The proposed merger between the Institute of Financial Planning (IFP) and the Chartered Institute of Securities & Investment (CISI) has moved nearer, with a completion date set for the last quarter of this year.
According to the IFP board, the merger will help in the expansion of the financial planning profession and improve the service and support it can deliver.
The consultation process took over a month and involved gathering feedback and input from across the membership through webinars, phone calls, emails and face to face meetings. But of the 2,100 IFP members, just 218 registered their votes: 154 were in favour, 36 were against and 28 communicated no preference. The CISI has roughly 32,600 members.
“This is a very interesting merger” said Daniel Elkington, an IFA at Lincolnshire-based Chattertons Solicitors. “CISI is clearly the senior partner and it will be interesting to see how resilient the IFP is to the inevitable pressure to simply transfer its subs to the CISI.”
Mr Elkington believes that the real success will be for the CISI and the Personal Finance Society, “The former in that they will gain a number of people who are interested.”
However, analysts have also pointed out that with the Chartered Insurance Institute (CII) status in financial planning already available, having two types of chartered status may confuse the general public.