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Personal financial planning in Poland against the background of international experience 115

6. Monitoring th( financial plan an< the financial planning relationship

1. Establishing and defining the client and personal financial planner relationship

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2. Gathering client data and determining goals and expectations

5. Implementing the financial planning

recommendations

Fig. 1. Sleps of personal financial planning process Source: [Personalfinancial.

ISO defines a personal financial planner as an individual who provides personal financial planning service to clients and who meets all the reąuirements in terms of ethics, competence and experience stipulated by this international standard. ISO 22222:2005 was created with the objective of achieving and promoting consumer confidence by providing an intemationally agreed benchmark for a high global standard of personal financial advice. This standard specifies the reąuirements and provides a framework that applies to the ethical behaviour, competencies and experience of a professional personal financial planner regardless of their employment status. The support of a high level benchmark of best practice reąuires [Internet 14]:

•    Ethical behaviour and financial planning.

•    Infonnation security, client confidentiality and data protection.

•    Risk management.

•    Continual improvement.

Avery importantaspectof financial planner activity and standard ofindependence is the method of remuneration. Financial planners can eam in four ways: commission-