The addition of this feature to unbiased.co.uk and over 50 other online searches powered by IFAP is in recognition of the benefits of consumers being aware of this qualification and able to find local independent financial advisers who hold it.
David Elms, chief executive of IFA Promotion, commented: “The Chartered Financial Planner status is a positive move for consumers. We want to help spread awareness of this qualification and what it means to anyone looking for independent financial advice. We also urge any IFAP members who haven’t yet told us of their chartered status to update us now, since this and other incremental qualifications are powerful marketing tools for the independent sector as a whole and to drive business for individual firms.”
Chartered Financial Planner status is achieved by an IFA attaining a minimum of 290 exam credits including 180 Advanced Financial Planning Certificate (AFPC) level credits; having five years’ relevant industry experience; adherence to the Chartered Institute of Insurers’ (CII) Code of Ethics and Conduct and a demonstration of at least three years’ Continuous Professional Development.
Recent research from IFA Promotion revealed 71 per cent of UK adults view additional qualifications as an important factor in choosing a financial adviser. Of these, 56 per cent would prefer to see an adviser with additional qualifications in the product areas relevant to them, while the rest would look for advanced qualifications in general financial planning.
IFAP research also showed that the internet is the first port of call for consumers researching financial advice and over 90 per cent of IFAP enquiries are dealt with online.
Elms continued: “IFAs need to reflect their offering in the best possible light online, most importantly in terms of the information they supply to IFAP and how much they use our online dominance to drive relevant leads to their firm. Incremental qualifications, including Chartered status, are a very strong way of demonstrating your firm’s commitment to quality advice, particularly when you consider that nearly a quarter of our enquirers now specify an incremental qualification when choosing an IFA.”
IFA Promotion also reported a 72 per cent year-on-year surge in the number of additional qualifications held by individual IFAs listed on its database, up from 10,920 to 18,795.
