In response to the Professional Adviser’s recent article, “Chasing Chartered status: Is the long process worth it for adviser firms?”, we thought we’d outline our assessment of being a corporate Chartered firm, evaluate the headlines from the article and share what those mean to us.
For context and disclosure, the original article was published on 8th September 2021 and can be found here and also that we are the current holders of a Professional Advisers’ award – Adviser Firm of the Year (North-West).
Firstly, the article outlines that, “just 14% of firms hold Chartered status” – so if you are a client of ours reading this, please be reassured that you’re dealing with Becketts as one of a minority of firms who work to attain (and maintain) the Chartered standard!
We certainly acknowledge the effort over a number of years that goes into becoming a Chartered firm. To breakdown what it takes to reach this level, this is what we’ve done:
– 50% of advisers hold Chartered status – arguably the most difficult to attain. At Becketts, we aim for 100% of our advising staff to be Chartered and are on course for that to be the case within the next two years. Currently two out of our four advisers are Chartered.
– Evidence of three years’ pre-application trading as an authorised and regulated business – yes we’ve been authorised and regulated since 2005
– Records of our core values, business practices and a diversity and inclusion policy that aligns with the CII Code of Ethics – yes check out our Heartbeat here or ask about our BS8577 accreditation or our Equality Policy
The article questions whether if corporate Chartered status is worth the hard graft? Well, as Chartered holders ourselves, we are bound to say that it is! We also appreciate our hard work and dedication to upholding the highest industry standards is being recognised in such a way. For similar reasons, we hope that it strengthens the bond of trust that clients have in our services – knowing that we have been recognised to be known to be doing a good job by those who set the industry standards!
So is it a badge of honour or just a badge?
If you’re looking for credibility, Chartered status is huge. To ensure 50% of our financial planners hold Chartered status involves years in the planning – mainly to pass the requisite exams up to a Chartered level (beyond the minimum Diploma level). Also, it acknowledges our dedication to continuous learning while adhering to the CII’s Code of Ethics in all that we do.
Dominic McLoughney, Chartered Financial Planner and Director at Becketts quotes, “If you are striving to be the best you can be, Chartered status shows that you are committed to that goal. You can be a great planner without being Chartered, however here at Becketts we believe in driving the profession forward, using the 1% rule of continuous improvement to get better every single day, Kaizen! Our Chartered status hopefully helps new and existing clients see this and have faith that we are committed to providing the best possible outcomes and service for the individuals, families and organisations that put their trust in us – we do not take that responsibility lightly. If you can attain it, why not?”
