The Chartered Institute for Securities and Investment (CISI) are offering a new designation for their members – the Chartered Wealth Manager.
The award is designed particularly to distinguish Members and Fellows of the CISI that have achieved qualifications that are compliant with the Retail Distribution Review (RDR) at level 6 or above. This includes PCIAM, with the appropriate gap fill. There is also the requirement to have completed and verified RDR compliant continuous professional development (CPD).
More information on this can be found on the CISI website.
Chartered Wealth Manager – the new designation
Chartered Wealth Manager is a new designation launched by the CISI to recognise members in the retail sector at the pinnacle of their profession. Following an extensive period of research and consultation with members and firms, the CISI is pleased to be able to offer this designation to Members and Fellows who meet the criteria.
Applicants will be awarded the designation Chartered Wealth Manager by:
- Possessing a level 6 or above, as defined by Ofqual, Wealth Management qualification, which is recognised by the UK Regulator (FSA), i.e. on the RDR approved qualifications list (below); and
- Being members of the CISI, at MCSI, Chartered MCSI, FCSI, or Chartered FCSI level and having held CISI membership for a minimum of one year (note MCSI is the highest level of direct entry to the CISI and the other membership grades can be accessed by meeting additional criteria once MCSI is conferred); and
- Passing CISI’s IntegrityMatters with an ‘A’ grade (the benchmark for all Charter holders); and
- Completing a verifiable RDR equivalent CPD requirement (35 hours, minimum 21 hours structured learning).
In order to maintain the Chartered Wealth Manager designation, applicants must continue to maintain their CISI membership and, if in the RDR regime, continue to meet the RDR requirements in full by obtaining an SPS on a yearly basis from the CISI. We also want to encourage applicants to seek to become Chartered MCSI/Chartered FCSI if they do not possess either of those categories of membership.
NB: The designation is open to suitably qualified applicants not subject to the RDR requirements e.g. international applicants. Further guidance on how to use the designation will follow. There can be no amendments to this designation’s title.
Approved Qualifications:
Qualifications on the FSA list of appropriate qualifications and listed by Ofqual as level 6:
- CISI Level 6 PCIAM
- CII Level 6 Advanced Diploma in Financial Planning
- *We would also accept the CISI Level 7 Diploma in Wealth Management
- *We would also accept the CISI/SII Diploma provided the units taken include either Private Client Investment Advice and Management or Fund Management.
Qualifications not listed by Ofqual but deemed to be level 6 as they are postgraduate qualifications listed by the FSA:
- MSC Finance University of Stirling
- MSC International Accounting & Finance University of Stirling
- MSC Investment Analysis University of Stirling
- MA Financial Services Sheffield Hallam (1995-2001)
- Postgraduate in Financial Services Sheffield Hallam (1995-2001)
- MA Financial Services University of the West of England (1995-2001)
- Postgraduate in Financial Services University of the West of England (1995-2001)
- MA in Financial Services University of Bournemouth (1995-2001)
- Postgraduate in Financial Services University of Bournemouth (1995-2001)
Other qualifications on the FSA's list where the Awarding Organisation can make a case for them being at level 6:
- On application by the AO.
The application process:
From January 2012, members who meet the above qualifying criteria may apply for Chartered Wealth Manager designation via the following routes:
- When applying for a Statement of Professional Standing (SPS), by completing the relevant section on the CISI Website.
or
- By completing the Chartered Wealth Manager Designation.
There is currently no additional charge for this designation and once your application is approved by the CISI you will be sent a confirmation letter.
