JPMorgan Asset Management has launched a free training school which offers advisers the chance to gain qualifications recognised by the Institute of Financial Planning.
The scheme, called Academy, offers IFAs ranking points from the Institute of Financial Planning, which JPMorgan says contribute to qualifications.
The FSA’s recent Retail Distribution Review (RDR) outlines proposals requiring financial advisers to achieve further awards to call themselves ‘independent’.
Jasper Berens, head of UK sales at JPMorgan Asset Management, tells IFAonline IFAs who complete Academy will not necessarily need to take a three year degree, although the scheme will not single-handedly change the continued development system.
Berens says: “We feel that in an industry that desperately needs to become more professional…fund manager groups are becoming less helpful to IFAs in terms of training and professional development.”
The asset manager teaches three subject areas through interactive group sessions, each lasting between 30 minutes and two hours. Groups need to include at least 10 people.
JPMorgan Asset Management’s investment sales trainers, Nicole Pichler and Simon Littmoben, teach the courses. The Academy also uses five partners, including life companies, to teach modules outside the asset manager’s areas of expertise.
The Academy’s three key areas are: Market Insights, Client Insights and Investment Insights.
JPMorgan has designed Market Insights to help IFAs better understand market trends and drive client investment choices. It includes a tool called 'Guide to the Markets', a trends booklet taught in a seminar.
Client Insights teaches client behaviour and communication. Sessions include body language, psychology and risk appetite.
“We want people to go away with a skill they can implement immediately in their working day," Pichler says.
Investment Insights teaches the latest jargon and products. It also explains portfolio building and risk management techniques.
JPMorgan has been testing the scheme for the past 12 months on a group of 100 advisers.
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