonstrating core technical knowledge and financial planning capabilities across six core areas.
J04 (Pension Funding Options)
At the end of this unit, candidates should be able to demonstrate an understanding of the: main tax and legal frameworks that govern the accumulation phase of building up retirement benefits under registered pension schemes; features of defined contribution and defined benefit pensions; choices faced by early leavers and use of transfer value analysis; state retirement benefits available, including the risks and suitability of contracting out of the State Second Pension.
J05 (Pension Income Options)
At the end of this unit, candidates should be able to demonstrate an understanding of the: process of decumulating pension funds and the main issues for clients and advisers; main choices facing members of pensions schemes during decumulation; features, risks and tax treatment of the secured pension option; features, risks and tax treatment of the unsecured pension option; features, risks and tax treatment of phased retirement; features, risks and tax treatment of the alternatively secured pension option.
Advanced Diploma in Financial Planning
This qualification enables professional advisers to develop specialist planning capabilities, covers topics such as: personal tax and trust, business financial, pension and investment planning.
G10 (Taxation and Trusts)
This examination assesses a knowledge and understanding of the UK tax system, the law and practice of trusts, but also an ability to advise individual clients on the tax treatment of their investments and the use of trusts to meet their current and foreseeable future needs.
G20 (Personal Investment Planning)
This examination assesses a knowledge and understanding of investments and an ability to advise individual clients on the construction of investment portfolios to meet both their current and foreseeable future needs.
G70 (Investment Portfolio Management)
This qualification assessed a knowledge and understanding of portfolio investment management.
CF2 (Investment and Risk)
This examination assesses a knowledge and understanding of investment products and the risks involved.
CF6 (Certificate in Mortgage Advice)
This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, mortgage products, repayment options and the giving of mortgage advice.
CF8 (Certificate in Financial Planning and Long-Term Care Insurance)
This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, long-term care insurance products and the giving of long-term care insurance advice.
ER1 (Equity Release)
This examination assesses a knowledge and understanding of the different types of equity release products, risks to the consumer associated with equity release and application of suitable equity release solutions according to the circumstances of different customers.
FA2 (Pensions Administration)
This unit provides the essential knowledge and skills needed by those working in, or starting a career in, administrative and pensions roles or staff working in the life and pensions sector.
Richard lives in Crosspool, Sheffield, with his wife Donna and his children Isabel and James. Life is hectic with two children to look after but he wouldn’t have it any other way.
Richard and Donna have supported various charities over the years by taking part in charitable activities. In response to the Syrian Refugee Crisis in 2015, Richard and Donna organised a “Frozen Family Fun Day”, which raised more than £3,000 for Save the Children’s Syrian Refugee Appeal.
They’ve also been active locally, arranging a 12-hour relay run around Crookes and Crosspool in 2018. This raised more than £6,000 for a local mum’s fight against cancer when her treatment wasn’t available on the NHS. Richard is also a keen runner, and he finally broke the three-hour marathon barrier while raising more than £6,000 for Sheffield Children’s Hospital in 2021.
What’s a talent or skill you possess that few people know about?
My ability to recall totally random facts and song lyrics.
What’s been your proudest moment as a financial planner?
Seeing a client make the most of their retirement in a way they never would have without our advice.
What’s been your greatest achievement?
Running a sub-three hour marathon and passing my Certified Financial Planner case study exam.
