The Level 6 Financial Planning in Retirement (FPIR) qualification covers what advisers need to consider for retirement planning with clients.

It covers assessing client’s needs and aspirations for when they want to retire, examining a client’s current financial position, understanding cashflow tools and management, considering the options for later life and inheritance tax planning and analysing estate planning.

As a Level 6 qualification, the course is suitable for advisers who have already passed the Level 4 Diploma in Financial Advice, or an equivalent qualification, the professional body says.

The registration fee is £490 which includes study materials, assessments and exam entry.

The LIBF said it launched the qualification due to later-life planning becoming “increasingly complex” with multiple sources of income and “older clients now need a much more sophisticated level of advice.”

The institute said retirement planning is an expanding, but more bespoke market, meaning advisers need “sophisticated levels of knowledge and expertise” to “really be able to understand individuals’ needs”.

John Somerville, head of financial services, professional education at LIBF said: “This new qualification recognises that, and uses case studies and ‘real-life’ evidence to really bring these subjects to life. Advisers can also study this as part of an advanced Diploma, if they want to take their career to that next level.”