iFA qualifications for retirement advice

nikal

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

BritishInvestor

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

dunstonh

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? 

The normal qualifications are sufficient for an IFA to give retirement advice.      In the vast majority of cases, pre-retirement planning requires no specialisation (and I say that as someone who holds additional qualifications above the standard).

Do you have specialist requirements?

Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Most IFAs (individuals) no longer do mortgages or insurances.   However, nearly all IFA (firms) do.     Mortgage and insurance have their own qualifications separate from investment and pensions.    So, if you are looking at IFA firms then you would expect all bases to be covered.   However, within the firm, there will be those that focus on different areas.

wjr4

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

wjr4

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

The most common qualification is the level 4 ‘diploma in financial planning’ from the Chartered Insurance Institute (CII). All advisers need to be level 4 qualified, most are working towards level 6 (chartered) unless they plan to retire soon or cannot be bothered! 

BritishInvestor

wjr4 said:

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

dunstonh

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

Even when it's not necessary and could cost you more if you do?
I would agree if it is necessary for the circumstances but an IFA with standard qualifications should be able to handle 99% of scenarios without difficulty.      The extra qualifications that include pre-retirement tend to focus more on the technical workings of the various pension types internally and the legislation around them.  Not so much on the actual retirement planning side as that is already covered in the standard.

For income in retirement, I personally feel that is where the additional qualifications come in handy as I thought the standard qualification was too pre-retirement focused and didn't go into enough detail for post retirement.   

wjr4

BritishInvestor said:

wjr4 said:

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

You’ll find that most IFAs will not have the specific AF8 exam. It’s actually next on my list to do but most won’t. 

wjr4

BritishInvestor said:

wjr4 said:

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

There’s also a J05 exam, but as above, it’s unlikely most IFAs will have this, as they simply do not need to. You learn a lot more on the job nowadays than via the exams. 

BritishInvestor

wjr4 said:

BritishInvestor said:

wjr4 said:

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

There’s also a J05 exam, but as above, it’s unlikely most IFAs will have this, as they simply do not need to. You learn a lot more on the job nowadays than via the exams. 

"You learn a lot more on the job nowadays than via the exams. "

I would suggest that exams/qualifications such as AF8/CFP are the exception. 

wjr4

BritishInvestor said:

wjr4 said:

BritishInvestor said:

wjr4 said:

BritishInvestor said:

nikal said:

Simple one this I hope but what are the normal qualifications expected of an independent financial advisor giving retirement advice? Most of them I look up seem to cover all bases mortgages, inheritance taxes etc? Most have insurance qualifications?

Thanks

It might be worth seeking out someone that specialises in this area rather than an adviser that serves everyone (which sounds like the ones you have come across)

In terms of qualifications, AF8 is a reasonable starting point

"The objective of Retirement Income Planning (AF8) is to develop and demonstrate the advanced skills needed for advising on income planning to those in and approaching retirement. "

https://shop.ciigroup.org/retirement-income-planning-af8--af8.html

You don’t need a retirement specialist and you don’t need to have taken that exam. All IFAs should be able to provide retirement advice, if they can’t then they shouldn’t be advising. 

Agreed, you don't need to, but given the option between a generalist IFA and a specialist, I would go with the latter. 

There’s also a J05 exam, but as above, it’s unlikely most IFAs will have this, as they simply do not need to. You learn a lot more on the job nowadays than via the exams. 

"You learn a lot more on the job nowadays than via the exams. "

I would suggest that exams/qualifications such as AF8/CFP are the exception. 

Have you taken them?