The London Institute of Banking & Finance (LIBF) has launched a new retirement planning qualification to help navigate the increasingly complex client needs in later life
The Level 6 Financial Planning in Retirement (FPIR) covers all aspects of retirement planning, from pensions and inheritance tax to long-term care and equity release.
In summary, the qualification covers:
Advice considerations for retirement planning
Assessing client’s needs and aspirations for when they want to retire
Examining client’s current financial position
Understanding cashflow tools and management
Considering the options for later life and inheritance tax (IHT) planning
Analysing estate planning.
Candidates will already need to already passed the Level 4 Diploma in Financial Advice, or an equivalent qualification that meets the current FCA retail financial advice standards.
John Somerville, head of Financial Services, Professional Education at LIBF says: “Later-life planning has become increasingly complex and older clients now need a much more sophisticated level of advice. We’re living longer, which is great news, but income in retirement has become more uncertain. More people have defined contribution pensions, meaning they have to actively manage their pension pots in retirement, and they’re likely to have income from multiple sources – including potentially from property.
“Inheritance tax, gifting, equity release and long-term care are just a few of the other things advisers and their clients need to consider. This is an expanding market, but a much more bespoke market, meaning advisers need to have more sophisticated levels of knowledge and expertise to really be able to understand individuals’ needs.
“This new qualification recognises that, and uses case studies and ‘real-life’ evidence to really bring these subjects to life. Advisers can also study this as part of an advanced Diploma, if they want to take their career to that next level.”
