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.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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