'Chartered brand to gain dominance'
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Personal Finance Society president Eddie Grant says the chartered brand will replace the independent label as the premium level of financial advice in the eyes of consumers.
Grant, who is a wealth solutions sales manger at Zurich, was appointed as PFS president at the body’s annual conference in Coventry this week.
He says the chartered brand will emerge as the favoured way for firms to define their services. He claims consumers are less concerned than advisers about whether a firm calls itself independent, multi-tied or restricted.
He says: “One of the interesting developments I see is chartered advice will be more recognised than independent, multi-tied and restricted advice. The chartered brand is one of the few professional brands that consumers recognise and understand.”
Grant says the number of chartered financial planners is likely to grow from 2,000 to 5,000 by the RDR in 2013.
Informed Choice chief executive Nick Bamford says: “I think consumers will still value independence in the future. The premium brand for firms will be one that consists of chartered and certified financial planners, which is independent, impartial and offers whole of market advice.”
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Readers' comments (8)
Des O'Driscoll | 23 Sep 2010 9:27 am
Is it just me, but what the hell is the PFS doing appointing the Zurich 'sales manager' as it's president? Surely the key differentiator is true independence, so why is the PFS now so closely alligned with a product provider?
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John Lacy | 23 Sep 2010 9:34 am
Well Eddie it's taken years and years to get even a partial understanding of the benefits of independent advice to the general public--what makes you think that they are going to understand the intricacies of chartered versus any thing else. They are going to see the increased costs and bugger all else. The phrase "pissing in to the wind" springs to mind
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Wes H | 23 Sep 2010 9:49 am
You are both missing the point. Chartered is a brand that consumers already recognise. Not necessarily as being independent but as being a highly qualified professional. For example most consumers wouldn't have faith in the advice from a firm of part qualified accountants versus chartered accountants even if the advice was identical and cost less. It has more to do with the psychology than what it actually means in practise.
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Edward (no relation) T | 23 Sep 2010 9:58 am
I think you will find given time that the PFS have appointed Mr Grant rather than a ‘Zurich Sales Manager’ as their President and the inference that there will be, some sort of collusion between provider and PFS will be unfounded.
Clearly you do not know Mr Grant (in his past he has been an IFA) and I believe as am sure many others do, that he will be good for the Society and IFA’s in these troubled times.
Eddie, congratulations on your appointment…
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Simon Whitney | 23 Sep 2010 10:31 am
I did like his hit "Electric Avenue" back in the 80's as well....yes I agree good man to have on board.
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Rocket_Scientist | 23 Sep 2010 10:37 am
This thread is showing a reoccurrence of dinosaur attitudes:
Eddie Grant is well recognised speaker and is technically very good.
If my memory is correct, I believe like myself he was among the first tranche of Chartered Financial Planners.
The fact that he is currently employed by the Zurich empire (yes a product manufacturer but one which distributes an awful lot of volume through the IFAs) is irrelevant.
I also think he makes a good point. 20 years ago clients understood my BSc(hons) but not my MLIA(dip) etc etc. "Chartered" is widely recognised as Wes H (09.49am) quite correctly points out.
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Sonia Bhalla | 23 Sep 2010 10:46 am
Congrats Eddie on being President of PFS.
Great job ahead
Eddie is really very knowledgable person.I met him personally in a seminar and He advised me right path to get Diploma status
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Alan Gibson | 23 Sep 2010 3:15 pm
Well done Eddie!
Chartered, is a brand customers understand and value.
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