The Institute of Financial Planning is working to achieve global recognition for certified status by compiling a definitive list of standards required from financial planners.The IFP is consulting with 18 countries which have the certified financial planner status to specify what should be expected of planners beyond the different tax laws and regulations they have to deal with. The initiative aims to create a unified certified status, specifying core competencies and minimum standards. Chief executive Nick Cann, who has just travelled to India to discuss the initiative, says this will help to level financial planning standards which differ significantly across the world as some countries have a more advanced financial advice industry than others. Cann believes it is important to have a more global outlook. He says UK firms can learn from their counterparts around the world, particularly, the sophisticated US and Canadian markets where a much higher proportion of advisers charge fees for their advice. Australia and Canada have already compiled a standardised job analysis for financial planners. Cann will travel to Vancouver next April to discuss how the initiative can be rolled out across the world. The list of minimum requirements is penned in for launch within the next 12 months. Cann says: “Around the world there are different tax laws and regulations but the fundamentals of what a financial planner does should be the same. “At the moment, the standards of financial planning in different countries differ significantly, so we need to unify the certified financial planner status.”
In his second article on depolarisation, The Strategy Works managing director Michael Herson considers why it costs too much to give advice and the ticking timebomb that is the aging adviser population
Scottish Life group head of communications Alasdair Buchanan says snapshot surveys of the pension crisis may give a widely varying picture but short-term solutions such as selling the family silver must not obscure the fact that fundamental changes are needed
Collins Stewart has teamed up with Walker Crips Weddle Beck to bring out the Collins Stewart UK growth fund.
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The companies held in the Artemis European Opportunities Fund are resilient and still growing. Mark Page finds little to worry stockpickers who focus on the fundamentals.
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