President's comment

The Value of Advice.

Although I have a number of issues that I wish to tackle in the next year, there is no doubt that my core theme is to ensure that those in Government; Regulation and the Media fully appreciate the value which comes from taking professional advice.

In order to underline this value we will need to engage all of the membership into what will be campaign mode. It is essential that our members communicate the value of their advice to their clients to help them in this we are investigating the cost and logistics of making client feedback mechanisms available to all firms large and small.

This year like the latter part of 2007 will be dominated by the Retail Distribution Review the final shape of the market will have an effect on the way business is transacted and the level of competence that is tested at various levels. Some will call for grandfathering as a means to ensure no reduction in adviser levels but this is untenable we cannot find ourselves in the position where the public need to interrogate advisers of the level of their competence that is not to say that all advisers need to become Chartered as some functions will not need that level of competence but if we seek parity with the other professions we need to recognise that Chartered status delivers just that.

PFS was fully involved in the CII position papers through to the final submission on the Retail Distribution Review and this will continue in 2008 so that an appropriate response can be made to the Consultation Paper when it's published Q3 – 2008. We will also continue to lobby the FSA on key issues for advice professionals and in this time of concern for climate change we intend to bring forward the debate on the sheer quantity of paper which is required for compliant advice. This needs to reduce and quickly, we should be able to use the web to avoid this excessive amount of paper.

Any ideas or suggestions are welcome.

We have now completed our review of the regional meeting format; this was addressed in an effort to increase numbers attending as it forms a significant portion of our annual operating costs. This revised format allows us to stage more technically orientated events and hopefully will attract greater numbers.

This year we will also run a number of stand alone events which will take topical issues and provide you the level of support you need to maintain and develop your competence.

Our conference in 2007 was a great success so if you missed it make sure you don't miss 2008 the earlier you book the lower the cost so don't wait too long, The conference is not just about education for many delegate the chance to network with their peers is a major reason for attending.. The flexible format allows you to take your own route through the conference for maximum benefit.

Many of our events remain possible and at reasonable prices due to the generous support of our sponsors we thank them for their commitment to the increasing professionalism of our sector.

This is your society and your feedback is valued, like many of you I operate my own planning business so I will not always be able to respond by return but I need your feedback and suggestions so keep them coming. Please email me on Lyn.New@thepfs.org

Robert Reid ACII, APFS

Chartered Financial Planner

President