There is an interesting debate taking place on a financial services sector website called New Model Adviser (published by Citywire) about a network IFA firm who has insisted that any of their appointed representatives firms must have Chartered Financial Planner status (like we do).
This announcement has attracted a pretty polarised debate with some claiming that what clients buy is the personal relationship with their adviser regardless of whether he/she has the minimum necessary qualifications or like many has sought to improve their qualification levels.
Even some with the higher qualification levels are struggling to explain their value to their clients.
This is a real pity because many of us at individual or firm level fully understand the value of what all that extra study and exams have meant.
The key benefit to our clients of Chartered Financial Planner status is that we are able to evidence that we have been prepared to test our knowledge in a challenging and structured manner.
After all in a highly technically complex financial world we think that our clients deserve that much.
It doesn’t stop at exams of course; we are subject to a robust continuous professional development program that ensures we keep our knowledge up to date in the areas where we provide advice.
So for us it is the combination of relevant experience, skill and higher qualification standards that means we can be the best we possibly can for our clients. Trust sincerity and honestly after all are just hygiene factors.
For us the minimum qualification level is just not good enough for our clients.
