The Institute of Financial Planning has released full details of the 'Benchmark' assessment of Accredited Financial Planning FirmsTM carried out in conjunction with management consultancy The Phil Billingham Partnership (PBP).
The online survey was conducted in February and March, with 47 of the IFP's 65 Accredited Firms taking part. Early results were released at the IFP Accredited Firms Conference earlier this year and were covered by Financial Planner Online.
The IFP says that the results provide further evidence that these firms are leading the way in the Financial Planning profession. Its headline conclusions are:
• Firms are well resourced – over 2 support staff per Financial Planner
• They use top quality external support and software
• They have clear investment processes which reduce their regulatory risk
• They have clear business plans
• The outcome of these attributes is they are generally very well placed to expand and grow their businesses and, importantly for consumers, they receive an extremely low levels of complaints

Phil Billingham CFP^CM, director of PBP, said: "It's interesting that the Accredited Firms which responded to this survey are 100% independent – and that's because it suits their clients. It's a commercial choice. It is also clear that these firms have good underlying profitability and are well structured.
"Between them, these firms look after some £6.5 billlion of client assets, with a combined total turnover of around £55 million per annum. If these firms were one firm, we would be looking at a market capitalisation of perhaps £140 million.
"If you combine these facts with the lack of complaints that the firms receive, it confirms that Accredited firms are not just good at getting 'Accreditations', but really are firms that set very high internal standards indeed.
"The challenge now is for firms to take these standards and the clear internal vision shown and to grow their businesses and increase their profits. The good news is that this first benchmarking survey shows they are very well placed to do so."
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Steve Gazzard CFP^CM, chief executive of the Institute of Financial Planning, said "Accredited Financial Planning FirmsTM represent excellence in Financial Planning. They have successfully undergone the IFP's rigorous assessment process to demonstrate that they operate at the very highest professional and ethical standards through the calibre of their staff and the service they provide to clients.
"Accredited Financial Planning Firms must meet the IFP's strict criteria covering areas including adherence with a code of ethics and practice standards, following the six step Financial Planning process with cashflow planning as a default service, attaining qualification standards well ahead of the FCA required levels, providing clarity of proposition and fees, and evidencing an ongoing commitment to effective CPD for staff.
"It's clear looking at the consistent results of our first benchmarking study, and particularly in the outcomes for consumers, that in many key areas this is a group where great minds really do think alike. We hope that through publicising these results we can help the profession develop best practice and accelerate the growth in Financial Planning firms delivering great outcomes for consumers."