Giving the market an education

Nick Cann, CEO of the IFP on tailoring learning activities to suit individual advisers.

Feedback would suggest that advisers have been very busy with two key priorities this year. These are the needs of their clients and the priority to meet the examination requirements set out within the RDR.

As the financial year comes to an end there will undoubtedly be an opportunity to lift the head slightly to consider other priorities. In particular, those who have already met the proposed level 4 requirements will undoubtedly be setting themselves further challenges to differentiate themselves and their business. For every person moaning about more qualifications there is somebody espousing the benefit, not only to them of having learned something new, but more importantly that their clients are actually being better served as a result.

Activities for the individual

As always, the challenge is about selecting learning activities that suit the individual. Learning lots of ‘stuff’ is all very well, but everybody needs to be tested on how they apply the knowledge and operate in real client situations. One of the new mandatory parts of the level 4 qualification is a test on ethics. In itself this looks really dry, and many IFP members have been asking what specifically they can do to meet their CPD requirements in this area.

Learning with peers

During my time with the IFP, I have noticed that members often learn best when there is a large amount of peer group interaction and discussion over case studies. Actually being able to work through problems together tends to provide better outcomes. The IFP is working on this basis to provide gap fillers for members that not only provide an alternative to the formal examination route but also genuinely positive learning outcomes for the individuals on the subject of ethics, among others.

For a CPD programme to be effective, there must be a balance between conferences and other seminars and e-learning, reading and other multimedia solutions. Many people of a certain age still prefer the physical sessions where they can work through material in a classroom. Reading about technical stuff such as derivatives and UCITS III often means that information does not go in.

Working with peers means that technical areas can be broken down and examples discussed in much more detail. Too often, people hear the headline information but are left starved of the detail that enables them to totally benefit from the learning experience.

E-learning fun

Many still seem unconvinced about multimedia learning. There is a lack of confidence in the technology, whether this is down to not having a good enough computer to receive the learning or a fear of technology itself. E-learning is now very engaging and, dare I say it, can actually be fun and very rewarding to use. The IFP has already developed programmes to support the CFPCM certification programme and its new Paraplanner programme and is extending these to other key areas of CPD that have emerged through the ‘gap-filling’ exercise.

There will continue to be a vast number of competing events for advisers and their teams to consider throughout the rest of 2010, as more and more providers seek to provide ‘education’ for the market. Critical for advisers is the need to ensure any CPD activity is accredited and helps them meet the objectives the FSA is setting out as part of the RDR. Advisers need to establish the purpose of the activity, what they have learned as a result of doing it and how this has then been used within their business.

Up-to-date CPD

The raison d’être of a professional body is to ensure the ongoing professional development of its members is kept up to date and relevant. The IFP CPD scheme, which is also online, provides members with access to all the IFP events, of course with the CPD already broken down but just as importantly to a universe of other events that have been accredited as suitable and relevant to financial planners.

For further information on this scheme and the associated benefits visit www.financialplanning.org.uk.