View more on these topics

Can you cut it with gaps in knowledge?

Let’s make it clear. I am not knocking the old guard who have tended to their community and clients over the years. Lack of knowledge is a dangerous thing, yet how do we ensure that clients get the advice they so richly deserve if we do not test for it.

The FSA wants to bring in a level where to be called independent, you need to be QCA level four. But if you are so experienced and know what you are doing because you do it day in and out, sitting the exam will be a breeze.

If I asked an advanced driving instructor to resit his exams, I am certain that he would pass without studying. The same goes for a solicitor, heart surgeon, actuary…

Or are you all whinging because you realise that although you have vast amounts of experience in providing basic levels of advice dating from a time when no examinations but a winning smile was all that was needed, you are not going to cut it in a market where the FSA wants you to prove you do not have the gaps in your knowledge that are affecting your clients?

Does any client with a heart problem want to deal with a GCSE-level biology student or a degree-level qualified heart surgeon, both having no experience.

Knowledge can be translated into experience with time but experience cannot be so easily translated into knowledge. Goalposts can be moved but if you know your stuff, you will always hit the target.

Lee Clarkson
Wealthwise
Staffordshire

Recommended

Solvency II retreat on cash call

European regulators have pulled back from forcing UK life insurers to hold billions of pounds extra capital. Life companies had protested at the original draft advice from the Committee of European Insurance and Occupational Pensions Supervisors on the original proposed Solvency II legislation. A major concern for British insurers was the exclusion of an illiquidity […]

Significant impact

The Consulting Consortium chief executive and creative officer Joanne Smith on why firms must be able to prove to the FSA the fitness and propriety of the people they employ.

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com