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Just 10% of IFAs advising on annuities have specialist qualifications, according to research from the Annuity Clearing House (ACH).
The survey, commissioned by ACH, also reveals a significant minority of advisers are not confident advising on impaired or enhanced annuities.
Advisers were asked if they have taken the CII's J05 qualification, which focuses on retirement income options.
Just 10.5% say they have already passed the exam, though an encouraging 42% say they are already studying for J05 or have plans to.
One in four of those surveyed say they feel ‘very confident' advising on enhanced or impaired annuities, while 12.3% say they are not confident.
Steve Hunt, managing director of ACH, says: "The findings suggest the majority [of IFAs] did not feel fully equipped to give best advice when it comes to this complex area of retirement planning."
ACH has recently launched a referral service for advisers, which will search all annuity product types from three major providers for the most suitable product. Hunt believes the ACH offering can help advisers who don't feel confident on annuity sales to provide specialist advice for their clients.
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| Comment | Just 10% of annuity advisers are qualified |
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They don't need to know the details, they have experience.
Indeed Bill, It is all nonsense any person in the street could do it. I had the kid behind the counter at McDonalds yesterday letting me know the pro's and con's of ASP against annuities. Mortality drag really can be such a drag! It's all about the CII's profits not the test of knowledge... oh no, hold it's all about exam technique! No hold on, they already know it all...erm, apart when found out then they don't need to know any of it because they never deal with it apart from when they have to deal with it. Good Lord, roll on 2012!
Posted by: Steve Mahon
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10% of annuity providers are qualified
What bullshit - it's getting to the point that every tiny segment of the advice market will require an adviser to have sat a 'specialist' exam. great for the CII - it enables them to earn a very good living by writing exam modules (often of suspect quality and filled by waffle). Many of these specialisms are nothing of the sort - rocket science it ain't.
Posted by: Bill Wells