View more on these topics

Jackman quest for demarcation line

Skills Council for Financial Services chief executive David Jackman has enlisted the help of the Institute of Financial Planning in defining the financial services marketplace.

Speaking at the Institute of Financial Planning annual conference in Telford last week, Jackman said it was essential to have a clear demarcation between planning and advice in order to help develop ISO standards for the industry.

One of Jackman&#39s main lines of thought is to come to an understanding of what the common client experience is for financial planning as opposed to advice. He believes this will be useful in understanding where financial planning qualifications will fit into the Skills Council&#39s qualifications diagram.

IFP chief executive Nick Cann believes the results will show that financial planners are better placed to provide a commonality of consumer experience than advisers. He says advisers typically deliver a more varied consumer experience than financial planners because advice is still transaction-oriented rather than aimed at delivering financial plans.

To help define the marketplace, Jackman has asked IFP members to provide him with information on the differences between financial planning and advice.

Cann believes IFP members will explain to Jackman that financial planning is a comprehensive ongoing service whereas advice is segmented, product-led and reactive.

He said: “We are confident that the Skills Council will understand the importance and quality of the CFP qualification where it fits into the financial services qualifications framework.”

Jackman said: “It is important to understand the differences between what it is to give advice and what it is to provide a financial plan.

“This question underlies at what level financial planning should be considered – at the top or for the middle market, etc – and what qualifications are needed to deliver the appropriate service.”

Recommended

Student lessons

Investment in property continues to be a popular alternative to equities, fuelled by low interest rates, a housing market that continues to astound us in its capacity for growth and controversy, suspicion and fear over the effectiveness of our pension planning.Buying to let, which five years ago was considered to be a risky enterprise – […]

HNWs shifting away from advisers

An increasing proportion of high-net-worth individuals expect to dispense with the services of advisers and run their own portfolios, a major new survey reveals.Fifty-eight per cent of millionaires use IFAs at present but only 49 per cent expect to be using them in five years time as increasing numbers take control of their own financial […]

Prudential Assurance – Capital Protected Growth Plan

Type: Capital-protected bond Aim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £500-£1m, Isa/Pep transfers £7,000 Term: Six years Return: Option one &#45 Up to 100% growth in index subject to a maximum of 65% at end of term. Option two &#45 up to 85% growth at end of term Guarantee: Original […]

US economic recovery to continue says CSAM

The US economic recovery is firmly on course according to Credit Suisse Asset Management deputy chairman Robert Parker.Having enjoyed an increase of 5.6 per cent in retail sales when compared to the same period last year, the US economy is on course according to Parker. In addition consumer confidence increased in August and the “Baghdad […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment