IFA firm Towry Law has announced it expects all 200 wealth advisers to have achieved the Chartered Insurance Institute's Diploma in Financial Planning as a minimum benchmark qualification by the end of 2008.
The company says the decision is part of an initiative to raise professional standards, and will be used as a step towards making Chartered Financial Planner status as its ultimate benchmark.
Towry Law says it will enrol all of its wealth advisers as members of the Personal Finance Society in a joint effort to raise industry standards, which will see the company funding the learning, examination entry and membership.
The initial benchmark - the Diploma in Financial Planning – introduced by the IFA firm aims to develop advanced technical knowledge and understanding across a broad range of key advisory areas.
On completion, advisers are eligible to apply to use the membership designation DipPFS, and will also meet the entry requirements for the Advanced Diploma in Financial Planning which leads to Chartered Financial Planner status.
Andrew Fisher, chief executive of Towry Law, says it recognises it is “imperative for our advisers to have the right technical knowledge”.
He adds: “Teaming up with the CII will deliver that knowledge, while I see PFS membership as an ideal way for our wealth advisers to develop their professionalism. As an industry we need to do more to boost skills and demonstrate our commitment to raising standards."Tim Eadon, chief executive of the PFS, says: "I applaud Towry Law for taking this step. Like us they recognise the importance of giving the consumer the best possible advice. PFS membership is the ideal way to help them to achieve this and demonstrate even higher levels of professionalism. I hope others will follow this lead."
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 Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
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