Futuretrend would like to wish all our students and followers the very best this festive season.
As we wind down towards the holiday season, we’d like to take this opportunity to express our greetings for the year to come. We’re looking forward to 2016 already!
As always the team are available via email if you need to contact us urgently.
The IFS Coursework consists mainly of a 4,000 word essay. The essay is marked according to QCF level 4 relevant academic standards (equivalent to the first year of a degree course). As part of this, a bibliography meeting the required academic format is mandatory. There are also three additional short questions on other topics..jpg)
The Coursework due for the end of January 2016 focuses on economics – OK it doesn’t actually say that but it is at heart an economics essay plus further work on investing! You are writing an article for a magazine issued by a firm of solicitors and the potential audience is defined as “higher earners” who hold investments. This blog covers some basic ideas about how to tackle this tough assignment. However, there is no substitute for hard work and study!
So, what is this Coursework all about? Well, if you hadn’t noticed, there have been a lot of significant economic events over the last few years, and those events plus the political and economic decisions that have followed them have had a major impact on investment markets. The essay asks you to concentrate on the last 12 months.
You could talk about the economic ‘slow-down’ in China; the stalling of growth in the Eurozone and Japan; the re-emergence of growth in the USA and some other countries including the UK and Germany; the on-going Quantitative Easing in the US/UK/Eurozone and Japan; record low or negative interest rates; record low inflation or deflation; the global expansion in credit; and so it goes on…
You might then talk about the impact on investment markets and then the potential impact on people’s investments.
Don’t forget to think about different types of investments, investment products, and portfolio construction including risk, taxation and suitability, that individual clients or potential clients may hold. Given the audience taxation is likely to be a key consideration for many candidates.
You might also want to cover professional and suitable advice.
The IFS Study Folders contain an excellent starting point for research on the technical side of investing and taxation. Significant further reading and research is also required as part of this assignment.
It is essential for candidates to understand the referencing and bibliography requirements, and focus on a solid and thought-out structure, with clear headings. (And don’t forget the other three short questions!)
For those looking for further support in addition to that provided by the IFS, why not consider booking onto the Futuretrend Distance Learning Course?
Paul Davis, BA (Hons), Cert Mgmt.(Open), Dip. PFS.
edward bond wealth management
Many of our students have gone on to have successful careers at Edward Bond Wealth Management. One in particular has consistently been the top earner not just at Edward Bond but the entire Intrinsic Network over the last 3 quarters.
As such we were approached by the MD to be on the lookout for more talented, enthusiastic people that we come across via our CeMAP/DipFA training.
This is what they have to offer:
Opportunities for Financial Advisers
Edward Bond are currently seeking experienced Financial Planners across the UK to join their growing
team. They have hundreds of pension transfer clients nationwide and require DipFA Qualified
Financial Advisers to assist these clients. In return you will receive both an upfront commission and an extensive trail commission along with the opportunity to close further business.
financial and mortgage advisors wanted
Excellent earning potential
First year income: £40k OTE
Second year income: £60k OTE
Build £10 million FUM in 3 years
Are you recently Qualified or at least started your DipFA qualification? Send your CV and a cover letter through to edwardbond at futuretrend.co.uk or call us on 020 8443 2888
Opportunities for CeMAP Qualified Mortgage and Protection Consultants
Edward Bond are currently looking for professional individuals, who consider their sales skills to be pretty good and their ability to get on with clients unquestionable.
Ideally, you must possess a full UK driving license and have use of a vehicle. To assist you to meet targets you will have access to full mortgage administration, underwriting support and unparalleled technology. Candidates must be hard working and able to work under pressure, with good spoken English.
Candidate Requirements:
Minimum of CeMAP 1 for Protection Consultants
Minimium of Full CeMAP for Mortgage Consultants
Previous industry experience for Mortgage Consultants
Previous telephone and/or face to face sales experience
Excellent written and verbal communication skills
Desire to build a career
Holding a full UK Driver’s Licence is a benefit but not essential
Extremely driven and motivated
Features
-Cas Training
-Administration support
-Field support
-IT Support
-Appointments Provided
If this is of interest please send your CV and a cover letter through to edwardbond at futuretrend.co.uk or call us on 020 8443 2888
Some pointers…
The IFS Coursework consists mainly of a 4,000 word essay. The essay is marked according to QCF level 4 relevant academic standards (equivalent to the first year of a degree course). As part of this, a bibliography meeting the required academic format is mandatory. There are also three additional short questions on other topics.
The Coursework due for the end of October focuses on Inheritance Tax Planning (IHT). You are writing an article for a lifestyle magazine and the potential audience is defined as “high net worth” readers. This blog covers some basic ideas about how to tackle this tough assignment. However, there is no substitute for hard work and study!
So, what is this Coursework all about? There is a lot of confusion amongst the general public about what IHT is, how it works, and whether planning for it should take place, or whether such tax planning can be achieved sensibly and legally. Understanding the pros and cons of such tax planning is also a key area.
You could talk about what IHT is and why it exists. Plus how much tax revenue IHT creates and what it is spent on. You could explain how IHT is calculated and how it works. You could discuss whether and how IHT should be planned for, and if so, what are the legitimate planning and mitigation options available? Remember to focus on the audience mentioned in the question.
As you are describing holistic financial planning, you should not just restrict yourself to financial products – you also need to talk about professional and suitable advice.
The IFS Study Folders contain an excellent starting point for research on how the IHT taxation regime operates, plus technical guidance and knowledge around specific potential planning and mitigation. Significant further reading and research is also required as part of this assignment.
It is essential for students to understand the referencing and bibliography requirements, and focus on a solid and thought-out structure, with clear headings.
For those looking for further support in addition to that provided by the IFS, why not consider booking onto the Futuretrend DipFA Coursework Distance Learning Course?
The Fact Find for the next IFS Factfind exam has just been released, and there is a lot to get your teeth into!
What is covered?
The fact find covers a wide variety of topics, such as;
Trust Planning
Final Salary Pensions
Investment Planning
Protection Planning
Mortgage Advice
and others, all to be researched and then written up in a 3 hour exam.
As always, there may also be areas or information missing or incomplete, which you will be expected to spot and account for, followed by some amendments on the day.
What does the exam look like?
Remember, the exam is there to test your knowledge, understanding, and crucially the application of that knowledge to the client’s situation and needs.
You will have to write or type out a full Suitability Report from scratch in three hours. Whilst the report may not fully resemble a ‘real life’ report, (it is after all an exam) that is a tall order.
A good thing to remember is that you need to explain your recommendations, and why they are suitable for the clients, even if it seems ‘obvious’.
How should you prepare?
Research and Practice!
Reading and studying the required areas covered in the Fact Find is essential. The IFS Study Topic Folders are a good place to start.
Then once you have formulated some solid recommendations practice delivering your report in the 3 hour limit.
Remember though that anything can come up as an amendment on the day if the subject is in the syllabus!
Where can I get help?
Further help can be found via Futuretrend’s DipFA fact find training courses.
Every month we go through our CeMAP forums at http://www.cemap123.co.uk (which our students have access to as part of their CeMAP Training programme) to see what interesting queries have been 
posted.
Here is this months CeMAP query from Dave S:
Question:
Hello,
Can anyone please explain top slicing in plain English, perhaps with an example of how it would be calculated in a real life situation?
Dave
Hi Dave
Top slicing – The good news is that for CeMap you won’t be required to work out top slicing – it can be too complicated !!!
Essentially, with an Investment Bond, whereas one would think that any gain from the Bond would be subject to Capital Gains tax, it is in fact subject to income Tax!! The capital gain is calculated and then divided by the number of years that you have held the Bond – this is then added to your income over the preceding years. Too complicated – don’t need to know it – just remember that any gain is subject to income tax and not CGT.
Hope this helps
David Airs
CeMAP Trainer
That’s a relief! Thank you David.
IFS DipFA Coursework (July 2015) – Baked Beans and Trains!
In financial services, we often take normal everyday words and convert them into jargon. So it is with Platforms, Wraps and Supermarkets. It’s nothing to do with travelling by train or buying baked beans! It has, of course, everything to do with advising retail clients on investment and pension solutions.
This is a very useful and relevant essay for candidates taking the current Coursework assessment with the IFS, as the platforms, wraps and supermarket investment approach is now the norm for many adviser firms and their clients.
What are they? The FCA has a useful definition for you;
“…online services, used by intermediaries (and sometimes consumers directly) to view and administer their investment portfolios…”
You are asked to explain what these are for the readers of an accountancy practice’s quarterly magazine.
It’s really an essay!
As always with the Coursework, this is really an essay set at QCF Level 4, which is roughly the equivalent of an essay required during the first year of a degree course.
However, it is not enough just to know what these things are! You will have to make the essay read-able, with a solid structure and avoid over-emphasis on client-unfriendly jargon. As will all Level 4 study, you need to show the examiner that you understand the products and can apply that knowledge in order to demonstrate understanding.
Start Your Research!
There is a lot of potential research available. You could do worse than start by actually checking through the IFS Study Folders which has some information on platforms, as well as different types of investments and the tax treatments of such. There is a huge amount of online research available – maybe start by checking the Money Advice website and searching for ‘platforms’; or by looking into one of the many online investment platforms that advertise widely, such as Hargreaves Lansdown, or Transact. (These are just examples and there are many more!).
Every month we go through our CeMAP forums at http://www.cemap123.co.uk (which our students have access to as part of their CeMAP Training programme) to see what interesting queries have been posted.
Here is this months CeMAP query from Holly D:
Question:
When I booked my exams through IFS, you have the option of registering for CeMAP England/Wales or CeMAP Scotland. In my text book there are still references to Scottish legislation, does that mean we may still be examined on it? I thought that was the idea of choosing the English/Welsh version so you aren’t examined on Scottish Regs
Answer:
HI Holly
Totally ignore the Scottish stuff. If you do CeMap under English and Welsh law then you can do mortgages in Scotland, believe it or not, not vice versa!
David Airs – CeMAP trainer
So, here we are, the Fact Find for the April exam has been released. There are some intriguing aspects to these hypothetical clients’ situations.
There is a complex arrangement of the client’s financial affairs at death, and some interesting aspects of their current financial affairs. In many ways, the IFS have delivered a more challenging exam than we have seen for a while, yet perhaps this is actually more realistic in terms of how people’s actual financial arrangements are in real life.
However, as in all fact find exams, regardless of how “life like” or not the exam is, the scenario is actually there to test your knowledge, and crucially, the application of that knowledge, to the clients circumstances, needs and objectives.
This blog summarises some of the key issues candidates will need to consider for this exam, and some pointers that students may find useful to review and refresh themselves of in addition to other study – this blog is not a comprehensive guide to the exam but should get you started.
As always, a solid understanding of taxation is required. Anyone not fully clued up on the tax treatment of pensions, income and investments should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up the Taxation folder, as well as the Retirement Planning folder.
For this particular exam, some key areas are;
This is most definitely not a comprehensive list, and of course don’t forget, anything in the syllabus can be considered relevant for the exam. The amendments on the day can cover any issue covered in the Study Folders, or related to these areas. Candidates would be well advised to at least review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself. According to recent Examiner’s reports, many candidates are missing out on marks as a result of not sufficiently addressing the amendments on the day. If there are gaps in your knowledge compared to the syllabus, you run the risk of being caught out…
Further help can be found via Futuretrend’s DipFA fact find training courses.
A Summary of the IFS and CII Financial Advisor Diploma Courses
This blog summarises the basic elements of both the IFS and CII 
Diploma courses. It should be noted that neither is “better” or more “difficult” than the other, it is simply a question of which qualification route is more suitable for you. Whilst I cannot offer individual career advice, hopefully the information in this blog will help you if you are trying to decide which option to choose.
What does the Diploma qualify you to do?
The qualification means that you can advise on regulated collective pensions and investment products, including all types of funds; as well as insurance products. The qualification does not cover mortgage advice which requires a separate qualification. The qualification does not cover Discretionary Investment Management or advice on Direct Securities (Stocks and Shares), both of which require additional or different qualifications
Candidates should make their own decisions based upon their own requirements and career plans. Full details are on the relevant professional bodies’ websites. The information in this blog is based on the relevant websites.
CII
http://www.cii.co.uk/qualifications/diploma-in-regulated-financial-planning-qualification/
IFS
http://institute.ifslearning.ac.uk/Qualifications/QualificationsinFinancialAdvice/DipFA.aspx
What is the Diploma and what does it involve?
Both the IFS and CII Diplomas are recognised as compliant qualifications for Investment Advisers, that is those wishing to advise on pensions and investments, which technically means holding the FCA Approved Person status CF30. Both the IFS and CII options are recognised by the FCA as appropriate qualifications, and are at an academic level called QCF Level 4 which has been confirmed as such by OfQual (the exams regulator).
It is worth remembering that the syllabus is issued by the FCA, and each Diploma therefore meets that syllabus. However, despite the fact they share the same syllabus, they are tested very differently;
I tutor and train candidates for each route, so I know that each route is a demanding and difficult route to take! However, on an individual basis, candidates may feel that a particular route is more suitable for themselves. Some-one who is very uncomfortable doing essays may be better off with the CII route, whereas some-one who is uncomfortable with more technical questions may be better off with the IFS route.
Even though the two Diplomas are equal in the eyes of the FCA’s requirements that does not mean that the IFS and CII necessarily see each other’s qualification as equal! A recent article described the cost incurred by a Diploma qualified adviser who switched from being an IFS member to a CII member (1). Some-body switching from one diploma route to another would need to apply for credits based on their existing exams, which is assessed on an individual basis each time. Therefore, before commencing a Diploma, students should seriously consider which body they wish to study with based upon their own requirements and future career plans.
Timescales may also be important to you. All of the CII Multiple Choice exams, and the one IFS Multiple Choice exam, can be accessed all year round at your own convenience. However, the final CII paper, R06, is quarterly. The last two written assessments from the IFS (called Advanced Financial Advice or AFA) are also quarterly and are taken one after the other.
Comparison Table – see notes below
| Cost | Modules/Units | Study Time(hours) | Summary of Assessment | Pass Mark | |
| IFS | £684 | 3 | 400 | · One Multiple Choice exam (FSRE)· One Coursework (4,000 word essay and short questions)
· One Written Exam (Suitability Report 3 hour written exam) · Together known as AFA |
· 70% for the Multiple Choice Exam· 50% for the two written assessments |
| CII | £1,059 | 6 | 370 | · Five Multiple Choice Exams (R0 1 to 5)
· One Written Exam (Fact Find 3 hour exam short answers) (R06) |
· 65% to 70% for the Multiple Choice exams· 55% for the Fact Find exam |
Notes –
Another option for existing CII exam holders
There is another CII Option, called the Diploma in Financial Planning. This is useful for those who already hold other CII credits at Diploma level. On a personal basis you can pick and choose from a wide range of R0 and J0 diploma level papers, and then provide Structured Gap Fill to ensure you meet the syllabus of the post RDR Level 4 FCA requirements. However, be aware that the Gap Fill is genuine Structured Gap Fill!
Other Qualifications
There are a wide range of approved qualifications, so this blog focuses on the ones that I train on. The IFS and CII Diploma routes are the main routes for financial advisers, however there are others. For those looking at stock-broking, the CISI also offers courses for investment advisers working solely in investment advice for stockbrokers, wealth managers, etc. For such students and also those aiming for fund management or international investment based careers, there is also the CFA route.
Make Your Choice!
Whichever route you choose is ultimately up to you, as each Diploma achieves the regulatory requirements, albeit in different ways. Some firms have a clear internal policy preference for a particular route so in those cases the choice may be made for you!
I hope this explanation and comparison of the two main Diploma options has helped you.
Paul Davis,
BA (Hons), Cert.Mgmt (Open), Dip. PFS
References
Notes –
All reference to external websites and bodies is taken at the readers own risk, as Lewis Davis Ltd accept no responsibility for the accuracy of any external website or organisation. Errors and Omissions excepted.
The terms IFS, CII, CISI and CFA are registered trademarks and the use of these terms by Lewis Davis Ltd does not imply any association or accreditation by those bodies of Lewis
Paul provides DipFA FSRE Training, Advanced Financial Advice Training and various CII modules Training for Futuretrend
