IFP says its level four exam could drive down qualification costs

Great stuff. More competition = good.

But isn't this a little late in the day for advisers needing to meet the RDR deadline?

The CII could bring down the exam cost right now if they chose......and thereby get in ahead of others.

I think nearly 2 years is suffice.

I'm sure by first quarter next year the qualifications 'goalposts' will have been moved again anyway.

The sooner the details of this new qualification come out the better. I still have advisers who are considering which option to take to get them to level 4.

I agree with Michael and Melony

CII Diploma in Regulated Financial Planning (£527 for members)

ifs Diploma for Financial Advisers (£595)

AIFA Diploma in Investment Planning (£655 for members)

David Ross

CII

I have already had retrospective exams placed on me once, why do I have to re-qualify again? It should be only for new people coming into the industry. Old gits like me should be able to stay in business without having to do it all again.

Anyway the Leviathan will be back for more if we accept this again, and again and again .....................................

to David Ross Head of Media Relations at the CII.

you will have to show me where you get £527 from the CII ???

Real cost from start

R01 Exam £107

R01 Study text £93

R02 Exam £107

R02 Study text £93

R03 Exam £64

R03 Study text £56

R04 Exam £107

R04 Study text £93

R05 Exam £58

R05 Study text £33

R06 Exam £127

R06 Study text £93

Total cost for the FULL Diploma = £1031 ?????

maybe thats why i struggle with the CII exams my maths must be wrong

or have you forgotten the costs for study text ?

@ DAvid Ross

David

Could you clarify - I recently calculated the cost of the R exam route as over £880 for a member, including exams and study texts, which I believe are all included in the IFS cost you mentioned above?

This is of course if everybody passes every exam first time????????

Mr Ross while you have put yourself up to be shot at, let me ask you this question; Why is there only a 34% pass rate on most AF exams. Have the CII not heard of the normal distribution curve, or is this just another money raising resit scams. I would suggest that most advisers who sat these would agree with the latter.

By the way I have used CII exam data. If you don't believe me ask your colleagues.

Paolo,

If you have an existing level 4 qualification then you are likely only to need to complete some CPD to fill the 'gap' between the old level 4 benchmark and the FSA's new level 4 benchmark. This CPD is likely to be on ethics and is free to PFS or CII Members.

David Ross

CII

Richard,

An earlier poster commented on exam costs.

I've simply provided the published figures for sitting each exam - a common denominator across each of the bodies listed.

Clearly there is a wide variety of additional study support and learning material and this varies in scope amongst providers. As advisers will tell you comparing qualifications is very difficult.

David Ross

CII

David

the IFS figure quoted includes study material etc

comparing can be quite easy

its just the total cost ?

David,

The AF units, in common with all our exam units, are written, marked and moderated by your peers - advisers and practitioners from across the industry.

The number of candidates passing AF units in 2009 varied from 47.81% )AF4) to 30.34% (AF5). This reflects the simple fact that the application of knowledge required is to pass the exam - generally you'd need to get around 55% of the questions correct - was insufficient . Our qualifications are regulated by OfQual.

It is worth noting that the CII does NOT operate quotas. Put simply, f you get more than the pass mark you pass the exam we do NOT fail a percentage of candidates to meet a quota.

David Ross

CII

Richard / Paul,

I avoided including learning support and study materials because it varies so much between providers. The CII for example offers face to face revision, online tutorials and an exam preparation course for RO6. AIFA and IFS have their own materials and their own pricing matrices. Not all candidates take advantage of all the materials on offer and that includes study texts. The cost of sitting an exam is a basic measure but I am happy to acknowledge that there are a range of other measures that could (and should) be applied in choosing with whom to study.

David Ross

CII

David

Thank you for confirming. On the basis that the minimum required usually includes the study texts and to sit the actual exams, would you acknowledge that the Cii minimum price is therefore substantially more than the minimum IFS route? Will the cii, as a non profit organisation which presumably exists to benefit its members therefore, be reducing costs so that its members are not disadvantaged financially compared to others? Given the importance of these exams and the one off (hopefully) nature of the RDR changes, by how much could these costs be reduced before the cii would risk losing money, as opposed to not making a profit?

(PS Im already there so this is not a vested interest request!!!)

Paul,

Including study materials muddys the water somewhat because the availability of what each body others differs significantly. Similarly whereas it's possible to take individual RO units with the CII the IFS Diploma is a package. The AIFA offering is not aimed at new entrants. Clearly there is a choice to be made and price is a factor. From a CII perspective I can reassure you that we do not seek to profit from exams. The exams are written, marked and moderated by your peers - practising advisers. Most of them will be Chartered Financial Planners and as you would expect they charge for their time. You will be well placed to understand the sort of hourly rate such individuals command.

Our operating surplus was around £400K last year and this money is reinvested. Bearing in mind our scale - we have over 95,000 members in 150 countries and oversee around 90,000 sittings exams each year - this seems a relatively small amount. And it's this surplus that allows us to fund, amongst other things, the development of the new online Diploma and our new gap fill tool that shows what advisers need to do to acheive RDR compliance.

Despite the opinions of many the CII is a genuine not for profit organisation. I would not argue that we aren't successful - we are the largest professional body of our kind in the World - but it is wrong to suggest we are profiting from advisers. The CII and PFS are overseen and accountable to CII and PFS Boards made up of industry practitioners. The PFS Board is predominately individuals who are practising financial advisers - Mike Fosberry is the current President. The disciplinary committee, the renumeration commitee and all the other taskforces, working parties, steering groups and councils are made up of individuals from across the profession. In essence the CII and the PFS is you and your colleagues. If you are a member of the PFS then you are part of a collective movement of your peers that aims to better this industry, partly through qualifications, partly through a committment to continuous learning and partly through a belief in ethical behaviour. This is the price of proffessionalism.

David Ross

CII

Oohhh - that's a bit disingenuous to say that the Chartered Financial Planners who mark your papers "charge for their time" and we "are well placed to understand the sort of hourly rates such individuals command".

Please feel free to disclose the basis on which we peers and practitioners actually get paid for marking papers. I recall a fixed sum per paper, maximum 100 papers plus a requirement to attend the two moderation days.

I certainly don't recall my income from marking CII papers bearing any resemblance whatsoever to my (widely acknowledged to be incredibly modest) hourly rate especially when you take into account the time it takes to mark papers carefully, thoughtfully and properly.

Oh - and by the way, if you're going to use that as an excuse / reason for the costs of the exam process, then you may set yourself up for the argument that there should be differential (lower!!) costs for the electronic papers which are dependent on machines!!

Gillian,

My intention was simply to highlight that there is a cost to producing examinations and that advisers should not think that their professional body are profitting from this process. In developing an examination a subject matter expert (practitioner) could expect to earn between £200 - £350 per question. Markers are paid £6.50 per two hour paper or £7.50 if the exam is a three hour paper. There are also costs associated with remarks, the moderation process and of course writing and reviewing all the study materials.

On the matter of online exams...

Some elements of online testing are cheaper but others incur greater cost. At present we operate three JO exam sittings each year. Clearly online exams are less expensive in terms of marking but because the new online Diploma (RO) is available at our exam centres on any working day in the year we need to have significantly more questions. Overall the savings made on marking are offset by the additional costs of having experts write more questions.

David Ross

CII

Just to keep up the momentum......

How many of your " markers " are still using commission to fund their day to day activities and do they have or have to display any understanding or knowledge of the world advisers are being told that they must operate in from 2012 ?

And if the answer is something about your remit there is no need to bother.

I see that the IFP (has Nick got lvl 4 himself) annual shindig in Wales is scheduled on the exact same 3 days as the PFP annual conference in Brum.

I think I'll do my own planning thank you!

lt used to be, "those who can do, do, but those that can't 'teach'" Now it seems to be a question of "those who can't, 'regulate'.

Philip,

I can reassure you that the computer that marks the new online RO units receives no commission whatsoever for their work.

On a serious note I don't see why commission would in any way affect a markers ability to mark a paper.

David Ross

CII

David,

I think I was being a bit too clever.

I was actually questioning the value in having exams and examiners from the old school ie commission based advisers, evaluating advisers who use a completely different model ie. being paid by their clients.

I know I bang on about this but the problem will not be going away.

Cheers.

........and 'Well done' Philip for banging on about it so. The hypocrisy in this industry never goes away, - (see contemporaneous thread about FSA salary rises)

Anitaki

The full maxim isThose than can do, those that can't do, teach, those that can't teach, teach teachers.

Can you imagine if the FSA had gotten hold of the driving test? The theoretical part would have been two years learning about oil driilling, fractional refining of petrochemicals, 6 months in the Honda factory to learn about how cars are made (you get the idea). Motor traders would have needed 5 years study before shifting metal.

Sep 01, 2010 at 08:48

Thank you Greg. lt is obvious that we are being told how and what to do by those who are incapable of doing it themselves

Most of the advisers involved in the development and marking of CII exams are Chartered Financial Planners. If any are following this series of postings then they make wish to respond to your comments, specifically whether they view themselves as 'old school'.

The CII is fortunate to have a wealth of practitioners - your peers - from across the advice sector who, amongst other things, assist in the development and/or marking of examinations. However we are always looking to expand this network and would be delighted to hear from anyone who is interested in helping shape their profession.

David Ross

CII

David,

You grant Chartered status to people who buy your products. Your products are based on historical practice and in no way indicate that a holder will be " fit for purpose " in the world we will have post RDR.

I will be happy to debate this issue with anyone you nominate.

Philip,

You are wrong if you believe for one second that Chartered status can be bought.

We expect Chartered Financial Planners to have studied to a level that evidences their breadth of knowledge. This is not any different to other professions where part of being awarded Chartered status would be that you had suitable qualifications.

It's disappointing that you openly criticise those individuals who have strived to raise the bar of their profession by improving their technical competency, embracing ethical behaviour and committing themselves to a programme of continuous learning.

The criteria for Chartered status were defined following lengthy discussion with industry practitioners and with the full endorsement of the Privy Council. It is wholly voluntary and advisers are free to choose whether they commit to become Chartered. To date over 2000 have done so.

If I might move the debate on slightly. ...

You clearly have a strong view on what the CII shouldn't be doing in the examination / Chartered space. Are you able to articulate what it is you think we should be doing? I would prefer to see this evolve into a constructive debate rather than a negative one.

David Ross

CII

I think others have said enough about the financial cost of acquiring CII qualifications.

I have said to you several that the CII should be addressing the very real issues presented by the RDR which threaten to decimate the IFA community.

The change over from provider commission to being paid by clients is a huge problem which many advisers struggle to grasp and the expression of function as a value proposition is certainly giving great concern to many.

Of course vested interests are promoting their own solutions which are designed to retain control over advisers which underlines even more the need for independent guidance on these critical issues.

No I dont need this help myself as I have long ago changed my business but any casual observer of these and other blogs will be well aware of the time bomb which lies ahead..

If education is your remit then these issues should be embraced by your organisation and solutions included in the products you sell.

As a former Investment Manager (now an IFA), I have historically had more dealings with the CISI and have chosen to continue down that path. Although initially concerned about the impact of RDR on my new career, I was very pleased to see that one of my old SII Diploma papers, Private Client Investment Advice and Management, was included in the Transitional Qualifications list.

It isn't an easy exam, few are, but for anyone that already holds a level 3 qualification I would encourage you to have a look at it and take it into consideration. One exam, one fee and two years to crack it. The gap-fill has already been calculated by the CISI and this one paper hits 94% of the RDR requirements - minimal CPD is therefore required. Incidently, taking a further two multiple choice papers can qualify you for one of their full level 6 Diplomas or as a standalone paper this is a level 6 qualification.

Coupled with CPD and a scenario-based test around ethics, you can also quickly qualify for Chartered Member and subsequently Chartered Fellow status - without the need for a multitude of futher exams.

I am a member of the CII and just shy of the Diploma with them (mostly through exemptions I must add) but my objective is to meet the RDR requirements in the most cost effective and by the quickest route. For those of you needing more than a couple of J or R papers it may be worth considering a 'switch of alllegiance' from the CII and put your hard earned cash with a body that seems to recognise the importance of the skillset you already have and don't pay too much attention to handing out qualifications on a points basis.

Wayne Gooch

Chartered Memeber of the CISI since this week.

Just to correct myself, a full level 6 Diploma with the CISI can be acheived with the DIploma paper Regulation and Compliance plus two multiple choice exams, not the PCIAM plus two as per my previous post. I hold both and confused myself somewhat!

Wayne

First time poster, long time reader.

CII exams are clearly more costly than David states as I myself would not for a second consider taking the exams without purchasing some kind of study text first. Then there is the question of do you actually pass the exams first time around?!

I have been in financial services for well over 10 years but only qualified as an adviser 2 years ago. Having spent 2/3 years studying and getting the CII Certficate In Financial Planning imagine my delight when I discovered I had to take more exams to be able to continue in my hard earned new job !!

Much as I love my job I do, like most, have a life outside of the office and am sick to death of spending it up to my eyes in exam study texts. Despite this I have willingly had a go at the CII JO exams and after 3 attempts at JO2 and over £500 later no pass achieved I have now given up and am working towards the IFS Diploma instead. £595 for the full exam course with exams, study text and full online services, including online tutors if you need them. Makes much more sense to me that battling on alone and at greater cost with the CII qualification.

Further to Philip and Davids exchange;

Although lack of detailed technical knowledge can impact on advice, and might lead to poor advice, it also seems to me that a large and important element of what most IFAs do day to day is totally overlooked within the Cii qualifications and hence appears to be taken for granted. The ability to research solutions and the awareness to identify the most suitable one that best matches the objectives is surely pivotal to doing a successful job? Ive done quite a few Cii exams and not once can I remember this ability being tested. How to use research tools, how to analyse products or funds, how to perform due diligence exercises, how to read prospectuses, how to examine existing plans, how to lift the bonnet (let alone look under it!), what a professional audit trail should look like etc.

Not to mention the other major part of the job, namely how to listen to and engage with people and find out what you need to from them.

I also wonder whether highly qualified IFAs dont always address key client issues as they may be deemed to be too dull (eg organising proper life cover?) - I may be wrong but its what i feel goes on, or doesnt, certainly with some!)

Maybe a key part of any assessment of competence (certainly at the highest level) should involve a practical client case study with a full solution (covering everything!) having to be generated both in terms of client presentation and audit trail? (Maybe with some of the cost of the exam to be paid by the real life client acting as the case study but hopefully (certainly post marking!) getting expert advice??!)

I understand what you are saying about the CII exams primarily testing technical skill, but there are some aspects of what you have suggested now being examined. have you sat the J06 exam? This looks at analysing funds and products and backtesting performance of a clients portfolio.

The new R06 and the advanced papers test you on case files for clients although I do feel they concentrate very heavily on the technical points (trying hard to trip you up rather than testing knowledge) rather than the soft skills which are required to guide a client through a review and recommendations.

I do feel that the level 4 should come as a 'package' testing a variety of skills through both paper exams and perhaps a face to face assessment. These are being developed but the CII doesn't seem to want to stretch itself in terms of providing what the market wants and needs. I will be interested to speak to anyone who goes through their proposed one day assessment for the diploma. Talk about swinging from one extreme to the other!

Isn't it really interesting that most comments are about getting ready for the RDR rather than improving one's ability to serve clients ?

Philip,

As you’re not a PFS member let me outline what our members can expect at their conference in a few weeks time. I think even you will agree that the content is focussed squarely on informing and educating our members and not about exams.

Personal tax planning essentials:

Danby Bloch , Editorial Director, Taxbriefs

• Living with the 50% tax rate

• Loss of personal allowances

• Limited tax relief on pension contributions

• Alternative tax vehicles for retirement planning

The process of investment advice - Panel Session:

Just how robust are the theories and assumptions that underlie much investment planning? Includes panel session chaired by Justin Urquhart Stewart and Peter Robertson , Head of Retail, Vanguard Investments UK

• Is risk profiling as it is currently conducted, with its generally high psychological content, really a meaningful activity?

• Is it really possible to link model portfolios to so-called risk profiles in a way that will meet clients’ genuine needs and expectations?

• Is volatility an adequate measure of investment risk? - What other measures might be appropriate?

• Is modern portfolio theory useful?

• What does asset allocation really mean? - Will it continue to be a more important determinant of performance than fund selection?

• Will passive investments produce adequate returns?

• Is diversification a more effective strategy than hedging?

Panellists:

• Chairman, Justin Urquhart Stewart

• Peter Robertson, Head of Retail, Vanguard Investments UK

• Tony Stenning, Head of UK Retail, BlackRock

Business transition - Panel Session:

The challenge of adapting to adviser charging:

• What adviser charging means

• How to design and present a customer proposition

• Providing perceived on-going value to clients

• Keeping the cash flowing - solving the financial problems of advisor businesses

• Important tax considerations

Panellists:

Chairman, David Shelton, Head of IFA Consultancy Service, Scottish Widows

Carole Nicholls, Principal, Nicholl Stevens, Past PFS President

Lee Robertson, CEO, Investment Quorum

Paula Steele, Managing Director, John Lamb Partnership

Trusts case study:

John Woolley, Joint Managing Director, Technical Connection

Using trusts in pensions and protection planning:

• The need for IHT protection planning in the current environment

• Using discretionary trusts with protection policies for tax efficiency and flexibility

• Multiple trusts, Rysaffe planning and IHT issues/benefits

• By-pass trusts for pensions - planning using integrated and pilot trusts

• Planning to deal with IHT issues on by-pass trusts - minimising periodic and exit charges

• The benefits of using loans to secure the surviving spouse's financial position

• Do’s and Don'ts (ill-health / transfers / Fazakerley problems)

Personal pension and other DC scheme transfers – the challenges and opportunities

Hugh Bance , Director of Risk, Prescient Financial Intelligence

The challenges and opportunities being considered include:

• The current regulatory framework

• The key motivators for transferring

• Compliance considerations (pension switching)

• The role of the financial adviser

• Managing the inherent and control risks

Business tax planning strategies for 2010

Peter Rayney , Peter Rayney Tax Consulting

Focusing on business tax planning for 2010 and beyond, the key considerations include:

• Cash extraction strategies

• Providing shares to spouses and income shifting

• Choosing the best trading vehicle (sole trader / partnership / LLP / company)

Exchange Traded Funds - towards more efficient portfolios

Chris Gilchrist, Editor, The IRS Report

• Beyond active / passive: quant ETFs can be both

• Risk rating is an essential filter for advisers

• Commodities: for discretionary services only

• Core-satellite uses of ETFs

• Does an ETF-only portfolio make sense?

Lifetime cash flow modelling - The power of cash flow modelling and scenario planning

Petronella West , Director, Investment Quorum

The power of cashflow modelling is one of the most powerful techniques available to financial planners. The session will explore its benefits for advisers and their clients and how to avoid some of the potential pitfalls:

• The value of cash flow modelling to advisers and clients

• How to work with clients to identify objectives, analyse budgets and agree assumptions

• The use of scenario planning

• The importance of regular reviews in the light of changing circumstances

Writing and implementing a business plan:

John Baxter, Head of Financial Planning, Macquarie Bank International

Business planning provides the essential strategic direction for an organisation and involves a comprehensive assessment of the unique risks facing that business, further compounded by economic instability. This session will focus on:

• Protecting and growing your revenue

• Managing the roles of your staff in an evolving business

• Managing risk in the execution of your proposition

• The difference between planning for a sale and planning for sustainability

Business Ethics for Financial Advisers

Simon Collins, Managing Director, Compliance, Resources Compliance

This session considers the essential ingredients of running an ethical advisory business:

• The key issues for experienced advisers

• Adding business value and building trust

• Making the tough calls and demonstrating integrity

• What the FSA expect

• Being a leader – and how to keep on top of ethics through CPD

• The wider picture – ethical culture, governance, risk and compliance

Investment & Retirement Case-Study

Alternative retirement funding strategies for high earners

Ian Naismith , Head of Pensions Market Development and Jon Dunckley , Financial Planning Manager Scottish Widows

This case study will look at the practical alternative retirement funding strategies for high earners and pension contribution strategies to maximise tax relief:

• Anti-forestalling: who’s caught and how?

• Salary exchange and Personal Allowance tapering

• How they all interact

• Pension alternatives – MIPs, bonds and oeics

• Pension alternatives – VCTs and other esoterics

Extracting income and gains from trusts

Tony Wickenden , Joint Managing Director, Technical Connection

This session will look at how trustees fare under the new tax regime

• Income tax, cgt and iht fundamentals for trustees: what’s the same and what’s changed

• Trustee investment necessities

• Investment tax wrapper choice

• Tax planning to maximise trustee and beneficiary income and growth

Structured products - their role, limitations and how - integrate them into asset allocation strategies

Marc Chamberlain, Executive Director, Morgan Stanley

Structured products have been much derided but, when used appropriately, can add considerable value:

• What we learnt post credit crunch

• When to consider structures and when to avoid them

• What managers are really hedging with a structured product

• A structured product is generally long or short volatility – how to tell and how to price

• CDS – what do they tell us and how relevant are they

• Crystallising an investment idea into a commercially viable outcome for the client

The Internet: Client’s & Financial Advisers – The Rules of engagement

Ian Thomas, Director, MRM

• Why the changing media landscape is good news for Advisers

• Doing what you say beats saying what you do

• How to make your website interesting, useful and usable

• Three things you must do - that cost you time but not money

Graham Jones, Internet Psychologist

• Having a web presence means being present – you need to take part personally

• It is called ‘social networking’ which means being ‘social’

• The one psychological online response that matters

Breakfast seminars

The CII Gap Filler Tool – a demonstration

David Phillpotts

Head of Access Contact Centre

Sponsored by AEGON

Building a more efficient practice – how to power your proposition into a post RDR world

John Porteous

Head of Distribution, Macquarie Banking & Financial Services Group (UK)

• Selecting appropriate tax wrappers for long term financial planning strategies

• The evolving criteria for provider selection

• How to embed platforms seamlessly into your business

• Demonstrate the value rather than cost of efficiency

Ethical and Fair Outcomes - A New Approach to Regulation?

Mike Kennedy

Compliance Auditor, Threesixty Services

* Ethics and culture – the role of the regulator and firms;

* A new focus on “outcomes focused” regulation

* What firms can do to operate effectively under this new approach

Trustee or not Trustee - that is the question

Business Development Manager (Pensions), Prudential

*The role of the modern trustee; *Their duties and powers; *TPR requirements

Diversification can be a 'Free Lunch'

Darren Ripton

Head of Investment Process, Standard Life

* The control of short term portfolio volatility and the reation of long term returns

Keynote from ex-BBC 'Dragon' and entrepeneur Doug Richard

Keynote from public relations specialist Susanne Simpson

Investment Trusts - The Best Kept Secret in the Fund Management Industry:

Simon Elliott , Head of Research, Winterflood Securities

This session takes a detailed look at Investment Trusts, particularly:

• What makes investment trusts different from open-ended funds

• The advantages & disadvantages of the closed-ended structure

• And the asset classes that suit it best

• How an awareness of discounts can be used to generate out-performance

• Why Advisers should recommend investment trusts to their clients

The changing face of final salary pension transfers

Rob Gaines , Author and Pensions Consultant

A close look at the pressures faced by final salary pension schemes in 2010 and the implications on transfers:

• Changes to transfer valuations

• The threat to transitional protection

• Employer inducements

• The impact of the PPF on advice

• When to reduce a transfer value

Managing your relationship with the regulator

Simon Morris , Partner CMS Cameron McKenna

When the regulator comes knocking there are some key do’s and don’ts to managing the relationship:

• Addressing FSA's key concerns

• FSA's 2010 agenda for intermediaries

• What to do (and not to do) when dealing with FSA

• What happens if FSA has concerns - and how you can manage them

Inheritance tax planning Case Study

Helena Luckhurst, Solicitor, Speechly Bircham

This case study session will look at the practical tools available to Advisers when considering inheritance tax planning solutions for clients, including:

• The transferable nil rate band: dos and don'ts

• Wills: why they are still central to IHT planning

• Tax planning with the family home

• Lifetime gifts: capital versus income

Business Transition - massively increase your productivity by doing what you do best

David Batchelor , Director and Principal, Wills & Trusts Independent Financial Planning Ltd

In this session David will discuss how building the right team will support and strengthen your move to a full fee-based advisory practice:

• Focusing on profit, not turnover

• Building a 'Sale-able' practice

• Developing your team

• Salary, remuneration and reward programmes that really work

SIPPs v SSASs - when they are most appropriate and other practical issues with MDPs

Stewart Dick , Head of Sales, Hornbuckle Mitchell Hornbuckle Mitchell

• The key differences between SSAS and SIPP

• The continuing relevance of SSAS in the post A-Day world

• When a SSAS can be a better choice than SIPP

• Case studies and examples of SSAS in action.

• What makes a good SSAS provider.

• The implications of their unregulated status

Designing the efficient office by using technology in your business

Graham Cross , Director, Chief Operations Officer, Helm Godfrey

In this session Graham shares some useful insights into the practical considerations for Advisory firms in designing and implementing a high tech efficient back office:

• The end-to-end solution - from initial meeting through implementation to client review

• Making it achievable

• Pitfalls and challenges

• The benefits for Clients, Advisers & Firms

Recipes for Success – Learn from Highly Successful Advisers - Panel Session

A must attend session as three leading Advisers host a panel session in which they will share the tips that led to their success and give you the benefit of their vast experience

Panelists:

Sheriar Bradbury, Managing Director, Bradbury Hamilton

Brian Steeples, Managing Director, Turris Partnership, Past PFS President

Joel Adams, Joint CEO, LIFT-Financial

NEST latest developments and how they affect pension planning for SMEs now

Adrian Boulding , Pensions Strategy Director, Legal & General

• NEST charges - a change of direction

• How many employees will opt out

• Will master trusts prove popular

• The importance of investment fund choice

• Do staff appreciate a quality pension

• National insurance - a tax on jobs but not on pensions

Helping clients overcome psychological investment barriers

Kim Stephenson CPsychol, Owner, Stephenson Consulting

• Rampant symbolism - why people will tell you more about their sex life than their financial dreams

• Tell me what you want, what you really really want - the value of 'personnel' investment

• Women buy shoes, men buy gadgets, neither buy pensions

• Logic - '… what is it good for?'

• Why SMART goals aren't smart enough

• Coach, train or push

Business Transition Case-Study

Alan Hughes , Associate, Foot Anstey Solicitors

This business transiton case study will focus on the practical tools for building value in a post-RDR world, especially:

• Drivers of business value

• Changes to value post RDR

• Preparing to acquire or be acquired

• Valuations and deal structures

• Key legal issues

Thanks David,

With due deference to Danby who I have spent meny happy conferences with I am not sure what is attractive about a bunch of product/service/theory pushers at a meeting.

Shall we agrre to give this up as I will not be coming round to your way of thinking.

What an informative read - as a somewhat junior member of this industry and therefore not carrying any emotional 'baggage' of having been adviser for decades and therefore being rather annoyed at having to take more qualifications just to show I have a piece of paper....

I can happily say that exams (especially CII ones - yes I may have only done the CFP exams so far but by god the texts were bloody awful and the majority of exams simply asked me to regurgitate things I could remember) do not maketh an adviser and I defer to my peers who have the experience and understand what matters most.

As for my own choice of who to go to - I am using the IFS - based on the fact that it is far more cost effective - David Ross you cannot discount study materials from your equation as you and I both know that you cannot take the exams without buying the study text. Please do not insult my intelligence by suggesting that these costs 'muddy the waters'. You even go so far as to suggest other texts are used to enhance your own provided texts.

And with regards the PFS conference - that was a very, very long post - either you did a copy and paste job (wise) or you have far too much time on your hands (unwise)

You know I fully respect you have a line to toe, but really you remind me of those folk who despite all the proof to the contrary, still believe they have the cheapest product - oh hang on - aren't we taught that cheapest isn't always the best ?

As always - DYOR