View more on these topics

Pete Matthew: From dismay to faith on IFP/CISI merger


When I first heard the news about the IFP and CISI  proposed merger my initial reaction was disappointment. I love the IFP and all it stands for. Sitting the CFP qualification was a lightbulb moment for me, which marked the beginning of my transition from a transactional adviser to one focused on financial planning done right.

I love the fact the IFP is small. No, small is not the right word. Concentrated. Its members are at the very top of their game and my experience of sharing knowledge and best practice with them has been significant.

So my initial disappointment was more of a concern that the intimacy of the IFP might be lost if it is subsumed into CISI.

However, any misgivings I might have are entirely outweighed by my unswerving conviction that those who will be making the decision this month are as passionate about the IFP and the profession as I am. For that reason, I am resting easy that the decision will be made in the right spirit and for the right reasons, and all possible effort will be made to ensure everything good about the IFP is preserved.

It seems one of the reasons for the proposed merger is the size of the IFP relative to, say, the PFS or CISI has been a barrier to it achieving its larger long-term aims. That may well be true. I can see how the greater size and resources of  CISI could have a positive impact on the development of the profession here in the UK.

At the same time (and here is the segue) I read with alarming regularity the chief executives of large advisory consolidation firms postulating the era of the small IFA is dead. Apparently the only sustainable business model for the future is large regional or national advisory firms. To this I say “hogwash” but only because this is a family paper. In reality, I use far stronger words.

I just do not buy the logic that small firms cannot survive in the modern regulatory and business environment because it bears no relation to my everyday experience. Mine is a practice of six advisers and seven staff – not small but by no means large either. We are very profitable, are growing strongly and have a clear plan for the next three years to double turnover and profit.

In Penzance, which is about as provincial a town as you can get, there are several one- and two-person practices, which all seem to be doing well. One adviser told me this month he is no longer taking on new clients as he has more than enough work from his existing book of business. He is not failing either, then. Meanwhile, another local firm was bought/merged/assimilated into a huge national consolidator last year and we are picking up its clients that are complaining the local touch (very important to the Cornish) has been lost.

So, small is still beautiful for advice firms but bigger is better for professional bodies. It appears one size does not fit all. And that is the way it should be.

Pete Matthew is managing director of Jacksons Wealth Management 



Lee Robertson: Why the IFP/CISI merger gets my vote

A merger between the Chartered Institute of Securities and Investment and the Institute of Financial Planning seems to be on the cards with the announcement today that members are to be consulted on this radical proposal. I have given this a fair amount of thought and should declare an interest here as I am a […]


IFP to merge with the CISI

The Institute of Financial Planning is to merge with the Chartered Institute of Securities and Investment in a bid to widen the CISI’s qualification offering and expand the reach of financial planning. Under the merger terms, the IFP president would sit on the main CISI board to ensure representation at senior level. The IFP would […]


IFP ethics chair warns over moral code breaches

Institute of Financial Planning members are failing to apply its code of ethics to social media interactions, warns IFP ethics committee chair Andrew Brook-Dobson. Speaking at the IFP’s annual conference in Newport this week, Brook-Dobson said too many members are “completely ignorant” of the code, which requires them to act with courtesy and consideration to […]


IFP aims to boost members by 50% by 2016

The Institute of Financial Planning is targeting an increase in membership numbers of between 50 and 100 per cent in the next two years, says IFP chief executive Steve Gazzard. Speaking to Money Marketing at the IFP’s annual conference in Newport yesterday, Gazzard said the IFP board is aiming to raise membership from its current […]

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Rt Hon Sir Arthur Streeb-Greebling 3rd September 2015 at 2:35 pm

    Ah! Another one who hasn’t studied their accounts!

  2. I hope I can make this leap one day. I met two days ago two members of the Board and found many question unanswered. Another member of the Board told me that he expects 20% of the CISI members with an SPS to become CFPs. That was an absurd assumption.

    I just hope you do not have to make the leap from faith back to dismay.

  3. I share the same sentiment as Pete. I recognise that the CISI/IFP merger would be handled with care and the IFP team are fully aware of how much the members value it (and them). Like Pete, I also have concerns about “big institutions” and the prospect of further concentration in London (though I do appreciate the logic for doing so)…

Leave a comment


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