Personal Finance Society tops 3,000 Chartered Financial Planners

There has been exceptionally strong growth in the number of Chartered financial planners over the last few years, almost doubling from 1,692 in June 2009, and more than trebling since June 2007 when there were 958 Chartered financial planners.

Research² shows that among consumers Chartered status is over six times more recognisable than other financial planning qualifications and that 58% have greater trust and confidence in the advice of Chartered practitioners than those who are not Chartered.

In other research³, firms holding the Chartered financial planner title reported that corporate Chartered status has had a positive effect on their business: 62% attracting more potential clients and 56% winning new business. Overall, 89% of existing Chartered financial planners firms surveyed would currently recommend the Chartered status to other financial planners.

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¹ Excluding the Isle of Man and Jersey.

² 2012 Chartered Consumer Research was conducted in April 2012 among 2,015 adults nationally. The survey was conducted on-line nationally by Opinium. This survey was a follow up to a similar on-line survey in June 2009 undertaken by YouGov which surveyed 2,045 adults nationally.

³ Corporate Chartered Financial Planners research was conducted at the end of 2011 among all Chartered firms of financial planners (over 400). The CII conducted the short online survey which was designed to see how Chartered status has impacted on perceptions of firms and also on key business metrics like winning business, increasing referrals and attracting staff.

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Chartered champions, first established in 2009, act as local advocates for Chartered status in their respective regions. The presence of at least one Chartered champion in every region means that the PFS now has the ability to provide the growing body of Chartered members in the UK with a variety of initiatives including 'Chartered Connections' events which establish links with other professionals such as lawyers and accountants.

Paul Duckworth FPFS, Chartered financial planner, Chartered champion for Yorkshire, commented: "It is great news that the benefits of the Chartered status, such as the stamp of quality it offers, have been recognised and are reflected in the fact the number of PFS Chartered members now exceeds the 3,000 mark.

"As part of my role as a Chartered champion in Yorkshire we have been working towards a very active programme of Chartered Connections events, the most recent of which was a joint meeting with the ICAEW - Sheffield District Society - on the subject of business exit planning, at which both an accountant and a solicitor spoke. It's been a real privilege to be a local advocate for the financial planning profession, promoting the benefits of Chartered status and our profession. Over the last few years there has been a definite rise in awareness about Chartered status among clients, andthe Chartered champion initiative is a great opportunity to further increase awareness."

Commenting Stephen Jones FPFS, Chartered financial planner, Chartered champion for Birmingham, said: "Our region has been actively promoting the benefit of working with other professionals with the Professional Institute's Network West Midlands (PINWM), which is an informal group of professional bodies in the local area. We have a meeting planned for 27th September, in association with Seven Investment Management, which will pull together members
from the Law Society locally, ACCA (The Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants). These meetings have proved popular as they are an effective way for members to improve their relationships and connections with other professions."

Fay Goddard, chief executive of the PFS, added: "It is a great achievement to now have over 3,000 Chartered financial planners among our membership with at least one Chartered champion in each of the Society's regions, forging valuable links with the local community and demonstrating the value of professionalism and the benefits that Chartered status denotes.

"Our mission at the PFS is to lead the financial advice community towards higher levels of professionalism, and we are only able to do this through the hard work and dedication of our members and Chartered champions."

ENDS

Contacts:

Lucy Grubb, public relations manager
lucy.grubb@cii.co.uk
Office: 020 7417 4430
Mobile: 07584 213408

Notes to Editors:

The Personal Finance Society

The Personal Finance Society is the leading professional organisation for financial advisers and those in related roles. With over 32,000 members, it promotes the highest standards of professionalism by setting the standards for technical knowledge, customer service and ethical practice across the entire financial advice community. To achieve its aims, the Society provides its members with access to relevant qualifications, learning materials, support services and practical benefits.

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