He said: "This seems to have been a tactic of the CII for a while and they're becoming less relevant as a member organisation because of it.
"I gave up my membership earlier this year having been a member since about 1998. Looks like this has been a problem for them this year and will likely continue, at pace.”
Embarrassment to the profession
While Dave Robinson, a retired chartered financial planner, called the entire debacle “totally shocking and utterly shameful” and said he was pleased he was retired and no longer a member otherwise he would have resigned.
Greg Moss, director of Eleven.2 Financial Planning felt “pretty embarrassed” that the saga was still playing out in public.
“It is not a great look for a professional body’s internal politics to be in the news every few months. It reflects badly on us as a profession and draws attention away from the good things happening in the sector. A really poor show given the remit to build trust in financial planning,” he added.
Similarly, Rob Atherton, head of international wealth at Melbourne Capital Group, thought it was an embarrassment to the profession that planners had to publicly comment on the matter.
He said: “The infighting between the PFS and CII, wherever the truth lies, has resulted in a loss of confidence in these professional bodies and, more broadly, our profession.
“It’s becoming increasingly difficult for aspiring financial planners to achieve competent adviser status or find trainee roles. Shouldn’t our professional bodies be focused on tackling these critical issues and delivering world-class training and support to their members?
“Instead, as this infighting continues, members are choosing to leave the CII and PFS for alternatives such as the CISI or the LIBF. Private companies like NextGen Planners and the Verve Group are stepping in to fill the void with conferences that advisers enthusiastically attend, and they continue to grow because they offer what the traditional bodies seem to have lost sight of.”
Tim Morris, IFA at Russell & Co, thought advisers needed to unite on this “shambolic matter”.
“Any financial adviser who cares about the running of their profession should make their voice heard. Any adviser who wants to know their hard-earned money isn’t involved in a cash grab should make their voice heard. Any adviser who believes in honesty and integrity should make their voice heard,” he urged.
alina.khan@ft.com
