An adviser qualification has launched in a bid to shake up adviser education and focus on the practical and soft skills involved in investment planning.
The Practical Investment Planning qualification has been launched by Practical Financial Exams Ltd after being credit rated by the Scottish Qualifications Authority.
It has been rated at Level 9 on the Scottish Credit and Qualifications Framework, which is broadly comparable to Level 6 on the Regulated Qualifications Framework in England, and takes roughly 100 hours to complete.
As such it is aimed at financial advisers and support staff who have already qualified above the Level 4 in financial planning, a requirement in the industry to practice since the Retail Distribution Review in 2013.
To achieve the qualification candidates must complete two coursework assignments and a professional discussion with an assessor.
Michael Pashley, managing director at Practical Financial Exam, said current qualifications in the profession provided relevant technical knowledge but lacked an assessment of practical or soft skills.
Mr Pashley said: "Over the last 10 years, the role of the IFA has evolved hugely into that of a professional financial consultant, and many investment planning qualifications have failed to keep up."
The coursework assignments will involve a written suitability report alongside a portfolio of work-based evidence, which candidates can build over time in their day job.
The qualification will be widely available from January.
It is not the first time this year warning bells have been sounded over adviser and planner qualifications focusing solely on technical aspects whilst neglecting the practical application of the profession.
Speaking at the financial planning conference hosted by the CISI earlier this year James Mousley and Sean Banks, hosts of the Adviser Gap Podcast, warned the advice profession risked becoming an "army of technical experts".
rachel.mortimer@ft.com
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