Achieving CoDA status An opportunity to rise to the pinnacle of financial advice...

How does a financial adviser measure his or her worth? Aside from the handful of "adviser of the year” awards the traditional yardstick of success has been for an adviser to outsell his or her peers…

Over time the volume and value approach to intermediary rankings has made way for holistic appraisals that include interactions with clients and "best practice” administration and compliance processes. As we progress through the 21st Century the financial intermediaries at the cutting edge of the industry are those who buy into the consumer-centric approach to financial services provision.

Today’s professional advisers see the people behind the policies and dedicate themselves to providing solutions that make sense… They understand that the real measure of success is in making a difference to peoples’ lives rather than notching up sales.

Old Mutual was one of the first financial institutions to recognise the paradigm shift in the adviser / client relationship. They realised that the adviser of the future would have to adopt a 360° approach to financial advice, putting the customer first.

The diversified insurer decided to create a set of standards that its financial advisers could aspire to and that financial services consumers could trust implicitly. In 2011 they devised an exclusive internal programme that acknowledges advisers who excel in providing this 360° / holistic advice. The programme is known as CoDA: Circle of Distinguished Advisers.

What does an adviser have to do to join the CoDA ranks? "You cannot qualify for CoDA through production,” says Raimund Snyders, executive general manager at Old Mutual. "Advisers have to meet a stringent set of criteria. They are audited each year and can lose their membership even if production is of top quality”.

The programme is based on quality of advice, world-class financial practices and an undying focus on the customer. There are five stringent criteria that advisers must meet before they qualify for the accolade, including:

• A minimum of three years’ experience as an adviser;

• An overall rating of " Acceptable” in the provider’s annual practice diagnostic assessment;

• A rating of "Optimal” in client review evaulation;

• A Top 100 "Trophy Point” performance; and

• Achieve and maintain the Certified Financial Planners (CFP ®) professional designation.

The provider reports positive feedback from its adviser force subsequent to the 2011 launch of CoDA. There has been keen interest among advisers to obtain the CFP ® qualification, for example.

An adviser who meets each of the five criteria qualifies as a CoDA member for a period of 12-months. Members are then reassessed annually to determine whether the "premium adviser” status still applies. At the 2012 CoDA Induction Ceremony 13 advisers (including all eight who qualified in 2011) had the honour of signing the CoDA code of conduct.

"CoDA is about creating a group of advisers that can tackle the future in partnership with Old Mutual,” concludes Snyders. "We support each other in building sustainable practices where customers get value and professionalism is nurtured. We view our CoDA advisers as the frontrunners who build authentic life-changing relationships with their customers by delivering exceptional, regular and on-going advice”.