Intrinsic £1m scheme pays for RDR study until advisers pass
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Intrinsic Financial Services has made a £1m investment in its retail distribution review training programme, which will pay for members to take the ifs School of Finance diploma for financial advisers.
The network is also offering what it calls a “pass guarantee”, meaning Intrinsic will pay for training and the cost of sitting the exam until advisers have obtained the qualification, regardless of the number of attempts they have at the exam.
Intrinsic chief executive Richard Freeman says: “None of the cost of this investment is going to be passed on. Advisers will get all the training and support free.”
The investment will pay for course materials, training and workshops related to the ifs DipFA nine-month programme and the cost of sitting the exam.
Advisers will pay the up-front fees and then invoice Intrinsic for reimbursement.
Intrinsic has also set up a business transition team to help financial planning firms move to an adviser-charging model.
The team will visit firms and carry out an in-depth analysis of the current business model and set out the adviser-charging options available and how to implement them.
The team will also carry out follow-up visits with advisers.
P3 Wealth Management managing director Frank O’Donnell says: “I take my hat off to Intrinsic for coming up with this investment scheme. It is beneficial to everyone because if people leave the industry it is not going to benefit the client, the adviser or the network.”
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