There was a time when the professional body department was reassuringly dull. A calm, gray oasis in a sea of volatility and excitement in financial services.
Based on the examples I saw this week, this situation seems to be changing rapidly.
From a business perspective, the professional body department is getting a little sexier.
Earlier in the week, we broke the surprising news that the London Institute of Banking and Finance (LIBF) had been sold to German education technology giant IU.
LIBF is perhaps the smallest professional body as far as financial planners and advisors are concerned, but it has a growing following and is used by Quilter and others to strengthen their training and professional qualifications. We also offer his popular Cemap Mortgage Credentials and Credentials for Financial Advisors and Paraplanners. It also provides chartered status.
IU has not disclosed how much it paid LIBF, but it has over 100,000 students and is keen to expand its international and digital footprint. We expect new investments in LIBF keen to build a bigger foothold in the financial advice space.
Also reported this week that CISI has withdrawn a rule that accredited planners from another organization wishing to transfer (or join) CISI no longer have to first do a year of CPD. Removing this barrier makes it much easier for financial planners who want to maintain their chartered status to move from one institution to another without losing their chartered designation for 12 months.
Of course, the Personal Finance Institute and its parent company, the Chartered Insurance Institute, are still trying to resolve their conflicts, but in recent years these developments have been among the most important in the profession. must be shining.
Another factor driving change is the important international role currently played by UK professional bodies. They are no longer just focused on a few British professionals trying to move up the ladder. Together, they are now truly global organizations with hundreds of thousands of members.
CISI now has as many members abroad as in the UK. CII/PFS operates globally and STEP (Society of Trust and Real Estate Practitioners) is happy to run a conference in Miami as well as London.
With its globally respected reputation as a reliable and outward-looking place for professional standards and designations, London opens its doors to the world.
The future of professional institutions lies within much larger international companies, potentially reaching students on every continent. The desire to become a financial professional continues to grow.
The LIBF deal is unlikely to be the last.
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Kevin O’Donnell is the editor of Financial Planning Today, where he has worked as a journalist and editor for over 30 years.