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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.”


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