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Half of advisers think qualifications are too expensive

Half of advisers think qualifications are too expensive, according to a Money Marketing survey.

Our latest reader poll shows that 57 per cent of respondents rated adviser qualifications as too expensive. 39 per cent said they were priced about right.

Just five per cent responded saying they thought adviser qualifications were actually too cheap.

The latest qualification launched by the Chartered Insurance Institute surrounds pension transfers, and attracted 500 applicants in its first week. The AF7 unit costs non-members £342 and £271 for members. Revision aids are a further £76 pounds for non-members and £70 for members.

Study texts for a foundation level qualification for life and pensions office staff launched last year cost nearly £100 and exams sittings are just under £50.

Richmond House Group managing director Paul Beasley says he feels that such amounts to represent value for money however.

He says: “With the fees that some of us are charging I think we need to be very careful about throwing stones for other people to justify their fees. I don’t think they are out of kilter, but it all depends on the quality of teaching you are getting when you have external trainers and exam preparers coming in.

“Since RDR everything is so much more professional, the public are more educated, more demanding, and its all for the better. We can rightly call ourselves a profession now, and that’s on the back of qualifications.”

Former Personal Finance Society president Garry Hale adds that most people don’t know that advice qualifications are “much cheaper” than those for other professions.

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. It should all be tax deductable as a business expense and is much cheaper than other similar professional qualifications. Think of it as an investment.

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