Personal Finance Society celebrates 15 year milestone

Since it’s incorporation in 2005, resulting from the merger between the Society of Financial Advisers (SOFA) and the Life Insurance Association (LIA), the Personal Finance Society has evolved as the sector’s leading professional body with a membership of over 40,000 and growing.

During the last 15 years the Personal Finance Society has pursued strategies focused on driving professional standards and consumer trust, in common with parent company, the Chartered Insurance Institute’s, royal charter.

By the end of its first year the Chartered Financial Planner status was launched offering the sector recognised parity with other Chartered professionals and within twelve months 389 early adopters had proudly qualified to use the title. Today, over 7,000 members are now eligible to use the coveted title (with more than 700 firms qualifying to use the equivalent corporate title (launched in 2008).

Inaugural President of the Personal Finance Society, Brian Steeples of Turris Wealth Management in Glasgow, commented:
“The whole sector should be proud of just how far it has come in such a short space of time. Qualification levels is a stark indicator of how financial advice has moved from an industry into a more trusted profession and I’m delighted to see the positive progress continue.”

The Personal Finance Society has also established the most comprehensive continuing professional development programme in the UK with full-day events delivered every month in 27 locations throughout the UK. Through these events, and specialist roadshows, national conferences, livestreaming and webinars, 25,000 members each year use these forums to regularly update their knowledge, skills and share good practice with their peers.

2020 will also see the return of the much-commended Festival of Financial Planning at Birmingham’s NEC in November. The 2016 event proved extremely popular in uniting the sector and setting a new benchmark, with 3,500 delegates enjoying top quality CPD via main stage and over 70 breakout sessions, in a colourful and fun environment. Where else can you brush up on technical insights, IHT planning, test drive a Tesla, summit the climbing wall and enjoy Morris Dancers all in one day?!  

Current Personal Finance Society President, Adam Owen of NextGen Planners, commented:
“Being a member of the Personal Finance Society gives you access to a wide range of resources to help you stay up to date and develop as a professional. This includes both technical knowledge and skills development available face to face and online. Members appreciate the good practice guidance as well as business focused skills and training topics such as leadership and succession planning.”

Since the introduction of the Retail Distribution Review, and appointment of the current CEO, the PFS has transformed its role and membership proposition, which includes several major initiatives. It has also increased its engagement with government, regulators and consumer groups; recent initiatives include the creation of The Pension Advice Taskforce, which resulted in the creation of a cross-sector Pension Transfer Gold Standard guide for consumers and allows advisers to align with the principals. 2020 will also see the return of FCA speakers to our programme, keen to share examples of good and poor practice around pension transfers.

Keith Richards, CEO of the Personal Finance Society concludes:
“Financial advice is increasingly recognised as an essential public service by government, regulators and the evolution that has established the profession in the UK as a model many overseas markets are learning from.

We are also committed to further engaging the public and will be expanding our pro-bono financial guidance programmes as well as increasing the reach of ‘My Personal Finance Skills’ in schools nationwide as a way of both educating students about personal finance, but also showcasing the rewarding careers available in the sector.

It is encouraging for the future of our profession that we are beginning to attract the next generation of Personal Finance Professionals as a first career of choice thanks to a change of image, increasing consumer demand and focus on succession planning.

Over the past 6yrs we have been committed to evolve the role and purpose of the Society to be a Modern, Relevant and Inclusive professional body and I am confident that over the next 15 years we will see further positive growth, success and recognition of our profession.”