The Chartered Institute for Securities & Investment will kick off 2024 by building on recommendations from a strategic review among its membership, according to Chris Morris, head of financial planning policy and engagement.
Initiated by Tracy Vegro, who joined the CISI as chief executive in September 2022, Morris said such a review was vital if the CISI is to remain as a “forward-thinking and modern professional body”.
“The output from this review involved extensive member feedback and will build on many of the initiatives launched within the last 18 months, such as our mentoring scheme, learning platform, use of podcasts and bite-sized learning,” Morris said.
“A big thank you to all those members who have contributed to this review, and helped to shape what we feel will be a significant development of CISI membership.”
However, he added it was also important to be aware of what the end client needed.
He said: “As we approach Christmas and the new year, the cost of living crisis and economic/political uncertainty remain in people’s minds.”
As a result, the CISI is launching financial planning week on January 22 to 28, which encourages the financial planning community to increase awareness of the benefits of qualified financial guidance.
The 2024 UK Financial Planning Week will focus on busting myths around financial planning and encouraging conversations around finances.
The aim is to help consumers take control of their finances now, to shape their future and reach their goals.
“The combination of knowledge, skills and behaviour are the three ingredients to being a professional,” Morris said.
“While these are important qualities to have, applying your expertise in a practical way is essential.”
Six-step process
He explained that at the heart of the certified financial planner certification was the Financial Planning Standards Board's six-step process.
This framework ensures clients’ needs are not missed and allows planners to deliver a robust and repeatable process, which not only reduces compliance risk but also puts clients at the centre.
“This client centric approach is very much in line with the objective of the FCA Consumer Duty of ‘good outcomes for customers’ – we have seen a trend over the past few years of individuals and firms using CFPTM certification as a way to upskill and demonstrate excellence,” he said.
“Firm feedback indicates that this trend is set to continue as more financial planners and paraplanners seek to hold this designation and experience this valuable learning.”
Morris said the number of CFPTM professionals in the UK has grown throughout 2023, surpassing 1,000.
“Being part of a global community is a unique benefit, but how can this be maximised?,” he said.
“Working with CFPTM professionals from other territories can be invaluable, particularly if a client migrates or if they have connections in other countries.
