What qualification should my financial adviser have?
In order to provide regulated financial advice in the UK, a financial adviser must hold an approved qualification covering a number of financial planning subjects. Qualifications are generally from two main professional bodies: Chartered Insurance Institute (CII) and Institute of Financial Planning (IFP).
Advisers must hold a minimum qualification, subscribe to a code of ethics and keep up to date with technical issues through continuing professional development (CPD).
From 1st January 2013, the minimum professional qualification level for all financial advisers (including restricted advisers) is Level 4 Diploma qualification. This is the equivalent of a degree.
If you wish to ensure that your financial adviser has demonstrated a higher level of technical competence, the qualifications to look for are the Chartered Financial Planner qualification from the CII or Certified Financial Planner (CFP) qualification from IFP. These are deemed to be Level 6 qualification and represent a far more robust assessment of technical knowledge and understanding and practical application of financial planning skills.
In addition, each adviser must have a current “Statement of Professional Standing” (SPS) issued by an FCA accredited body. The SPS indicates they have signed up to a code of ethics and completed at least 35 hours of professional training each year. SPS certificates are renewed annually.
Read More
If you enjoyed this post, we recommend the following as additional reading.
Why Wealthy Women Still Struggle With Money (And How to Overcome It)
I love this quote by Coco Chanel: “There are people who have money and people who are rich.” It perfectly captures what I see so often in my work: Abundance and wealth are about so much more than what’s in your bank account. Many of my clients are deemed wealthy by societal standards. On paper,…
Help, how do I take control of my finances?
I had a meeting with a potential client last week who’d been following me on Twitter and as a result of my tweets had been motivated to get to grips with her finances. Hooray the message is getting through! The thing that confused her was “where to start?” If I was Julie Andrews I could…
Finding the right expert: So much more than just looking after your money
If you read The Sunday Times on the weekend you would have received the supplement “Your Adviser- Finding the Right Expert” I was delighted to be listed as a Top Rated Adviser, in the section for the London based advisers. The supplement was produced in association with VouchedFor, who are the equivalent of Trip Advisor…