How do professional bodies compare?

We take a look at what professional bodies offer their members and how much they charge for their services.

The FSA’s latest RDR paper says all advisers will be required to hold a Statement of Professional Standing (SPS) certificate in order to practice post-2012.

Detailing qualifications, CPD and adherence to a code of ethics, the certificates are to be awarded by accredited bodies, who will be put in charge of verifying advisers are meeting the required standards. Under the proposals, membership of the bodies is not mandatory.

However, to obtain the SPS, advisers will need to join, or become a ‘subscriber’ to the body’s accreditation services. But with a number of bodies available, Professional Adviser asks: what do they offer their members?

The IFP (Institute of Financial Planning)

Exams: Members benefit from reduced rates in obtaining the RDR approved Certified Financial Planner certification, which represents the highest global standard in Financial Planning, joining 126,000 other professionals around the world.
The organisation offers a focused assessment programme that provides a combination of structured workshops and private study to produce a plan that meets the standards required, as well as training and development programmes.
CPD: To further career development, membership offers access to workshops and training courses at discounted rates, as well as an online system to record and support CPD requirements, ensuring advisers meet high professional standards.
Networking:  The IFP provides substantial networking opportunities for members to get together to share ideas and experiences. Members are recognised as being very willing to share expertise and ideas, and the events offer great support for transitioning businesses. Members are entitled to major discounts at all events. It also means access to the Financial Planning community online – through LinkedIn and Twitter – where advisers can ask questions and share ideas.

• Membership costs £170 per annum, with a one-off joining fee of £25.
• The IFP have confirmed they will apply for FSA accreditation.
• www.financialplanning.org.uk

The ifs School of Finance

Exams: The ifs DipFA is an RDR-approved exam. Its success is down to a learning experience that reflects the reality of the day-to-day life of an adviser.
All member students are provided with comprehensive support to help them in their studies including: the DipFA website providing all core learning materials; access to key assignment information; learning activities and a study skills area; a web tutor; online forum; and the ifs e-library and knowledge bank.
CPD: The organisation is placed to support the DipFA holders and students in fulfilling their annual CPD requirements, it says. Members are offered access to development activities such as online tutorials, seminars and events, and also an online CPD development log, leading to formal recognition via a dedicated online CPD register.
Networking: Along with supporting professional development, the events run by the ifs celebrate excellence within financial services and facilitate networking needs. The majority are free to members.

Annual membership costs £60; those registering for the DipFA receive their first year’s membership free. The DipFA costs £595, including all learning materials, examination costs and online and personal study support.

• Annual membership costs £60; those registering for the DipFA receive their first year’s membership free. The DipFA costs £595, including all learning materials, examination costs and online and personal study support.
• The ifs ‘fully intends’ to apply for FSA accreditation.
• www.ifslearning.ac.uk

Association of Independent Financial Advisers (AIFA)

With 85% of IFAs as members, AIFA’s role is to effectively lobby the Treasury, FSA, Government, the EU and other opinion formers and policymakers to ensure the regulatory and business environment is positive towards 
 members.
All members are offered a technical helpline with access to policy experts who will discuss regulatory problems and compliance issues.

Exams: AIFA offers a Diploma in Investment Planning by the Chartered Institute of Banks in Scotland CIOBS. Equivalent to QCF level 5, it provides those working to achieve the higher standards required from the RDR with case-study based assessments that accurately reflect the daily work of an adviser. Students can take advantage of study materials and online resources including a gap-analysis self test, an extensive range of online training programmes, online study books, specimen exam papers and mock case studies.
The Diploma and support package costs £695 for non-members, with members offered a £40 discount.
CPD: The DipIP means advisers will gain a qualification exceeding the minimum level 4 requirements stipulated within the RDR, and will not be required to undertake gap-filling CPD.
Networking: Members receive invites to annual events where they can learn from expert industry speakers and network with other professionals as well as regional Directors’ Dinners where members can meet with AIFA, and leading industry figures to discuss key issues facing their business.

• The basic company registration fee is £216 with an additional fee of roughly £100 per adviser.
• AIFA support the Statements of Professional Standing.
• www.aifa.net

The Personal Finance Society (PFS) & Chartered Insurance Institute (CII)

The PFS is the UK’s leading professional body for the financial services profession, with 26,000 members. By joining the PFS advisers benefit from membership of the CII Group, the world’s leading provider of professional training, qualifications and thought leadership to the insurance and financial services profession.

Exams: The CII offer a range of qualifications fit for RDR standards, from Diploma level to Chartered status.
The organisations offer a structured and progressive route to study, including paper and online materials for self-study, an exam preparation course and a ‘blended learning programme’ offering a specially priced package of learning and revision materials, exam entry and discounted revision courses.
CPD: The scheme offers a flexible way of recording activity undertaken, with an online tool to asses skill gaps and plan the appropriate development activity. The PFS also offers flexible study paths to match career objectives, study options and free regional meetings.
Networking:  Together the organisations offer a wide range of networking opportunities including events, regional road-shows, conferences and study groups, the majority of which are free or heavily subsidised for members.

• Depending on membership level, annual subscription ranges from £70-£200.
• As a member, all SPS requirements are covered.
• www.thepfs.org and www.cii.co.uk