New online tool tests financial advisers' investment knowledge

Fri, 08 Jul 2005

A self-testing service for financial advisers allows them to test their level of business knowledge online. The Chartered Insurance Institute has launched the free service to measure financial advisers' understanding of investment products and financial planning services as a 'healthcheck' about their investment knowledge.

Financial advisers could benchmark themselves against the Chartered Insurance Institute validated testing tool, but according to the CII's head of product marketing Niall Boyd, many financial advisers "need a bit of a knowledge refresher".

"Investment planning and products has been highlighted by the Sandler Report, the Financial Services Association and the Financial Services Skills Council as one where many advisers' knowledge falls short of the required standard," he commented.

He said that is why the Chartered Insurance Institute developed this facility to help financial advisers discover for themselves what level their knowledge is at.

The online test is confidential and consists of 15 questions generated at random from a question bank. On completion of the test, the financial adviser receives an instant breakdown of their marks with explanatory information on all the questions.

Additional guidance is also available on where they might find further explanations in the appropriate Chartered Insurance Institute learning material.

Mr Boyd added: "Should gaps in an adviser's knowledge be identified this new system will allow them to plot the most appropriate course of action to bolster their knowledge and boost their professional standing."

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