Currently, clients who wish to engage the services of a financial planner often face the following problems:

1. With so many financial planners to choose from, how can clients know who to trust?
2. How should clients compare the different schemes offered by financial planners?
3. How can clients be assured that the financial planner actually follow the best industry practice?

The ISO 22222:2005 was drawn up to address the above problems. The international standard has been drawn up with the objective of achieving and promoting a globally accepted benchmark for financial planners. Previously, there was no internationally acceptable benchmark.

Difference between academic and practice

What is the difference between CFP^®, ChFC^® and ISO 22222:2005? This is actually a question on the differences between academic and practice.

CFP^® and ChFC^® are exam-based professional designations. However, the financial planner’s actual cases are not audited by independent parties. There is no way for clients to know whether these financial planners are applying what they had learned from their academic studies.

On the other hand, the certification under ISO 22222 by an independent party closes this gap by auditing the financial planner’s actual work.

The implications to clients and the method of remuneration

A financial planner who has been independently ISO 22222 certified means that his work has been audited by third party in relation to his financial planning process, ethics, competency and experience.

By being audited by an independent entity, clients are able to have a more objective way of assessing a financial planner’s competency. Therefore, clients can have greater confidence with financial planners who have been certified by third party to adhere to the international standard.

Although the international standard does not prescribe the exact remuneration for which the financial planner should be charging clients but the methods of remuneration have to be disclosed to clients as part of the ISO standard.

There are some professional planners who charge fees. Clients who wish to engage such fee-based financial planners have to make decisions to commit to the service even before any work have commenced. By being certified and independently audited to adhere to the international standard provides a greater assurance to clients that they are making the right decisions.

Is Promiseland Independent Pte Ltd ISO 22222 certified?

The answer is no. The ISO 22222 is a certification on the individual financial planner although the certification is not possible without the firm’s support. There is no such thing as an ISO 22222 certified company.

Does ISO 22222 certified means there will be some form of service quality guarantee?

The International Organization for Standardization does not provide any form of endorsement or guarantee.

Who can claim conformity to the ISO 22222 standard?

Financial planners can claim conformity to the ISO 22222 standard in the following manner:

1. Third-party certification by seeking certification by third party bodies accredited to ISO/IEC 17024. Planners claiming such conformity would state they are "ISO 22222 (identification of certifying body) certified". Consumers have the greatest confidence in this type of conformity.

2. Other-party assessment by being assessed by bodies other than independent third-party certification bodies. Planners claiming such conformity would state they are "ISO 22222 (identification of assessing body) declared".

3. Self assessment by relying on their own assessment. Planners claiming such conformity would state they are "ISO 22222 self-declared". Obviously consumers are likely to have the least confidence in this option.

For more information, read

1. Can you trust them? ISO standard for sizing up personal financial planners and

2. ISO STANDARD FOR Personal Financial Planners Launched In Singapore

Mr. Wilfred Ling is ISO 22222 (SCI) certified. The third-party certification was conducted by SCI Assessment Centre.