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IFP proposes merger with Cisi

IFP proposes merger with Cisi

The Institute of Financial Planning is consulting with its members regarding a proposal that the organisation merges with the Chartered Institute for Securities and Investment.

Members have today (7 August) been notified of the proposal, with views being sought by 3 September.

The board considers that a merger would support the IFP’s core strategic objective, to accelerate growth of the financial planning profession for the benefit of UK consumers, while enhancing the proposition for the current members.

It believes that strategic partnerships represent a primary route to enabling greater numbers of professionals to gain the knowledge and skills needed.

Rebecca Taylor, president of the IFP, said: “I realise that change is never easy, but evolution is essential to stay strong and progress.

“Following a recent and lengthy strategic review by the IFP board, we consider that IFP would be an even more powerful influence on consumer outcomes as a result of joining with Cisi.”

However, she noted that whether or not this merger proceeds will depend on the feedback received from members.

“We are embarking on a busy four week consultation which will involve webinars, face-to-face meetings and phone calls with members.

“Our priority is to ensure they have the opportunity to consider fully the proposals and have their say in what we believe could be a significant and positive development.”

The merger would maintain the IFP identity within a new IFP professional forum, run by a committee initially consisting of the existing IFP board, which would be set up as a distinct part of Cisi.

All IFP staff would have the opportunity to move across to the new structure and Ms Taylor would sit on the main Cisi board.

Existing IFP events, including the paraplanner and annual conferences, would continue, while qualifications and designations would also be supported.

IFP and CFP professional status would be marketed to all of Cisi’s existing wealth manager and banking members, paving the way for growth within a new market for IFP and for financial planning at large, according to a statement.

peter.walker@ft.com