The number of advice firms with chartered status jumped by 82 per cent in the space of three years, according to figures from the Chartered Insurance Institute.
There are now 734 firms which hold the corporate chartered financial planner status, up from the 395 companies reported back in 2012.
Figures also indicate the number of individuals with chartered status stands at 5,300 while the number of chartered financial planners recorded in 2012 was 3,408.
But the CII warned there could be a fall in the number of chartered firms once it has introduced new criteria, which would be the first decrease since the qualification was introduced in 2012.
From July next year a quarter of a firm’s financial advisers must personally hold the chartered financial planner title for the firm to achieve chartered status, meaning some firms might fail to meet the requirements.
Currently this is limited to a firm’s most senior staff, with one member of a firm’s board needing to hold the chartered financial planner title.
But the CII has created an Investment Academy in response, where advisers who are studying toward their individual chartered status can attend training sessions.
The academy has seven fund partners, including Old Mutual Wealth, Aberdeen Asset Management, Henderson Global Investors, J P Morgan Asset Management, M&G Investments, Old Mutual Global Investors and Schroders Investment Management.
Scott Goodsir, Old Mutual Wealth’s managing director of UK distribution, said the investment academy will support advisers that want to continue to develop their expertise and reach the “peak of their profession” by attaining chartered status.
The CII research also revealed the value of chartered status has also increased, as survey found that in 2015 the chartered status has helped 78 percent firms attract more potential clients, up from 57 per cent in 2009.
Similarly, 70 per cent of the firms said it helped them gain new business in 2015, up 10 percent from 2009.
The programme is five full day training sessions starting in November and finishing in March next year with an exam in April 2017.
Steve Aspinall, director of corporate development at the CII, said further educating financial planners will give customers greater trust in the financial planning process.
