At this event, the Fellows' forum for discussion and debate of a wide variety of Financial Planning topics, 22 Fellows got together to also look at ways that they can influence the development of the profession.
A session on capacity for loss, facilitated by Richard Gough FIFP, CFPCM, started by looking at the FSA's guidance consultation - assessing suitability and also COBS 9, to establish the risks a customer is willing and able to take when making a suitable investment selection. Fellows then considered how Financial Planners should go about assessing and discussing this important area with clients.
Bob Freeman of Voyant led a discussion about how Monte Carlo risk simulations can be used with clients in a useful and meaningful manner.

Fellows then spent time considering how they can develop their strategy to better promote (and explain) Fellowship to the wider IFP membership, giving increased support in key areas. Non-executive IFP board member Richard Antrum led the first session, exploring what a Fellowship was and what responsibilities came with it as well as looking at how the Fellowship is positioned within the IFP. Eyes were opened by Manchester Metropolitan University's Trevor Williamson CFPCM, who helped Fellows to understand more about the level of background reading and research vigour which is involved in preparing academic study. This was used to kick start the implementation of strategies. One of these will be the creation of a library of knowledge documents around different areas of the Financial Planning process which are to be made available to the IFP membership. The first two such papers (on client objectives and goals and asset allocation) are due to be published before this year's annual conference.
If you'd like to know more about becoming a Fellow, take a look at the qualification section of the IFP website or contact Lucy Courtenay (or one of the existing Fellows.)