Article by Adele
We are delighted to announce that Adele is now a Chartered Financial adviser having passed the final exam of here advanced diploma. Adele is now officially:
Miss AL Cowgill CeMAP DipFA CeRER CeLTCI AwPETR CertLTCP Adv DipFA Chartered ALIBF
Adele explains her journey….
“I originally started my exams with LIBF (originally Association of Chartered Institute of Bankers ACIB) in 1991 what were known as the old banking exams. I began with, CeMAP – Certificate in Mortgage Advice and Practice – completed in October 2006 whilst employed at Barclays. Then DipFA – Diploma in Financial Advice – completed in February 2013 – this is the level 4 qualification that kickstarted my adviser career.
After that came CeRER – Certificate in Regulated Equity Release – August 2013 and then CeLTCI – Certificate in Long-Term Care Insurance – October 2013.
I sat both the above qualifications as there seemed to be an uprising in people talking about equity release and an increase in ‘sales’ companies happy to provide equity release without really understanding the true options open to a client. The Long-term care insurance worked comfortably hand in hand with the Equity Release.
AwPETR – Award in Pension Transfers – July 2015 – this was the first level 6 exam I sat and forms part of the overall Advanced Diploma to become chartered. The ‘Pension Freedoms’ had come into force and I wanted to be able to help all my clients without having to pass them to a pension transfer specialist for part of the advice that is so important.
The road to level 6 Advanced Diploma in Financial Advice (Adv DipFA) consists of 4 syllabuses. The first one I took was the Pension Transfer exam, there was an option to take it just as part of the level 6 or as a standalone qualification. The course involved a written, referenced assignment that formed 25% of the overall mark, the topic for this was the lifetime allowance along with a 3-hour written examination. This exam gave me the qualification to apply for permissions to advise of safeguarded benefits – that is final salary schemes and similar.
There is definitely a step up in the amount of study and work required for the level 6 examinations, in February 2016 I started the next syllabus Taxation, Trusts and Tax Compliance. Unfortunately, in April and May of that year I suffered a back problem and was unable to complete enough study to sit the exam and had to defer until the end of 2016 when I was successful. This was also a written assignment and examination.
I then had a little time out from study as I had moved from my previous company across to Christina Clegg Financial Planning Services and needed to focus on the day job. After 6 months, I registered for the newly designed syllabus of Long-Term Care and Later Life Planning which is also a stand-alone qualification Certificate in Long Term Care and Later Life Planning (CertLTCP).
I was then faced with one final syllabus Managing Investments which I completed across August to December 2019. This final syllabus was the big one which covered all the following areas:
Taxation, Trusts and tax compliance
- Analyse approaches to personal tax liabilities from a UK taxpayer’s perspective.
- Analyse the impact of taxation on investment strategies
- Analyse inheritance taxation strategies.
- Critically evaluate current issues in personal taxation.
- Justify advice given to clients focusing on ethical considerations.
- How to advise UK clients on the administration of trusts
- Analyse trust classifications.
- Analyse the duties and powers of trustees.
- Evaluate tax compliance for trusts.
- Apply regulation and legislation to trustees.
Managing investments
- The principles and theories associated with performance measurement of investments
- Analyse economic indicators that can impact on investment management.
- Analyse how risk is related to return.
- Critically evaluate portfolio theory.
- Critically evaluate the approaches to, and principles of, performance measurement.
- Apply the principles of financial mathematics, indices, data and regression.
- Analyse and interpret financial analysis and information sources.
- Analyse, interpret and compare ratio analysis.
- How to manage investment portfolios to achieve client objectives
- Critically evaluate variables that establish and restrict how a client’s investment portfolio objectives may be achieved.
- Critically evaluate the performance, risk profile and correlation of investment types that may contribute to an investment portfolio.
- Analyse the tax implications of investment products.
- Analyse the appropriateness of discretionary and non-discretionary portfolio management.
- Critically compare financial ratios
- Justify the approach taken in meeting client objectives.
- Apply regulation and legislation for the role of the investment manager.
Award in Pension Transfers
- Explain all appropriate rules that operate to facilitate pension transfers and opt-outs.
- Analyse how the main parties involved in processing a pension transfer can meet a client’s objectives.
- Analyse the factors that influence critical yield.
- Assess the impact that the Pension Protection Fund and the Financial Ombudsman Service have on a scheme with solvency issues.
- Analyse the implications of the source of a transfer.
- Analyse the impact of tax on transfers to and from overseas pension schemes.
- Explain the workings of block transfers and winding up.
- How to apply suitable pension transfer solutions to meet specific client circumstances
- Appraise the implications of moving between different pension scheme types
- Analyse the implications of cash incentives to leave a defined-benefit scheme
- Analyse transitional issues as a result of different forms of protection on pension schemes.
- Analyse income options and their impact on a transfer recommendation.
- Analyse how pension returns and options are related to a combination of investment risk and capital risk.
- Analyse financial circumstances and retirement options to meet a client’s objectives.
- Apply rules regarding pension transfers and divorce.
- Justify advice, guidance and recommendations made to a client.
Certification in Long Term Care and Later Life Planning
- Understand the background and cost implications of long-term care provision in the UK, and the regulator’s definition of long-term care insurance.
- Interpret the responsibilities of the NHS for the provision of health care.
- Identify the responsibilities of a local authority in enabling access to long term care.
- Evaluate how local authorities make financial assessments for those requiring long term care and any implications for the client.
- Be able to apply means tested and non means-tested state benefits eligibility in the provision of advice on long term care insurance.
- Identify relevant considerations relating to the adviser and client relationship when advising on long term care
- Evaluate the taxation and legal issues related to long term care planning
- Analyse the suitability of arrangements available to fund and maintain a client’s long-term care needs and the level of risk they present to the client.
- Identify the eligibility to claim under a long-term care insurance contract
- Evaluate situations that might indicate to an adviser
- Interpret and evaluate clients’ needs and demands and recommend suitable and affordable long-term care solutions, taking into consideration a client’s circumstances.
So, finally having passed the advanced diploma I am now a Chartered Financial adviser!”
