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Retirement Advice Standard - Rachelle Jordan!

SOLLA Retirement Advice Standard award
Rachelle Jordan is one of the first SOLLA Advisers to attain the prestigious Retirement Advice Standard!

Congratulations on achieving the Retirement Advice Standard!

Rachelle Jordan is one of the first SOLLA Advisers to attain the prestigious Retirement Advice Standard!

The Standard applies only to those who can offer a fully advised service to a client with a wide range of solutions from across the whole market.

From The Society Later Life Advisers 30th November 2015 :

“You were one of the first to apply for the standard, and therefore your application has taken a little longer to process. Thank you for your patience. Retirement Advice Standard certificates and badges are currently being produced and we will send to you as soon as they are ready, which will be before Christmas”

SOLLA launches Retirement Advice Standard

In September 2015 The Society of Later Life Advisers (SOLLA) created an industry standard for retirement advisers.

The seal of approval is intended to highlight accredited members' technical expertise in retirement advice and their commitment to the later life sector.

The SOLLA Retirement Advice Standard (RAS) will initially be available to SOLLA members, who are searchable through its own register of accredited SOLLA advisers, but will be rolled out to other regulated advisers later this year.

What is the Retirement Advice Standard?

The standard will be marketed by SOLLA with support from strategic partners Octopus Investments and Partnership.

It was introduced in the wake of the government's pension freedom reforms, which allowed savers unfettered access to their pension pots from age 55 and created a more acute need for advice, SOLLA said.

To become standard holders advisers have to submit a self-audit form which will then be vetted by SOLLA.

Once standard holders, they will be asked to sign up annually to a SOLLA code of conduct. They will also have to apply for re-licencing every year.


RAS - Three Standards

The RAS is broken down into three areas:

1 Knowledge base and business activity specific qualifications

As well as appropriately qualified, advisers must be actively involved in the at- and in-retirement market.

The standard requires advising on at least 10 retirement cases each year, involving annuity, drawdown or encashment.

The minimum requirement can include ongoing advice in the form of reviews to existing clients, so does not have to be all new cases.

2 Ongoing relevant professional development

In addition to meeting FCA requirements for CPD, the standard will require the adviser to have an appropriate amount of CPD which is specifically relevant to retirement.

The standard does not set a mandatory number of CPD hours or subject matter but will assess an adviser's CPD as part of their overall application.

3 Maintaining a supportive working environment

The standard is an entirely personal award and cannot be achieved by a firm.

However, as part of an adviser's assessment, they will need to demonstrate that they operate within a supportive environment.

This will require statements on how the applicant maintains their knowledge levels and how they are supported to undertake personal development within the retirement sector.

Continuing professional development (CPD)

Financial Conduct Authority (FCA)

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Henson Crisp Limited

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