The CISI has pledged to spend at least £35,000 per year on promoting Financial Planning as part of the merger deal, it was revealed this afternoon.
Richard Wastcoat, a CISI Independent director, spoke to delegates at the IFP annual conference at Celtic Manor and announced some of the measures already agreed to help boost the profession.

Among the details he provided was that the CISI has already signed a deal to come back to Celtic Manor in 2016 for next year’s conference.

He stressed that the move is all about growth – boosting membership and the profession. Over the past 20 years CISI has grown hugely, he said.

A large-scale advertisement to show the union of the two bodies has been put up at London transport hubs already as part of the marketing strategy.

He revealed £35,000 per year at least will be spent to promote Financial Planning and expressed excitement about the future.

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He said: “I believe we are at the start of an exciting new chapter for both organisations. We have every reason to be confident (about membership growth).

“It is truly good news for members, the public and the Financial Planning industry.”

He said they shared values and both organisations “work tirelessly for members and public”.

The combination of the Chartered Wealth Manager designation and CFP is a “very powerful combination”, he said, adding that Financial Planning is at “the cutting edge of the industry”.

With the pension reforms and the way the advice sector is going he said the CISI recognised the “direction of travel in industry and strategic importance of Financial Planning”.

He said he expected a “lot of new ideas and dynamism” to be brought in from IFP firms.

He said the CISI would increase opportunities for branch members to create “a clear and attractive proposition” to encourage planners in other organisations to join up.

He said: “We are going to take the best from both organisations. We know that Financial Planning offers highly personal services and the IFP has excellent sponsors who recognise these principles. We will pick the best ideas from both organisations and encourage you to contribute.”

The CISI is receptive to doing new things and said it would be about channelling ideas in an organised manner within the governance framework.

He cautioned, however, that there was also pragmatism, saying “it’s a merger and things will change”. He stressed that it was “not about ring fencing the IFP and dropping it into the CISI”.

There will be new processes, new staff, new ways of working, and a new HQ in London, not Bristol, he said.