To test their knowledge, advisers will be subject to a challenging viva – or live exam – conducted by an outside auditor, testing their knowledge on issues with later-life clients, and aspects such as capacity and knowledge of the legal background related to issues concerned with powers of attorney.
If they pass this, they become a fully accredited later life adviser, or LLAA, but they still have to renew their accreditation every five years.
There are currently more than 400 accredited, or nearly accredited members, and 300 associate members. The society would like to get to 1,000 full members by the end of 2016. As the population ages, the society may become a regular port of call for advisers who are trying to boost their credentials.
Melanie Tringham is features editor of Financial Adviser