View more on these topics

IFP moves focus to core skills

The Institute of Financial Planning is to change its focus to concentrate on delivering training and education.

Speaking at the IFP annual conference in Wales last week, president Barry Horner said the institute needs to create tools and training to equip emerging professionals.

Horner said training courses will be centred on enhancing cashflow modelling capability and expertise, improving questioning and listening skills and attracting and securing desired clients.

They will also look at creating financial planning-led and goals-based investment strategies, recruiting new entrants to the industry and how to further develop risk-profiling.

Horner said: “We need to focus on the core skills of a financial planner and we plan to do this. We deliberately plan to change our focus in terms of what we offer to members as an institute and focus almost exclusively on delivering training and education which is entered on developing a competent and professional financial planner.

“As a profession, financial planning is in its infancy. We have yet to fully define and agree upon what financial planning actually includes and does not include. Compared with the established professions, we are making it up as we go along, day by day, client by client. Our potential is out there and we now have sight of where we need to head.”

Macquarie Bank head of financial planning John Baxter said advisers need to do more to change their business models to focus remuneration on the service they offer clients, rather than product sales.

He said: “The focus on changing remuneration is not being met by changing behaviours. The new model needs to be based on the service being provided to clients, not sales, and I think there is still some way to go to achieve that.”

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