View more on these topics

Time to embrace professionalism

The IFP’s view

Anew dimension takes shape now that the first set of proposed accre-dited bodies has been announced by the FSA in a list which includes the IFP. This puts another piece in the jigsaw and the confidence for the organisation and its membership to work together towards the deadlines set out by the FSA.

However, a number of unresolved issues remain. We know that we can now help members and potential members to reach sensible conclusions on their way to receiving their first statement of professional standing.

One of the questions being asked is whether the IFP will be issuing SPS certificates to nonmembers. I would respond by asking, why would we want to do this? While there is an exception to every rule, advisers who are looking for this service are typically those who have not embraced the higher standards of professionalism or who fail to see the benefits of being connected with a professional body.

The IFP celebrates its 25th anniversary of building the profession of financial planning at our annual conference in October. Even throughout difficult times, every ounce of energy has been put into supporting this development and ensuring value and relevance for members while building and maintaining professional standards.

This vision will be retained and not blurred with the addition of a load of people who do not think that they belong and fail to buy into the professional standards which form the cornerstone of the IFP and of IFP membership.

The IFP expects to be able to engage with a number of new financial planning firms and the indivi-dual planners and paraplanners within them to help support their development. Communities exist to allow for informal mentoring and relevant discussions and training and development.
Our recent surveys of CFPCM profess-ionals and para-planners provide evidence to back these statements. The challenge is to connect effectively with those who still do not know that the communities exist.

What is particularly exciting are new devel-opments that help us to connect more effectively with our members and other groups within financial services. Social media is still evolving and its power is largely untapped. The IFP is, however, seeing the real benefit of its work using LinkedIn and Twitter.

Changes are starting to take effect and it is important for businesses to communicate with their teams to assess the various accredited bodies and ensure that they are going to get more than just a cert-ificate. Consumers and society demand more now as we have found from social media.

Consistency and structure is also key. The IFP is working on a register for financial planning firms now that so many firms are able to deliver a quality financial planning service. Ultimately, more needs to be done to promote the excellent service that financial planners provide for their clients to the relevant stakeholders. Whether this is the FSA, the Government or the UK consumer, much can now be done to connect with this message. Many are quite rightly waiting for a regulatory dividend. It is about time to collect.

>Nick Cann is chief executive of the Institute of Financial Planning

Recommended

Marlborough takes smid approach to UK equity income

Marlborough Fund Managers has introduced a UK equity income fund that focuses on small and medium sized companies. The Marlborough multi cap income fund is the first equity income fund for Marlborough’s smaller companies specialist Giles Hargreave. Hargreave, who runs Marlborough’s special situations, UK leading companies and UK micro cap growth funds, has worked with […]

Schroders postpones launch of commodities investment trust

Schroders has postponed plans to launch its Schroder Opus commodity investment trust, which was to be to run by its specialist absolute return multi-manager firm. While Schroders says this was owing to investor sentiment being uncertain about commodities, an expert has suggested the investment trust was too expensive. Schroders NewFinance Capital said the Guernsey-domiciled Schroder […]

L&G adds share class to multi-manager range

Legal & General is adding an additional share class to its multi-manager fund range with an increased annual charge but no performance fee. The new share class will have a 1.5 per cent AMC. The current share class levies a 1 per cent AMC plus a 1 per cent maximum annual performance fee. The share […]

2

Former EJ adviser says clients feared “narrower” service

Former Edward Jones adviser Stuart Hutton says his clients thought they would receive a narrower service if they stayed with the firm following the Towry acquisition and were not confident of the arrangements offered. Hutton was being cross-examined by the claimants in the High Court yesterday as Towry seeks nearly £6m in damages from Raymond […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com