The number of financial advisers with chartered status has increased 24% year on year, according to a document released by the Chartered Institute of Insurance (CII) today.
The Importance of Being Chartered revealed an increase in advisers with the chartered qualification from 2,839 in March 2012 to 3,513 in March this year.
It also revealed that the number of chartered financial planning firms has increased to 502, up 25% from 404 on this time last year.
The report also emphasised the importance of this status to consumers. When polled, 89% of professionals with chartered status thought that being chartered had enhanced their clients' perception of them.
And when questioned separately in research conducted with Opinion (and cited in the report), 86% of consumers said they found chartered status attractive.
Similarly, the Opinion research found that consumers had more confidence in the professionalism of chartered individuals versus those holding a degree or a diploma.
The same study found that following the financial crash, a recession and scandals such as LIBOR fixing and Payment Protection Insurance mis-selling, almost two thirds of people, when dealing with the financial sector, want to speak to a qualified professional.
This represents a sharp rise from 2009 when only 41% of the public preferred dealing with professionals.
Similarly, the research found that two thirds of consumers who expressed an opinion (64%) said that they would be more likely to use a chartered firm than a non-chartered one.
Only 7% of respondents said ‘it depends on the price'.
The report also cites research from JP Morgan (2012) which indicates that chartered status improves how a firm is viewed within professional markets.
It indicated that 68% of solicitors and 62% of accountants believe holding chartered status is important for evaluating a new adviser.
CII president Amanda Blanc said: "In an age of uncertainty and public concern over trust, chartered acts as a kitemark for quality in the eyes of the public and is widely recognised as a something people can trust.
"The logical extension of the CII's Royal Charter's purpose to protect the public interest, is the need for continual development and promotion of Chartered status, both for individuals and for firms."
