The accreditation is worth 30 credits towards the minimum 350 credits needed for fellowship status. Firms also need to have chartered status from the Chartered Insurance Institute to be eligible (CII).
Credits are awarded for every CII qualification unit passed, and professionals need to complete on online application via the CII website and attach evidence of their accreditation.
As part of the agreement between the two bodies, SOLLA later life adviser accredited professionals can make a formal application for recognition of this award as part of their request for PFS fellowship member status.
In order to secure the SOLLA later life adviser accreditation, financial planners need to show their later life technical knowledge, demonstrate they work within a “supportive environment” and confirm “ongoing maintenance of competence in their online submission”.
Advisers will then undergo a final viva assessment and then their application is evaluated by an independent accreditation panel.
The PFS said that to achieve fellowship status then advisers needed to do further exams after achieving the CII’s chartered status.
“The pinnacle of academic professional achievement”
Mark Hutchinson, membership director of the PFS, said: “Achieving later life adviser accreditation from the SOLLA is an endorsement of a financial planning professional’s skills and experience of working with, and understanding the needs of, older people and their families and carers.
“Being awarded fellowship of the PFS represents the pinnacle of academic professional achievement. Many advisers choose to specialise in their drive beyond minimum knowledge and qualification standards and we are keen to acknowledge the role of high-quality third-party courses and accreditations in contributing towards the achievement of fellowship status.“
He added: “Many practitioners have achieved high calibre accreditations that are robustly assessed but aren’t regulated by Ofqual. We are proud to announce that the SOLLA accreditation is the first to help Chartered Financial Planners on their route toward fellowship status.”
Tish Hanifan, founder, and joint chair of SOLLA, said: “We are pleased to have worked with the CII to establish the SOLLA later life adviser accreditation as a recognised contribution to the financial planner framework and pathway towards Fellowship status.
“This development highlights the importance of combining the right engagement skills with technical expertise in the expanding later life advice sector.”
