Old Mutual Wealth partners with CII to launch AF4 exam training through new Investment Academy


Old Mutual Wealth is partnering with the Chartered Insurance Institute to launch exam training sessions for advisers studying toward their AF4 Investment Planning qualification, part of the Advanced Diploma in Financial Planning that leads to Chartered status. 

The AF4 exam sessions are the first of a series of adviser support initiatives Old Mutual Wealth will roll-out through its new Investment Academy. The Academy will in future support advisers by covering other exam units, distributing supporting collateral to advisers and producing CPD events alongside leading asset managers: JP Morgan Asset Management; Aberdeen Asset Management; M&G; Schroders; F&C; and OMGI.

Old Mutual Wealth head of UK distribution Scott Goodsir says:

“Quality financial advice is key to the future of UK plc, the UK retail financial sector and the financial livelihoods of UK consumers. Our Investment Academy will support advisers that want to continue to develop their expertise and reach the peak of their profession by attaining Chartered status.

“Consumers value Chartered status and see it as a mark of professionalism and integrity. We believe that by supporting advisers through these qualifications we are making an investment which will benefit all those with a stake in the UK retail financial services industry.”

CII director of financial markets Steve Jenkins says:

“Competence is a key element of all professions. At a time when public scrutiny of the sector has never been higher we are delighted to be partnering with Old Mutual Wealth on an initiative that supports advisers in this way."

The AF4 exam is one of six units, each worth 30 credits, which make up the Advanced Diploma in Financial Planning. Gaining 120 credits (4 units) results in the individual earning CII Chartered status. The AF5 unit is compulsory.

From 2020 at least half of advisers within a firm will need to hold the Diploma in order for the firm itself to hold Chartered status.

Exam training supported by Old Mutual Wealth will include twelve separate sessions lasting 2 ½ hours and will be delivered by CII accredited training specialists.

Sessions will include a mixture of presentations, breakout sessions and group discussions. Advisers will be tested using past exam questions to help prepare for the AF4 exam.

The CII content will be supplemented by supporting presentations, which will be linked to exam units, from leading fund groups: JP Morgan Asset Management; Aberdeen Asset Management; M&G, Schroders; F&C; and OMGI.

Support is available free of charge to advisers, although they or their business will need to finance the cost of sitting the exam.

Beginning in April this year with an initial cohort of advisers currently scheduled to take their AF4 exam in October, Old Mutual and the CII plan to roll-out further sessions later in 2015 with advisers invited to register their interest once further sessions are in place.


Session 1
Exam Technique & Macroeconomics
Inflation, Business Cycles, BoP, Fiscal Policy, Exchange Rates

Session 2
Direct investments 1
Cash: Money Markets, FSCS, CODs,Fixed Interest: Gilts. Corporate Bonds, PIBs, Yield Curves

Session 3
Direct investments 2
Equities: Preference Shares, Stamp Duty, RatiosProperty: Rent-a-Room, Yields, Stamp Duty

Session 4
Indirect investments
OEICs, Unit Trusts, Investment Trusts, Offshore Funds

Session 5
Indirect Investments
REITs, EIS, SEIS, VCT, Hedge Funds, Junior ISAs, Bonds

Session 6
The Investment Theories
Modern PT, CAPM, Arbitrage, EMH, Behavioral Finance

Session 7
The Investment Theories
Modern PT, CAPM, Arbitrage, EMH, Behavioral Finance

Session 8
Measurement & Risk Management
Portfolio Analysis against Benchmarks, Alpha, Sharpe, Information Ratio

Session 9
Taxation Workshop
Impact of Investments on Income Tax & CGT

Session 10
Investment Performance
Time Value of Money, MWR & TWR

Session 11
Revision Session 1

Session 12
Revision Session 2

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at


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