The IFP is considering offering CPD rewards to members supervising budding financial planners on work experience.
It follows guidance issued by the Financial Planning Standards Board (FPSB), which owns the certified financial planner (CFP) brand outside the US.
The FPSB recommends that one-year supervised work experience be introduced for financial planning certification globally.
It says a superviser should be able to claim CPD hours and claim 'reasonable' monetary compensation for time spent supervising.
IFP spokesperson Sue Whitbread says: "We think it is a great idea. How it works in practice is the important thing. It must be sensible and it must be reasonable."
Under the guidance, supervisors would have to be approved and registered by their certifying body while supervisees would have to submit a portfolio to show evidence of their experience.
Noel Maye, CEO of FPSB, says: "FPSB recognises the importance of work experience for entrants to the financial planning profession and believes that supervised practice is the preferred way of gaining professional experience.
"A supervision model, when applied and delivered correctly, serves as a gatekeeper for those entering the financial planning profession."
The Institute of Financial Planning (IFP) says it has no immediate plans to implement the guidance, which would have to be discussed at board level first.
Read the FPSB's Guidance on Supervision of Financial Planner Work Experience HERE.
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