The major components of strategic management according to Hunger and Wheelen (2007) are financial planning, forecast based planning, externally oriented planning, and “strategic management”.
Each of these components must be supported and held accountable to be effective. Basic financial planning relates to the idea that an organization must seek better operational control relative to an annual budget. The organization maps out expenses and anticipated income on a yearly basis and attempts to meet its goals.
The organization was created in 2000 through the merger of the Institute of Certified Financial Planners (ICFP) and the International Association for Financial Planning (IAFP), Its stated Primary Aim is to be the community that fosters the value of financial planning and advances the practice and profession of financial planning. FPA is governed by a volunteer Board of Directors who are charged with helping the organization reach its mission while upholding the organization's bylaws.
All members of FPA must demonstrate a commitment to the highest standards of professional competence, ethical conduct and clear, complete disclosure for financial planning professionals. As such, they must adhere to FPA's standard of client care. These standards are as follows:
Put the client's best interests first; Act with due care and in utmost good faith; Do not mislead clients; Provide full and fair disclosure of all material facts; Disclose and fairly manage all material conflicts of interest. Additionally, all FPA members are asked to commit to a Code of Ethics that reflects their pledge to help clients achieve their life goals.
Under the Code, an FPA member must offer and provide professional service with integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence. Members that do not adhere to this code can be subject to a review by FPA's Ethics Committee.
Each of these components must be supported and held accountable to be effective. Basic financial planning relates to the idea that an organization must seek better operational control relative to an annual budget. The organization maps out expenses and anticipated income on a yearly basis and attempts to meet its goals.
The organization was created in 2000 through the merger of the Institute of Certified Financial Planners (ICFP) and the International Association for Financial Planning (IAFP), Its stated Primary Aim is to be the community that fosters the value of financial planning and advances the practice and profession of financial planning. FPA is governed by a volunteer Board of Directors who are charged with helping the organization reach its mission while upholding the organization's bylaws.
All members of FPA must demonstrate a commitment to the highest standards of professional competence, ethical conduct and clear, complete disclosure for financial planning professionals. As such, they must adhere to FPA's standard of client care. These standards are as follows:
Put the client's best interests first; Act with due care and in utmost good faith; Do not mislead clients; Provide full and fair disclosure of all material facts; Disclose and fairly manage all material conflicts of interest. Additionally, all FPA members are asked to commit to a Code of Ethics that reflects their pledge to help clients achieve their life goals.
Under the Code, an FPA member must offer and provide professional service with integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence. Members that do not adhere to this code can be subject to a review by FPA's Ethics Committee.
from Choosing A Financial Planner
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