Only one in four (26%) of Financial Planners think that the Personal Finance Society (PFS) is performing well for the profession, according to our latest Financial Planning profession reader survey.

We asked our readers what they thought about the work the PFS is doing to promote the Financial Planning profession.

Only a quarter (26%) of readers thought that the PFS was doing well, with around half (46%) saying the PFS was performing only averagely.

A quarter (25%) thought the PFS was doing poorly, an increase on the 16% in 2021.

Membership levels also dropped. Just over half of our readers surveyed (52%) were current members of the PFS, a large drop from the 80% of readers who were PFS members in 2021.

However, PFS membership was still far ahead of the 26% who were members of rival trade body the Chartered Institute for Securities and Investment (CISI).

Over the past 12 months there has been considerable criticism of the Personal Finance Society and its parent body, the Chartered Insurance Institute, which had plans to de-register the PFS before changing plans after a membership consultation.

The PFS CEO role, previously held by Keith Richards, was axed last year by the CII but was reinstated in February this year in a U-turn, with many PFS members angered about the axing of the role.

We also asked readers what they thought about how the CISI was promoting the Financial Planning profession, and the sentiment was slightly more positive.

A similar number (46%) felt that the CISI was performing averagely, with a slightly higher number (29%) feeling the professional body was performing well.

Overall, 17% of readers felt the CISI was performing poorly.

Other trade bodies readers were members of included the London Institute of Banking & Finance (23%), STEP (16%), CFA UK (10%), the Society of Later Life Advisers (9%) and PIMFA (2%).

You can read the full article in the latest issue of Financial Planning Today Magazine.

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