The number of financial planners achieving chartered status has jumped from 3,500 to 4,000 in the last 12 months, data from the Personal Finance Society has revealed.
The PFS said this means a record 12 per cent of its 34,000 members have now reached the milestone, which was launched in 2005.
Keith Richards, PFS chief executive, said: “4,000 chartered financial planners represents a tremendous achievement in such a short space of time. Just as impressive is that a further 7,000 members are currently working their way towards it through self motivation.
“We have seen a 40 per cent growth in chartered adviser numbers in the last two years. But quite apart from the headline numbers, it is a tangible indicator that the adviser profession is actively pursuing higher levels of professionalism, without doing so purely to comply with regulatory needs.”
The value of the qualification was underlined by Robin Melley, who became chartered back in 2009 and is one of 31 regional chartered champions for the PFS.
He said: “Chartered status demonstrates to customers that they can be assured of the highest professional standards of service. It has definitely made a difference to the way our clients view us and they clearly appreciate dealing with a team of people who aspire to be the best.”
Michael Doy, a senior IFA at Imperial Financial Planning in Leicester, was the actual adviser who broke the 4,000-barrier.
He said: “After gaining the necessary [Retail Distribution Review] qualification in 2012, I realised how it had helped me and I wanted to carry on further.
“Going on to become chartered has helped increase my technical knowledge and confidence, created better business opportunities with clients and given me the expertise to expand into other areas, such as estate planning for example.
“It takes a fair level of commitment, but the potential benefits on a personal and business level completely justify the decision.”
The PFS has also said will confirm that chartered financial planning firm numbers have reached 600 in the coming weeks.
Mr Richards added: “Chartered is increasingly recognised as the gold standard in the sector and puts financial planning on the same level as other leading professions who operate in the public sector.”
