Skilled Monetary Planner Robin Melley appears at the advantages for Monetary Planners of being a member of multiple skilled physique.
There are rising numbers of Monetary Planners who, like me, are longstanding members of a number of of the recognised skilled membership our bodies (reminiscent of CISI, LIBF and PFS) who’re additionally reaping the advantages of being a member of The Society of Belief and Property Practitioners (STEP) however why and what does STEP provide to Monetary Planners?
For individuals who have no idea, STEP is a world skilled physique, with greater than 21,000 members comprising legal professionals, accountants, trustees, monetary planners, tax advisers and different practitioners that assist households plan for his or her futures.
Consequently, STEP members are usually additionally members of their very own skilled membership our bodies – for instance, legal professionals may additionally be members of The Legislation Society.
Full STEP members, referred to as Belief and Property Practitioners (TEPs) are internationally recognised as consultants of their discipline, with confirmed {qualifications} and expertise.
I joined STEP a few years in the past for 2 principal causes: to reinforce my technical data and expertise on property planning and advising purchasers in weak circumstances, and to reinforce the collaborative work that I used to be doing with different professionals – usually legal professionals, tax advisers and accountants.
It’s honest to say that it has taken laborious work to attain the TEP qualification on prime of being Chartered however it’s no completely different for a lawyer or accountant attaining the identical qualification on prime of changing into Chartered of their professions.
Nonetheless, it has been very worthwhile and has resulted in higher outcomes for purchasers by the applying of specialist technical data and the flexibility to have extra significant collaborative working relationships with different STEP members, who may additionally be legal professionals, tax advisers and accountants and so forth.
One of many causes that Monetary Planning is such a useful career is as a result of it requires a holistic method and it implies an ongoing service by each stage of a consumer’s life.
Legal professionals, accountants, and tax advisers are sometimes engaged to supply packages of recommendation, so it’s massively helpful for different professionals to work with Monetary Planners, who’re engaged to supply long-term recommendation and repair.
Actually, from my perspective, I’m all the time reassured {that a} lawyer, tax adviser or accountant is a fellow STEP member after I refer purchasers to them.
• STEP’s web site might be discovered right here: STEP
Robin Melley TEP, Chartered MCSI, FLIBF FPFS is managing director of Chartered Monetary Planner agency Matrix Capital Restricted in Shropshire.