Later Life advisers promote and raise awareness of financial issues faced in retirement and later life. They must demonstrate a good understanding of the specific needs of more mature clients, and demonstrate good interpersonal skills, such as how they might explain complex issues to more vulnerable clients. There are two types of financial advisers, independent and restricted:
Independent financial advisers can offer advice on the entire range of financial products and providers and are not restricted or limited in which products or providers they recommend.
Restricted financial advisers can only recommend certain products or providers. This may be because they only work with certain providers and therefore can’t consider all products, or it might be that they have decided to focus or specialise in a particular financial area.
Later life advisers can have different specialities. These include:
Minimum qualifications to be a Later Life Adviser are that you need to be:
At BTS, we support the CII route so the information in this profile focuses on the CII exams.
The CII Certificate in Long Term Care Insurance (CF8) develops your understanding of Long Term Care (LTC) cover, including legal, taxation and regulatory issues and the responsibilities of local authorities.
The CII Diploma in Regulated Financial Planning is an RQF level 4 diploma made up of six core modules, commonly referred to as the R0 exams. An RQF level 4 diploma is an FCA requirement for Financial Advisers wishing to provide regulated financial advice. There are six compulsory R0 exam units.
There is no set order in which to take the units, you can sit them in any order you choose. For candidates new to the industry, we usually recommending starting with R01 Financial services, regulation and ethics as this provides a sound knowledge base which is relevant to each of the other units. Then, we recommend taking R05 Financial protection as this is a level 3 unit with no multi-response questions. It is advisable to take R03 Personal taxation and R02 Investment principles and risk fairly close together as there is significant syllabus cross-over between these two units. R04 should usually be attempted as the penultimate unit due to the knowledge required from the other units. The R06 Financial planning practice unit is usually sat as the final exam as it draws on knowledge and understanding from each of the other R0s.
The CII Advanced Diploma in Financial Planning is a level 6 qualification. It is becoming increasingly common for paraplanners to pursue level 6 qualifications and even achieve Chartered status.
To complete the Advanced Diploma, candidates must already hold either the CII Diploma in Regulated Financial Planning or the Diploma in Financial Planning. The Advanced Diploma is made up of a selection of units totalling 290 credits. Candidates must sit one mandatory unit, the AF5 Financial planning process (30 credits). The remaining credits can be made up of a combination of units. A total of 120 credits must be at level 6, taken from the AF exams (including the AF5), a further 40 credits must be at level 4 or above (the J0 and R0 exams), and the remaining 130 credits can come from any unit except LF1. The tables below shows the AF and J0 unit options. The CII Qualifications Framework shows the full range of CII units, their level and credit value.
Achieving Chartered Status
In order to apply for Chartered Status with the CII you will need to:
· Hold the Advanced Diploma in Financial Planning
· Have five years’ relevant industry experience
· Be a CII or PFS member and adhere to the CII’s Code of Ethics and Conduct
· Demonstrate three years’ existing Continuing Professional Development (CPD) and commit to maintaining this activity
SOLLA Accreditation
SOLLA is the Society of Later Life Advisers. Giving advice to clients in their later life can be a complex process, especially when dealing with issues such as lifetime mortgages and equity release. It can help later life advisers with their understanding of the needs of older people, their families and carers.
Later life advisers can go through a SOLLA accreditation process consisting of four parts. The aim being to give them greater depth in terms of their knowledge and understanding. On successfully completing this accreditation they will have achieved the Later Life Adviser Accreditation (LLAA).
More and more later life advisers are now pursuing advanced qualifications to develop their expertise within the field of financial planning. The main examining bodies offering qualifications are:
Self-employment is a common option for later life advisers, but you can also find employment with:
