Advisers spurred by hands-on training
Share
The IFP’s view
How refresh-ing it was to listen to the presen-tations of the finalists in the Money Mark-eting adviser training and professional development awards recently. It was refreshing because it reflected how all types of advisers had embraced the challenges of the retail distribution review.
Some of the entries were not even gov-erned by the current regulatory proposals, which made their efforts even more impressive, given the challenging year that many experienced in 2009.
What I found partic-ularly impressive was the positive attitude that many candidates adopted towards the changes. Instead of moaning about the proposals and hoping that the magic fairy might appear to change things, these firms, like many others, have looked at the issues and created their own solutions and plans to deal with them.
One of the consistent objections raised is that, apart from being unfair (rather like my children responding to things that they don’t like) it is imp-ossible for people of a certain age or disposition to be able to sit exams.
I think the real problem is that while there is a lot of arm’s length support available via acad-emies, etc, there is not enough hands-on support or face-to-face training available. Those advisers that have had access to such training have not only enjoyed the experience but they have, in many cases, also learned some-thing new and are inspired to go on to greater heights.
The most encour-aging feedback that the judges heard was that these businesses are increasing their productivity and profitability. Best of all, they also felt that their client propo-sition had been greatly enhanced and they had more confidence to deliver it for their clients’ benefit.
This year will see much activity over continuing profess-ional development as advisers of all levels investigate what gaps need filling in their knowledge before the end of 2012.
From the IFP’s perspective, the certified financial planner qualification meets the “no regrets” provision but all those that have met these standards, as with all other qualifications, will still have some gaps to fill in line with the new exam standards. This will inevitably bring CPD schemes under scrutiny.
Records will need to be robust so that at audit stage it can be seen why an activity was undertaken, what was learned and what the outcomes of the activity were. The IFP CPD scheme for members already matches the FSA proposals. Members are already enjoying the support that the online platform provides in not only keeping records but also enabling them to plan the activity needed to meet personal development plans.
The important thing to note is there are less than three years until the proposals are due to be implemented. Businesses need to be ready to take advantage of the investment that they have put into these developments.
Many of those that we saw presenting their case recently started their prog-ramme for change back in 2007/08. These will undoubt-edly be more than ready to reap the rewards over the next few years.
Nick Cann is chief executive of the Institute of Financial Planning
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
