Association of Independent Financial Advisers - Thanks but no thanks

Open letter to Chris Cummings, Director General of the Association of Independent Financial Advisers (AIFA), Thank you for your letter dated 5th February 2010 following my attendance at the New Model Adviser conference in January. 

I will not however be taking up your kind offer to join AIFA as I feel that your organisation in no way represents the highly qualified, fee based, Financial Planning profession to which I belong. For as long as AIFA continues to promote the interests of advisers who do not wish to continually improve their professional abilities or companies that do not demonstrate that they have sufficient capital to trade without putting their customers at risk, Smart Financial Planning will not become a member.

I find it shocking and disappointing that AIFA continues to seek ways for GCSE level advisers to circumvent the drive to professionalism and I feel you should be ashamed of your proclamation that had it not been for AIFA the minimum standard would be level 6 rather than level 4.

At Smart Financial Planning, we have recently recruited an administrator straight from University into our business. As part of his development, he has been set the following targets; complete your Cert. PFS by end 2010, complete your Diploma by April 2012 and sit your CFP in early 2012 to coincide with the completion of your Diploma. This will give him a level 6 qualification in just over 2 years and his study program will start on the 1st of March 2010. Whilst studying he will be expected to learn to be an administrator, then a paraplanner and prepare himself to become an adviser in 2012. In addition, he will be expected to carry out the functions of these jobs and be an asset to our business. Outside of work I am sure he will engage in his usual activities of playing football, spending time with his partner, seeking out their first house to buy etc etc.

If new entrants are prepared to start from scratch and dedicate themselves to personal development for the benefit of themselves, the companies they work for and their potential clients in the future, I do not accept that anyone in this industry has a valid excuse for not doing so.

When AIFA shares the same standards and values that Smart Financial Planning does, we will be happy to become a member.

Steven Martin CFPCM IMC

CERTIFIED FINANCIAL PLANNERCM Professional

Managing Director

Smart Financial Planning

and

Partner 

Advance Financial Planning Alliance

Steve Martin CFP, is the Managing Director and a Certified Financial Planner (CFP) / Independent Financial Adviser (IFA) at Smart Financial Planning