With the RDR raising the level of adviser qualifications across the board from 2013, there’s never been a more important time to differentiate your business. It’s vital to show clients and potential clients that you remain a step ahead of the crowd, through your commitment to service excellence in Financial Planning.
Back in 2011, the IFP launched its Accredited Financial Planning FirmsTM register to do just that. It provides consumers with ready access to firms who have been assessed by the IFP as having met the highest standards of service. Accredited firms will provide cashflow modelling, have clear investment processes and well qualified, ethical staff who act with fiduciary responsibility.
Consumers can identify individual excellence in Financial Planning by searching for Certified Financial PlannerCM professionals. Taking this a step further and helping consumers to identify entire firms who meet the IFP’s strict criteria for the delivery of a comprehensive Financial Planning approach is the logical next step. It has been welcomed by the profession generally, with over 35 firms already accredited and more in the pipeline.
So why should your firm consider becoming accredited? Successful firms plan ahead. They identify clear business goals to ensure they maintain their competitive advantage in future. Being prepared to challenge the norm, change and adapt are essential as clients’ expectations grow and more firms compete for clients’ attention and their business. Individual professional qualifications such as CFP certification are essential but more is needed.
Consumers must be able to identify firms which uphold the values, standards and service that they demand when it comes to Financial Planning. Consumers will be using social media more and more to help them identify those firms and failure to identify such threats to business is likely to lead to real challenges ahead. By achieving Accredited Financial Planning Firm status, you’ll establish your firm as a leader in the profession - a clear differentiator.