PFS President’s Update - January 2012
“Congratulations! 6,000 more CII Diploma passes in 2011”
I am pleased to report that, at the end of 2011, 58% of PFS financial planner members were qualified at Diploma level or above, with a further 28% well on their way, with at least one Diploma unit pass. 2012 is set to be another busy year for members with a 67% increase in Diploma exam bookings. This gives great comfort that the vast majority of PFS members are on target to achieve their level 4 qualification ahead of the RDR deadline.
CII is also now in full swing in issuing free Statements of Professional Standing (SPS) to PFS adviser members: more than 2,500 have so far been issued, with average turnaround times of less than a week. Almost 4,000 gap fill records have also been successfully verified - don’t forget to submit your gap fill for verification as soon as you complete it (if applicable). Once formally verified you will be able to apply for your SPS. I would urge members not to leave their SPS applications until the inevitable last minute rush!
Membership Statistics
- Total members – 29,703 (as at 27 January ‘12);
- Chartered Financial Planners – 2,827;
- Chartered Financial Planners (firms) – 390.
Progression towards Diploma
- 58% of PFS adviser members now hold Diploma or above;
- 28% have passed one or more Diploma units;
- 6% have purchased Diploma study materials.
Progression beyond Diploma
- 5,000 PFS members are actively studying beyond Diploma towards Chartered status. 47% of Diploma qualified members share the ultimate ambition of achieving Chartered status [according to the 2011 PFS member research].
Member research highlights
- 89% consider membership very or quite relevant to their career;
- 75% consider their membership as excellent or good value for money (81% of members at Advanced Diploma or above);
- The perceived value of member services improved across the board, with ‘ability to playback recordings’ showing the biggest increase;
- The ‘gap fill tool’ and online technical archives (Knowledge Services) were amongst the most valuable member services in 2011;
- 60% of members have committed to offer independent advice post RDR, with 7% restricted and 8% a mixture. 21% have yet to decide. See our Professional Direction paper for further guidance - www.thepfs.org/professionaldirection ;
- ‘Percentage of investment funds under management’ was the most popular adviser charging model, followed by ‘fixed rates’;
- 24% of members expect to be accessing the internet and receiving business related emails using a tablet computer within 3-5 years (up from 1% who do so now).
A full article reviewing the findings of the 2011 member survey is published in the Jan/Feb FS magazine – view online at www.thepfs.org/fsmagazine .
Supporting PFS Members in 2012
- Free Quarterly Regional Conferences & Gap Fill – thousands of members took advantage of their free quarterly regional conferences in 2011, offering high quality CPD as well as essential gap fill, case studies and best practice sessions. There are 27 PFS regions with more than 160 member volunteers providing an excellent support network. Find your next local event at www.thepfs.org/events.
- Regional Chartered Network – 32 Chartered Champions now operate regionally to help promote Chartered Financial Planning and help Chartered members make the most of their status. Some excellent networking and technical events are planned for 2012 so, if you have reached the gold standard, make sure you get involved.
- *New Launch* Discover Fortunes – we have developed a new game to introduce students to the concept of financial planning, with a view to inspiring a new generation of financial planners. Members can get involved in delivering sessions in their local schools – see www.thepfs.org/discoverfortunes for more.
- *Now Available* Pathways – Whether you are a trainee embarking on your first role in financial planning or the owner of a small advisory business making an investment in new personnel, Pathways will provide the framework to help guide you both on your journey. See www.thepfs.org/pathways to download the guides now.
- *Coming Soon* ‘The Complete Business’ – With so many members on track to achieve their level 4 exams the focus for many small firms is making the transition to adviser charging. The Complete Business is an online tool to help members focus on the salient aspects of making the successful transition to adviser charging, but goes beyond RDR by helping firms focus on the key elements of achieving sustainability and competitive advantage. Keep and eye out for details of the launch towards the end of February.
- *Coming Soon* Professional Direction - Our next Professional Direction paper will provide clarity on firms permissions relating to advising on securities and derivatives and the qualifications / gap fill requirements.
Keep up to date and have your say
There are now over 1,600 members of the PFS President’s Thinktank group on LinkedIn, with a further 500 Chartered Financial Planners in the Chartered subgroup. Some excellent debates are going on right now:
- PFS President’s Thinktank
- PFS Chartered Financial Planners
Keep up to date with our tweets highlighting important news, announcements and comment by following:
www.thepfs.org
Jon Everill
President, The Personal Finance Society