STEP has changed a great deal as a professional body since it was first established in the early '90s. At one time, certainly in UK, it very much comprised solicitors and accountants with a few bankers too. And it was inward looking, acutely sensitive to the perception that it was principally concerned with HNW clients and offshore business. The economic benefits of this HNW group and business conducted through International Finance Centres have largely been established (International Finance Centers and the World Economy by Professor James R Hines Jr). However, STEP members in the UK have always been involved with a range of wealth segments and STEP has, for example, broadened the policy agenda to include issues of the vulnerable and elderly. Now STEP is looking to bridge with a wider range of professionals with an interest in STEP's core competence area of trusts and estates. Solicitors do still comprise the majority of members in UK but the profile of STEP is undergoing a shift at the same time as the market for legal services begins to change too.

The recently developed STEP Certificate for Financial Services signals this change in approach. This new Certificate is helping to facilitate one of STEP's goals, which is to engage with a broader professional constituency who might benefit from having an enhanced understanding of trusts and estate planning. Both STEP members and those working with STEP members will benefit. Whilst the Certificate does not result in membership of STEP, it does result in affiliation to STEP and access to a range of professional development resources and events locally and nationally (internationally too).

The core objective of the STEP Certificate for Financial Services is to bridge the divide between the professions of lawyer, as trustee, and financial advisor, whether the contact is via a joint venture, in-house or has a more informal or relational basis, established through history and practice.

Each profession can add value to the other in a number of ways with the end-game being to offer the client a better, more integrated service and thus securing the long term client relationship. Financial advisors may offer the solicitor their know-how in trustee investments, pension planning and other investment advice opportunities. On the other hand, financial planners and investment advisers working with clients in these situations encounter specific legal/technical issues - estate planning is a good example - which will need referral to a legal expert. Both professional groups can benefit from having a broad understanding of each other's specialist fields and the terminology and jargon they employ to describe the processes and tools they use. The financial planner will certainly gain credibility with clients and colleagues by developing this broad awareness of the tax and legal aspects of these topics. The STEP Certificate for Financial Services will help them develop these competences and a reputation as the "trusted financial advisor" sought by clients.

So what exactly does the Certificate comprise? There are 13 modules, half of which deal with trustee and trust tax issues. The needs of incapacitated clients are also dealt with, as well as charities and philanthropy issues. In addition, Will trusts and the transferable nil rate band are covered, and points arising in connection with domicile and residency. Whilst financial planners don't write wills, these issues often arise in client discussions and having knowledge of these wider issues means that financial advice is not given in a vacuum. Good awareness of trusts and technical matters is also a way for the professional financial advisor to differentiate him/herself from the ordinary advisor.

What else do you get for this investment of time and money? The course itself is distant learning through a bespoke manual, online support, past papers and self-assessment questions. Already the manual, written by Julie Hutchison (Standard Life) and Emma Haley and her team at Boodle Hatfield, has won praise from students for its clarity, comprehensiveness and ease of use. And the Certificate is now accredited by CII for 20 credits towards the Diploma in Financial Planning. Perhaps just as important, STEP affiliation will gain you entry to branch events and a vital network of potential clients, the STEP Journal and e-newsletters, online resources and so on. Most important The STEP Certificate for Financial Services will give you enhanced credibility with key stakeholders.

So what else can STEP offer those working in financial services?

STEP is best known for its Diploma series: in the UK that comprises the STEP Diploma for England and Wales (Trusts and Estates), the STEP Diploma for Scotland, the STEP Diploma for Accountants and Tax Practitioners and, in the pipeline, the STEP Diploma for Northern Ireland. There are a growing number of senior financial advisors who hold a STEP Diploma and can use the TEP designation after their name. These qualifications can be integrated into a financial planning career structure too: the full STEP Diploma earns an award of 30 credits towards the Advanced Diploma in Financial Planning (AF1). The STEP Certificate in Will Preparation (England & Wales) may also offer benefits to a financial planning business, and again would result in affiliation to STEP.

Both affiliation and full membership of STEP give access to the local branch events and the opportunity to network with important sources of business and referrals. Of benefit too will be the technical content of branch events, not to mention the discounted access to conferences.

These opportunities are currently available to affiliates and affiliation can be gained through any of the STEP Certificates, but only through one of these exam routes. STEP plans to enhance its offering to members and affiliates over the coming year with new online learning resources which are relevant and easy to access.

The STEP qualifications can form part of any financial planning career. Not only that, but affiliation and full membership both give that added benefit of ongoing CPD and prime networking opportunities.

Nigel Race
STEP