Mark Ommanney, director general of the LIA says advisers must carry their share of the burden required to bring to fruition the association's proposed five-year plan for change published this week.
The warning comes as the association offeres a challenging new chairman’s role, which includes persuading consumers that advisers are part of a professional body dedicated to working in the best interests of their clients.
"It will require some work on the part of advisers too," Ommanney says.
"It is not the case they will be able to wait until all the changes are in place by 2007 before they take on board commitments to higher standards," he adds.
The implication is advisers must maintain their commitment to ongoing professional development through the period of change, and realise that for the industry to progress in future they must also gun for higher levels of skill, perhaps focused on particular areas of advice.
Ommanney likens this to walking into a law office, where one person may be specialised in criminal law, another in divorce law, one in corporate law, and so on.
Advisers will also be interested in the proposals for higher entry requirements, compulsory CPD and a binding code of ethics, which comes with teeth.
Ommanney says the plan should attract members to what will be an organisation with clear commitments to professionalism, and one that is better able to influence changes in the industry, while consumers will be charmed by a focused "public outreach programme".
The new name will not be decided until the first half of 2006.
The Extraordinary General Meeting to vote on the plan takes place at London's Hilton Metropole on 24 March. Follow this link for further information.IFAonline
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