The UK's Chartered Insurance Institute is offering financial advisors a new Inclusive Financial Planning Qualification, but only at the wealth management firm of St James’ Place. It is designed to help staff deal with vulnerable HNW customers.

St James' Place has been working with the CII to develop this ground-breaking Level 6 qualification (advanced, a step up from the usual level 4 required by the Retail Distribution Review) for a gruelling two years. It will enable advisors to evaluate the complex financial planning needs of a wide range of vulnerable clients in various situations and come up with solutions to their problems. By training people to consider both the financial and emotional side of personal financial situations, the firm hopes to provide a better service.

The qualification covers the following areas.

• The issues that affect the provision of financial advice to vulnerable clients.
• Vulnerable clients’ needs regarding investments, pensions and 'protection.'
• How to set up and oversee systems and controls that produce fair results for vulnerable customers.
• The main elements and setting-up of a policy of corporate responsibility.
• Business strategies that might involve collaboration with charities.

Commenting on this new qualification, Edward Grant, the past president of the Personal Finance Society and the divisional director of professional development at St James' Place, said: "The new qualification is assessment-based and is the second exclusive level 6 qualification to help St James’ Place partners and advisors to achieve chartered status. With 21% of its partnership having achieved chartered status already, St James Place has committed to increasing this figure to 25% by 2020. The flexible training and testing format [of] the Inclusive Financial Planning Qualification is another step to help more advisors becoming chartered."

The qualification will be worth 30 Advanced Diploma credits.

Keith Richards, who is the incumbent chief of the Personal Finance Society, told Compliance Matters: “St James' Place has fully embraced CII qualifications, including a dedicated Chartered Academy, and has developed a full suite of in-house competence testing and CPD. Although the CII’s annual testing is relevant for St James' Place advisors, they have built their own comprehensive training programme and competency framework for ongoing CPD. They remain open to all options that would enhance the quality of professional development more broadly.”