Wizards view RDR
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Dear Wizard Learner For a short audiovisual presentation about our online training click on this link: Wizard's view According to the FSA’s Retail Distribution Review (RDR), all investment advisers, whether independent or tied, will be required to obtain a QCA Level 4 financial planning qualification. Current qualifications that meet this requirement are the CII’s Diploma in Financial Planning and the ifs’ Diploma for Financial Advisers. There is little doubt that these plans will go ahead (or at least something close to them) as they become finalised over the coming months. So where will that leave you? Positive or negative about the requirement for further qualifications, you will need to accept that these plans will be put in place meaning you have to achieve the necessary standards by 2012 (if you have not already) if you wish to continue working without direct supervision. The good news is that you have 4 years to achieve the required standard, so the level of disruption in both your work and home life can be managed by planning thoroughly. In addition, institutions such as the CII will take into account any prior learning and qualifications and award these relevant credits. What about those who have achieved a certificate level financial planning qualification and no more? There will be many advisers in this situation and the emphasis on making an early start to your studies becomes amplified. Let’s look at a case study: Case study You may think that the latter option sounds easier. Some would argue it is tougher as it does not just base itself on the knowledge based aspects of financial planning but also advisory skills such as good written communication and structuring of recommendations. In addition, both the assignment and the final exam have to be passed to achieve the designation. The CII’s offerings are predominantly knowledge based and many firms will continue using them due to their familiarity. However, I anticipate that the ifs’ Diploma will become more popular over time. Planning tips Make a decision as to what you and your firm want most out of your studies as well as just the designatory letters. This is a vital point that is often missed. Gaining these qualifications could give advisers and firms a competitive edge if planned carefully and aligned with the needs of the organisation and its customer base. There is no reason for example, why these qualifications could not be used to develop specialist areas for expertise. If the decision is to follow the CII route, the sooner you start, the better. These are challenging exams and anyone who has taken them before will tell you that to take more than one per exam sitting requires a lot of dedication to study outside working hours and for many, that is a struggle when accounting for the work/life balance. Therefore to take four CII Diploma exams, you will need to plan over 2 years to give yourself a realistic hope of first time success. Study time for CII Diploma subjects is recommended at about 90 hours. A disciplined approach to revision is very important if the necessary quality study is to be achieved. If you haven’t picked up a study book for years, you may find that you have to re-learn about how best you learn! If you are not sure or not keen on continual reading of a text book, then using a blended approach to revision will help. For example, as well as attending face to face courses, use the opportunity to practice with specific case studies or exam style questions. Come up with your own summarised notes incorporating simple to understand diagrams. Listen to audio recordings of main syllabus points. Look subjects up in further detail using specialist publications or the Internet. The lists and permutations are very wide these days and we don’t all have to be restricted to one set of study notes. At Wizard Learning we have long felt that the day of higher level qualifications will come. As a result we have developed a wealth of learning tools for you to use to make life a little easier. We continue to develop our products and services recognising the dynamics of this industry and its fast changing needs. Wizard Learning
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