The UK’s Securities & Investment Institute has launched a stand-alone, higher level qualification for wealth management professionals aimed at meeting the requirements of the Financial Services Authority’s Retail Distribution Review.

The FSA’s RDR Feedback Statement proposed that investment advisors have QCA level 4 qualifications and the SII’s Certificate in Private Client Investment Advice and Management has been developed as a means for existing advisors to meet this requirement.

For years, figures in the wealth management sector have argued that more needed to be done to improve training of wealth managers, as there has been a shortage of skilled personnel in the sector in the UK and regions such as Asia.

The certificate, which has been accredited by Ofqual as a level 6 qualification, covers the four core areas required by the FSA: regulation and ethics; investment principles and risk; taxation and the practical application of knowledge.

The Certificate in Private Client Investment Advice & Management has been endorsed by the FSA and the Financial Services Skills Council as an appropriate qualification which can be taken now in advance of the new minimum higher-level exam standards being developed. Going forward, candidates can address any gaps between the new and previous examination standards through continuing professional development, the SII said.

Formal training for the qualification, which is assessed by a three-hour written exam, is available through a number of SII accredited training providers, although self-study is also an option. Sittings for the examination will normally take place in June and December, but additional dates may be added in September 2009 and March 2010 to cater for increased demand during the RDR transition period.

“The Private Client Investment Advice & Management qualification has been an established examination within the prestigious postgraduate SII Diploma.  Many firms have used it as a stand-alone competence test for investment managers and directors; its recognition as a challenging, relevant stand-alone qualification in its own right will enable existing advisors to meet the exacting requirements of the RDR with a qualification already used and applauded across the sector,” said Ruth Martin, managing director of SII.