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PRESS RELEASE: Dedicated masters level qualification for the wealth management industry

03/02/08

Notwithstanding the current market conditions, the UK wealth management industry is experiencing an ‘explosion in growth’. A quarter of UK households are predicted to acquire million dollar status in the next ten years, according to a report by the Economic Intelligence Unit (EIU) and Barclays Wealth.  The report claims that eight million British homes will boast more than $1m in assets by 2016 and that the UK will play host to one million ‘super millionaires’, with more than $3 million in assets by 2011.  Barclays also state in the report that this performance will outstrip that of any other G7 economy, making the UK home to the highest concentration of $1m households around the world.

To address this new demand for wealth management services in the UK, BPP is working in partnership with the Securities & Investment Institute (SII) to develop the SII Masters in Wealth Management, targeting specific skills for those working in portfolio management, private banking and providing financial advice to high net-worth clients. 

Christopher Jones-Warner, Consultant to Defaqto and Director of Playing Hamlet Ltd, commented; “The SII Masters in Wealth Management qualification has been designed in full consultation with some of the leading practitioners from the wealth management industry.  Wealth managers successfully completing this qualification should be able to advise clients with little or no supervision which will be of huge benefit to organisations in this sector.  I am delighted that there is now a dedicated qualification and a professional standard for what is undoubtedly a rapidly growing industry.”

David Bowden, Managing Director of BPP financial services, commented; “The launch of the SII Masters in Wealth Management essentially comes from market forces and the growing number of high net-worth individuals in the UK.  It offers individuals in the wealth management industry a specifically structured qualification to enhance their skill set.  It also offers wealth managers and IFA’s a demonstrable level of credibility, helping to give their clients and customers a certain level of peace of mind.”

“With a number of big players in the wealth management industry, such as Barclays Wealth Rathbones and Charles Stanley involved in setting up the course and designing the syllabus, we are expecting this qualification to carry a strong level of recognition in the industry.”

The SII Masters in Wealth Management is the first career pathway to be launched as part of the SII Masters programme (SIIM).  It is split into three sequential modules; Financial Markets, Portfolio Construction Theory and Applied Wealth Management.  With exams in June and December each year for all three modules, the qualification takes approximately 18 months to complete.  Training courses towards the SII Masters in Wealth Management will commence in March 2008.

The SII are initially offering an exemption from the Financial Markets module for any delegates that have completed Investment Analysis or Interpretation of Financial Statements from the existing SII Diploma.