IFA Promotion is urging retail customers to pay closer attention to the standard of qualifications c...
IFA Promotion is urging retail customers to pay closer attention to the standard of qualifications claimed by their IFAs, and urging IFAs to commit to further education.
The organisation says in a new document prepared for retail customers of IFAs that "there is often a correlation between a good adviser and a commitment on their part to learn as much as possible about a particular subject."
And it adds that "generally, someone who is prepared to put in the hours needed to learn about a subject, sit an exame and risk failure just to test his or her knowledge is showing a higher level of commitment than others who can't be bothered."
The current proliferation of financial products, reduced state benefits, and subsequent increase in demand projected for financial advice are all reasons customers need to know the person helping them has the proper qualifications to meet particular needs.
Because of that, many customers will now want to look beyond the basic Financial Planning Certificate (FPC) as a guide to which IFA is best for them.
IFA Promotion believes that publishing the names of the various exams and the responsible examining bodies will help customers make more informed choices about their local IFAs.
The published document does not even list the FPC because it says "This is because it takes for granted the fact that every adviser...already has such a qualification."
The FPC is mentioned as the equivalent of a "basic level exam" from which it is possible to "go further, in much the same way as someone with A levels can go on to obtain a degree...and eventually a PhD."
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First mentioned in Cridland Report
Second acquisition of 2019
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