The course, which will be launched in April, will involve one day of preparation as well as two days at a training office for the final case study assessment.
The existing four-day course is held entirely at training offices in Bristol and the total cost to advisers, including accommodation, is £1,750.
IFP chief executive Nick Cann says the fast-track course will significantly reduce the time involved and the financial cost to advisers.
He says: “Obviously, four days out of the office and four days worth of accommodation is quite expensive for people, particularly at the moment. The cost of the fast-track course will be significantly reduced because we are taking out a lot of the accommodation and there is only two days out of the office. We have not worked out the exact total yet but it is certainly going to be less than £1,000.”
Cann says the IFP will also be working with bigger firms to offer the course regionally.
In addition, the IFP will be launching a new CPD scheme at the end of March, which will include a platform for advisers to plan their ongoing personal development.
Cann says the scheme will be based on the CFP competency profile and will be relevant for all advisers, including certified financial planners and those studying for the qualification.
Advisers can chose which areas they would like to learn more about from the competency profile.
Cann says: “When our members register, they will be able to set out their own personal development plans. That will be recorded on their record and as part of our management information we will have a greater understanding of what the needs are of our membership. We hope that in the first year 50 per cent of our members will have registered online.
“We will also be making it available to non-members as a stand-alone tool at a small cost.”