The Institute of Financial Planning is launching a series of ongoing fee-based workshops later this year for intermediary firms who want to make the shift away from commission-based remuneration.
Starting in June, the workshops will be held one day a month for six months, for members and non-members of the IFP, to take businesses through the key stages and development of moving your practice towards fee-based remunerated advice.
Between each session, firms will be given goals to reach within the practical day-to-day running of the business over the course of six months, such as how to review their client databases and make them profitable, as well as support on deciding the direction of future potential business and what the firm is capable of offering.
Chief executive of the IFP Nick Cann says the workshops will place development and transition in a “logical order”, rather than try to teach everything a business would need to know at once.
“This course goes into a level of detail to help the adviser understand their market and where they want to take it so they can then build a business model which matches their service capability," he adds.
While these training sessions are being launched following the implementation of depolarisation rules, the IFP is also a special ‘depolarisation’ meeting on May 24th – which is designed to help companies check their interpretation of the new rules.
Cann says the IFP is also currently in discussion with the Financial Services Authority to help the FSA clarify specific practice guidelines in relation to depolarisation and how they might be applicable to fee-based financial intermediary businesses.
The FSA does not fully understand how a fee-based business operates at presentn ehich is why the FSA regulatory regime may not match the way fee-remunerated planners conduct business, argues Cann, so discussions should hopefully show the FSA what to expect when it visits such operations.IFAonline
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