Strategy

Old Mutual Wealth Teams With CII to Launch "Investment Academy" For Advisors

24 March 2015

Old Mutual Wealth Teams With CII to Launch

A finance institute and a large wealth manager have teamed up to prepare UK advisors for important wealth management qualifications as demand continues to expand.

Old Mutual Wealth has joined forces with the Chartered Insurance Institute to launch an “investment academy” in the UK to prepare advisors for key qualifications as requirements on financial professionals continue to mount.

The academy prepares advisors studying for the AF4 Investment Planning qualification - part of the Advanced Diploma in Financial Planning that leads to Chartered status.

Old Mutual Wealth has launched the initiative in-line with an industry-wide focus on accreditation, driven by a requirement for at least half of a firm’s advisors to hold the diploma by 2020 for the firm itself to gain Chartered status. A number of other asset managers including JP Morgan Asset Management, Aberdeen Asset Management, M&G, Schroders, F&G and OMGI are also anticipated to supplement the CII content through presentations linked to exam units, a statement from the firm said.

The academy will launch next month to support advisors who are scheduled to take their AF4 exam in October, with further support initiatives to be rolled out more widely through the investment academy later this year.

To some extent, the move can be seen as part of how the global wealth management industry - or at least certain parts of it - is trying to build talent as demands for skilled professionals in the sector continue. (For a round-up of the kind of courses and programmes that exist in this sector, see here.)

“Quality financial advice is key to the future of UK plc, the UK retail financial sector and the financial livelihoods of UK consumers. Our investment academy will support advisors that want to continue to develop their expertise and reach the peak of their profession by attaining Chartered status,” Scott Goodsir, Old Mutual Wealth’s head of UK distribution, said.

“Consumers value Chartered status and see it as a mark of professionalism and integrity. We believe that by supporting advisors through these qualifications we are making an investment which will benefit all those with a stake in the UK retail financial services industry,” Goodsir added.

The Advanced Diploma in Financial Planning comprises six units worth 30 credits each, with advisors expected to earn 120 credits in order to gain CII Chartered status. Old Mutual Wealth will offer twelve separate sessions lasting two-and-a-half hours each, delivered by CII accredited training specialists. The support sessions will comprise presentations, breakout sessions and group discussions, with delegates working on past exam questions to help prepare for the AF4 exam.

CII director of financial markets Steve Jenkins said: “Competence is a key element of all professions. At a time when public scrutiny of the sector has never been higher we are delighted to be partnering with Old Mutual Wealth on an initiative that supports advisors in this way,”

Advisors will not be charged for the support - although they or their business will need to finance the cost of sitting the exam.

 

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