Towry Law is aiming to raise professional standards by setting the Chartered Insurance Institute’s diploma in financial planning as its minimum benchmark qualification by the end of 2008.
Towry Law says all of its 200 wealth advisers will have to hold the qualification by the deadline and its ultimate goal is for its advisers to achieve Chartered Financial Planner status.
All its wealth advisers will also be enrolled as members of the Personal Finance Society as part of the drive to improve industry standards.
Towry Law will be funding the learning, examination entry and membership for its advisers.
CII director of business development Steve Jenkins says: “I am delighted that Towry Law has embarked on this programme which will help raise the expertise of its advisers and enhance the service it provides to clients.”
Personal Finance Society chief executive Tim Eadon says: “I applaud Towry Law for taking this step. Like us, it recognise the importance of giving the consumer the best possible advice.”
Towry Law chief executive Andrew Fisher says: “We recognise that it is imperative for our advisers to have the right technical knowledge. Teaming up with the Chartered Insurance Institute will deliver that knowledge, while I see PFS membership as an ideal way for our wealth advisers to develop their professionalism.
“As an industry, we need to do more to boost skills and to demonstrate our commitment to raising standards.”