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Financial account |
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Financial accountThis is the term used in the balance of payments statistics, since sometime in the 1990s, for what used to be called the "capital account." See capital account, the "common" definition 2.Similar MatchesIndependent financial adviserIndependent financial adviserA person qualified to give financial advice to clients on life assurance, pensions, funds, and other financial products, who is not tied to any one financial institution.A financial adviser may charge his clients a fee for his advice, and, depending on his contract with product providers, may also receive a commission on the products which the client buys.In theory, an IFA's recommendations should be based on which company and products best suit the needs of the client, not on the level of commission he receives.In contrast, a company representative or tied agent is a financial adviser who is authorised to recommend only the products of the company he represents, so his advice is partial.Financial advisers have to make it clear to their clients whether they are independent or tied. Nonfinancial assetsNonfinancial assetsPhysical assets such as real estate and machinery. Financial price riskFinancial price riskThe chance there will be unexpected changes in a financial price, including currency (foreign exchange) risk, interest rate risk, and commodity price risk. Perfectly competitive financial marketsPerfectly competitive financial marketsMarkets in which no trader has the power to change the price of goods or services. Perfect capital markets are characterized by certain conditions: (1) Trading is costless, and access to the financial markets is free; (2)information about borrowing and lending opportunities is freely available; and (3) there are many traders, and no single trader can have a significant impact on market prices. Institute of Financial PlanningInstitute of Financial PlanningThe UK professional body committed to the development of financial planning. The Institute was set up in 1986 and draws its members from accountancy, insurance, taxation, stockbroking, education and legal professions. Its stated objectives include 'promotion of the profession and practice of financial planning, increasing public awareness for the need for financial planning, creating of recognised professional qualifications for members, ensuring professional standards through a Code of Ethics and screening of new members, encouragement of education in the theory and practice of financial planning and the sharing of knowledge with other professionals'. A financial planner may be from any relevant professional background.To obtain Associate status a planner must hold a relevant professional qualification such as the Advanced Financial Planning Certificate (AFPC) and have three years related experience. Fellowship is available subject to the passing of a further examination and a longer period of experience. A list of Certified Financial Practitioners is established in the 'Registry' and is available to members of the public from the Institute. These practitioners are independent and are obliged to offer a fee basis. They must be prepared to offer a financial planning service separate from investment business if requested by a client. Reference to a Certified Financial Planner would usually be relevant to people seeking a higher level of advice or those with more complex requirements. Further SuggestionsFinancial StatementFinancial ratio Financial crisis Financial market Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) Financial supermarket Indirect costs of financial distress Financial Services Act 1986 Tokyo International Financial Futures Exchange Corporate financial management Financial asset Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) Corporate financial planning Long term financial plan Financial Services Authority Financial institution buyer credit policy Financial planner financial pager Society for Worldwide Interbank Financial Telecommunications Financial guarantee insurance Financial instrument Financial leverage clientele Financial service income Chief Financial Officer (CFO) Financial intermediary |
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