The Advanced Financial Advice Module (AFAM) is currently being tried out upon a cross section of the UK financial planning and advisory services with a view to rolling it out nationwide if it is successful.
Once the advisers currently studying for the qualification have fed back and their comments analysed, the final format will begin to take shape. It will also rely on the outcomes of the Retail Distribution Review (RDR).
“AFAM has been designed as a post-CeFA qualification for financial advisers and planners to build upon their experience and enhance their ability to understand, present and communicate complex technical information," explained Mark Roberts, head of financial regulation at the ifs School of Finance.
"The key to this is to have the skills needs, and the current gaps in meeting these needs, dictate the future rather than attempt to shoehorn existing strategies into future practice."
The ifs believes that any financial advice qualifications beyond entry level need to focus on analysis, evaluation and the presentation of information, rather than purely testing technical knowledge.
AFAM has been developed to directly address a need for the enhancement of a 'specific competency in the provision of financial advice which is not adequately satisfied by existing qualifications' and cover investment, protection and retirement planning as well as taxation and trust solutions.
It focuses on how advisers can enhance their ability to communicate effectively with clients.
AFAM will follow the ifs School of Finance’s view that the shape, structure and content of qualifications and skills development should follow from the RDR rather than be used to influence or dictate the outcome of the Review.
