Symponia has launched a ‘professional partners' initiative to tackle the lack of qualified long-term care fees-based planning advisers.
The Financial Services Authority (FSA) has given an October 2006 deadline for advisers to achieve the specialist long-term care qualification, CF8, but Symponia says there are a large number of advisers who have yet to achieve the exam.
It warns there could be a gap in the way some IFA firms service their new and existing clients after October.
As a result, the umbrella group is launching a new membership classification – ‘professional partner’ – to encourage advisers to establish a mutually beneficial ‘introducers’-type relationship with a suitably qualified local IFA.
By establishing this relationship, Symponia claims non-qualified IFA firms would be able to offer their clients a well-rounded service without the need for them to take additional training or hire extra staff.
Jeremy Davies, managing director of Symponia, says: “By forming a relationship with their local Symponia member, adviser firms can explore every angle of financial planning with their clients, confident that when they do uncover a need for long-term care advice (either immediate or future) they won’t have to stumble for an answer or worse still ignore the fact.”
Professional partners will receive a toolkit with materials such as specific fact-finding questions, seminar material, suitability letter phrases and suggested mailings.
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