WEALTH MANAGEMENT SII QUALIFICATION LAUNCH

SII launches RDR-compliant, stand-alone higher level qualification for wealth management industry.

Wealth management practitioners will be pleased to learn that the SII (Securities & Investment Institute) had developed a stand-alone, higher level qualification for the industry which is RDR (Retail Distribution Review) compliant, for existing advisers seeking to meet the ‘step change’ requirement.

The Certificate in Private Client Investment Advice & Management enables existing Financial Services Authority (FSA) authorised practitioners to demonstrate their competence at understanding and applying the principles of private client investment advice.

Under the FSA’s Retail Distribution Review (RDR), investment advisers will be required to have a level of qualification higher than the current benchmark. The SII Certificate in Private Client Investment Advice & Management meets the step-change requirements to QCA benchmark level 4 qualifications proposed in the FSA’s RDR Feeback Statement as an interim solution for existing advisers. It is already accredited by Ofqual as a level 6 qualification and the Certificate also covers the four core areas required by the FSA, namely regulation and ethics, investment principles and risk, taxation and the practical application of knowledge.

The Certificate in Private Client Investment Advice & Management has been endorsed by the FSA and the Financial Services Skills Council (FSSC) as an appropriate qualification which can be taken now in advance of the new minimum higher-level exam standards being developed. Candidates can then bridge any gaps between the new and the previous exam standards through continuing professional development.

The qualification consists of one unit which is assessed by a three-hour written examination and the syllabus is available at http://www.sii.org.uk/SII/WEB5/sii_files/Qualifications/Diploma/Diploma%20Syllabuses/PCIAM.pdf.

Formal training is available through SII accredited training providers and candidates can obtain more information on these from sii.org.uk/atp

Chris Harris-Deans FSI, Senior Branch Director at Charles Stanley & Co said, “Because Private Client Investment Advice & Management deals with real issues and likely scenarios, passing the exam increased my competence and developed my confidence. The format of the qualification really tested my knowledge; passing proved to me that I know the subject”.

Self study is also an option and BPP publishes the Private Client Investment Advice & Management workbook which is designed to prepare students for the examination. The recommended study time for the Certificate in Private Client Investment Advice & Management is 200 hours. The examination is normally available in June and December. During the RDR transition period there will be an additional sitting in September 2009 and (subject to demand) in March 2010.

Ruth Martin, Managing Director of SII said, “The Private Client Investment Advice & Management qualification has been an established examination within the prestigious postgraduate SII Diploma. Many firms have used it as a stand-alone competence test for investment managers and directors; its recognition as a challenging, relevant stand alone qualification in its own right will enable existing advisers to meet the exacting requirements of the RDR with a qualification already used and applauded across the sector.”

David Bowden, Managing Director of BPP Financial Services said, “BPP is proud to be supporting the SII Certificate in Private Client Investment Advice and Management with both classroom based training and distance learning. The high level of enquiries we are already receiving from clients looking to ensure they are RDR compliant shows that this fulfils a clear market need. The establishment of PCIAM as a stand-alone qualification represents a very neat and creative solution by the SII, as the exam and training both replicate the existing PCIAM Diploma paper. This enables the creation of a new qualification around a syllabus and exam which are already well-established in the market place and familiar to many firms, and for which we have been providing training for many years.”