In the world of traditional financial advice, the focus has too often been on the portfolio rather than the person.
The processes of factfinding, risk profiling, and cashflow modelling have been framed as the core of “planning” — yet these steps have been primarily designed to lead clients towards product implementation.
At the Academy of Life Planning (AoLP), we believe it’s time for a fundamental shift:
Planning the person first — and the money second.
The Flaw in Traditional Financial Planning
Former regulated advisers, seeking to offer “generic advice” outside of regulatory permissions, often replicate the old model without realising it.
They complete a factfind, assess a risk profile, build a cashflow model, and then point clients towards public tools to choose their own financial products.
While technically generic, this approach suffers from two major flaws:
- It treats the money as the client — focusing on shortfall analysis and product gaps rather than human potential.
- It relies on standardised assumptions — about retirement ages, life expectancy, and income replacement needs, assumptions that are foreseeably inaccurate and unsuitable for real lives.
The client’s dreams, ambitions, and personal journey are rarely at the heart of this process.
Moreover, because the financial services industry has historically conditioned the public to see factfinding and analysis as “free” (being paid for through product sales), clients do not value this service enough to pay for it when it stands alone.
The AoLP Alternative: Life-Centred Planning
At the Academy of Life Planning, we teach a completely different approach:
Before planning the money, we plan the life.
Through our GAME Plan methodology, we help individuals:
- Discover their true goals — what they want to do, be, and achieve.
- Clarify their personal vision — based on authentic desires, not societal assumptions.
- Craft a life strategy — that financial planning can later support, rather than drive.
It’s a subtle but revolutionary difference:
We treat the person as the client, not their financial capital.
Only once the life plan is clear do we begin to explore how the client’s resources — time, talent, energy, and money — can be structured to achieve their dreams.
Why Clients Value and Pay for Life-Centred Planning
This approach creates a transformational experience.
Clients are not sold products; they are empowered with purpose.
They are not squeezed into financial models based on averages; they are invited to design a life based on what truly matters to them.
As a result:
- Clients see real value in the service.
- They are willing to invest in the planning process.
- They become more engaged, more loyal, and more fulfilled.
Financial life planning, done the AoLP way, is not about predicting future cashflow gaps.
It’s about enabling individuals to live intentionally, secure freedom, and achieve meaningful success — on their own terms.
The Future Is Person-First
The future of financial planning is clear:
It is holistic, human-centred, and life-driven.
It does not begin with pensions, investments, or insurance policies.
It begins with the question:
“What do you want to do with your life — and how can we help you get there?“
At the Academy of Life Planning, we are proud to lead this movement.
If you are ready to plan the person, not just the portfolio, we invite you to join us.
Conclusion: The Future Belongs to Life Planners
For regulated advisers contemplating the transition to generic advice, the journey is about much more than simply removing product recommendations — it is about redefining the very purpose of financial planning.
Moving from planning for products to planning for people requires a change in mindset, a shift in process, and a bold step towards life-centred empowerment.
At the Academy of Life Planning (AoLP), we walk this path together.
Here, you are not alone.
You are part of a community of visionary planners — sharing knowledge, refining practice, and lifting each other higher.
Because no planner is as knowledgeable, resilient, or powerful as planners working together.
If you are ready to transform not just your service model but also the lives of the people you serve, we invite you to join us.
👉 Transition with purpose. Plan with passion. Lead with significance. Join the Academy of Life Planning today.
Appendix I: ISO 22222 and Its Relevance to Financial Planning
Understanding ISO 22222:2005 – Personal Financial Planning
ISO 22222 is an internationally recognised standard designed to increase consumer confidence by providing a framework for ethical, professional, and consistent financial planning services across the globe.
🔹 Purpose:
- Promote consumer protection.
- Create global consistency in financial planning practices.
- Ensure planners act with integrity, objectivity, and professionalism.
🔹 Scope:
- ISO 22222 applies to individual financial advisers delivering personal financial planning services — it is not designed for firms or institutional services.
🔹 Core Areas Covered:
- Establishing and defining the client relationship.
- Gathering client information (factfinding).
- Analysing and assessing the client’s financial status.
- Developing and presenting financial planning recommendations.
- Implementing the financial plan (often through product intermediation).
- Monitoring and reviewing the plan on an ongoing basis.
🔹 Key Values Emphasised:
- Ethical behaviour (acting in the client’s best interests).
- Transparency (clear disclosure of services, costs, risks, and conflicts).
- Competency (maintaining up-to-date knowledge and skills).
ISO 22222: A Process Designed for Financial Planning with a View to Intermediation
While ISO 22222 promotes higher ethical standards within financial planning, it is fundamentally built around a regulated advice process that typically leads to financial product recommendations and implementations.
It is a framework for financial planning with a view to intermediation — where the outcome often involves advising on or arranging regulated investments, pensions, insurance, or other financial instruments.
This structure still reflects the conventional financial services mindset:
Plan the money, and fit the person around it.
The Academy of Life Planning (AoLP) Perspective: A New Horizon
At the Academy of Life Planning (AoLP), we embrace the ethical aspirations of ISO 22222 — transparency, integrity, and professionalism — but we consciously move beyond financial planning for intermediation.
Our mission is financial planning with a view to living your best, inspiring life of significance — not simply preparing a portfolio for retirement or contingency.
Through the GAME Plan methodology, we:
- Plan the client before we plan the money.
- Focus on the client’s life goals, dreams, and higher purpose.
- Build a financial strategy only after the life strategy is defined and prioritised.
This life-centred approach ensures that money serves the person, not the other way around.
Why ISO 22222 Still Matters to AoLP
Even though AoLP’s core service operates outside of regulated intermediation, the principles behind ISO 22222 — ethical conduct, competence, and consumer empowerment — remain fully aligned with our ethos.
- Empowering individuals to act responsibly and independently.
- Fostering trust through transparency and high standards.
- Elevating financial planning to a genuine, client-centred, transformative service.
If AoLP, or our pro-bono planning service Planning My Life (PML), ever sought formal international recognition, ISO 22222 could serve as a useful benchmark for demonstrating the quality, integrity, and ethical foundation of our model — even without formal certification.
Constructive Insight for AoLP
“Our practices reflect the highest international standards, such as ISO 22222 for personal financial planning — adapted to empower individuals beyond product-focused outcomes, and towards life-changing journeys.”
Appendix II: FCA Handbook PERG 8.26 and the Legal Foundation for Generic Advice
Understanding FCA PERG 8.26: Financial Promotions and Advice – Personal Recommendations
PERG 8.26 forms part of the FCA’s Perimeter Guidance Manual (PERG), providing critical clarification on when financial advice becomes regulated in the United Kingdom.
🔹 Context: Under the Financial Services and Markets Act 2000 (FSMA), “advising on investments” is a regulated activity — but only if it involves giving a personal recommendation about a specific investment or insurance contract.
PERG 8.26 – Key Points
- Generic advice — providing general information about types of investments, pensions, ISAs, risks, or financial strategies — is not regulated.
- Providing information or training about financial products without steering an individual toward a specific product is not regulated advice.
- A personal recommendation — tailored to a client’s specific circumstances suggesting they buy, sell, hold, or switch a specific investment — is regulated advice.
🔹 In essence:
- No specific product/provider mentioned = Generic advice = Unregulated.
- Specific product/provider + personal recommendation = Regulated advice.
Typical Examples
- Generic advice: “Equities tend to outperform bonds over the long term.”
(Unregulated) - Regulated advice: “Based on your situation, you should invest in XYZ Equity Fund.”
(Regulated)
The “Packaging Principle” – Generic Advice Linked to Regulated Activity
PERG 8.26 also introduces a crucial concept sometimes referred to as the “packaging principle”:
- Generic advice remains unregulated only if it is truly standalone.
- If generic advice forms part of a sequence that leads to, supports, or prepares for regulated advice — it is considered part of the regulated activity.
🔹 Example:
- Hosting a public seminar on general investment strategies (no recommendations) = Unregulated.
- Hosting the same seminar but offering attendees personal advice sessions immediately after = Becomes regulated.
The FCA focuses on the end-to-end client journey, not just isolated steps.
Why This Matters to the Academy of Life Planning (AoLP)
For AoLP and Planning My Life (PML), this distinction is critical:
✅ Generic advice must be independent and not a precursor to any regulated activity.
✅ No referrals, inducements, or product steering should occur.
✅ The focus must remain on education, planning and empowerment, not on recommending specific financial products.
This approach keeps the Academy’s model legally safe, ethically pure, and true to its mission of promoting self-directed financial empowerment.
The “Two Hats” Principle and Chinese Walls for Dual Firms
Some AoLP members operate businesses that deliver both regulated advice and unregulated, generic advice.
Here, the FCA’s “Two Hats” principle applies:
- Clear distinction must be maintained between regulated and unregulated activities.
- Chinese Walls — strict, documented internal processes — must exist to prevent information flow or client confusion.
- Clients must always know which service (regulated or unregulated) they are receiving at every stage.
🔹 Best Practice Expectations:
- Separate branding, websites, or email signatures.
- Separate client engagement letters and onboarding processes.
- Transparent disclosures explaining the distinction to clients.
- Audit trails demonstrating compliance with separation principles.
Maintaining these separations protects consumers, upholds reputations, and ensures members operate in accordance with the boundaries set by the regulatory perimeter.
Constructive Insight for AoLP
What you can expect as a member of AoLP:
- A Compliance Charter explaining how AoLP services respect PERG 8.26 boundaries.
- A Best Practice Guide for members who run dual firms, covering the “Two Hats” principle and Chinese Wall procedures.
- We include clear, simple client-facing statements such as:
“Under FCA PERG 8.26 guidance, we empower individuals with education and non-product-specific advice, helping you plan your life without selling financial products or making regulated personal recommendations.”
By embedding these practices into AoLP’s frameworks, we not only protect the Academy but also enhance our leadership in the evolving landscape of financial planning.
Your Money or Your Life
Unmask the highway robbers – Enjoy wealth in every area of your life!
By Steve Conley. Available on Amazon. Visit www.steve.conley.co.uk to find out more.
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