Financial Expert | Business Excellence | Growth Expert
Mike is an award winning financial expert and a well-known leader in the financial industry. Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended. In addition, Mike is qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), and a Fellow of the Institute of Directors (FIoD).

When accreditations aren’t enough

Mike CoadyBusiness Advice When accreditations aren’t enough

When accreditations aren’t enough

Let’s start with what the Oxford dictionary has to say on the matter. An accreditation is “The action or process of officially recognizing someone as having a particular status or being qualified to perform a particular activity.”

So far so good – and leads us to rule number one of client service: that it be performed by qualified accredited individuals. If you don’t have a relevant accreditation, you shouldn’t be providing sensitive financial advice to clients. In our industry, there are no take-backs. We can’t afford mistakes, because we’re the people clients rely on with their financial security.

But now let’s get a bit more ambitious with our argument. Are accreditations enough in and of themselves? Does becoming a qualified financial adviser mean that you are forever qualified to dispense advise without brushing up on your skills? At swissglobal, we’d say not.

Let’s tread into the realm of analogy and example. A computer programmer from the 1970s would have been working in BASIC or C – languages popular at the time. Pick her up and deposit her into 2018 – and chances are she won’t have a clue what to do when it comes to debugging Instagram. Yes, she’s accredited, and has degrees to boot. But her knowledge is no longer current.

A bit of a long-winded argument, I acknowledge. But the point is that our business changes rapidly. Markets move, new funds launch, old ones become inefficient and are replaced or restructured. Macro economic movements occur round the clock, and in frequent cycles. Risk and return parameters fluctuate. And importantly, the regulations surrounding savings, investments and pensions are constantly changing.

In this milieu, an accreditation acquired two years ago is already two years out of date. The business that we’re in requires us to not just be up to date, but up to the minute. Financial advisers need to stay abreast of new products, new technologies and new regulations that inform their business. Outdated information will just not do.

The industry is coming around to the importance of accreditations. Activists and brands – including swissglobal – are advocating fiercely to ensure basic industry-wide qualification standards.

It’s a good first step, but nowhere near enough. As an industry, we now need to focus the spotlight on the importance of continuous Learning & Development. All too often, firms sink resources into onboarding good talent but then don’t bother investing in keeping this talent sharp and well-informed.

Yet professional development is the most important investment we can make. It not only helps firms draw better talent and prolong rewarding careers, but is only fair to the clients we serve.

As example of how continuous L&D can be enabled, swissglobal has launched its online levelup academy. It’s a platform that gives our teams access to professional development and learning 24 hours a day, 7 days a week, from anywhere in the world. We’ve already spoken about the absolute necessity of accreditations – which is why the academy offers learning materials from Level 3 to Level 6 and others.

But equally valuable are the proprietary modules that analyse and dissect new market developments – such as GDPR regulations, KYC and anti-money laundering best practices. There are fund-specific training modules, and also courses on soft skills.

The levelup by swissglobal academy is quite unique – yet we consider it not a perk but an absolute necessity. For accreditations are no longer enough in a market changing by the minute.

Blog published by Mike Coady.

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Mike Coady
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