CAS top tips
10 simple tips to help you obtain CAS
- Know your KPI's - what you are expected to achieve
- Follow the set processes to the letter
- Pay attention to detail - including spelling and grammar
- Check, check and check again
- Be realistic with how long it will take you
- CPD - read industry articles and listen to providers to build and maintain knowledge
- Start with good habits, protection is very important for both you and the client
- Be mindful of your mentors own preferences - satisfying what is important to them will result in CAS earlier
- Be focussed and resilient
- Choose the right mentoring program for you
Obtaining your Competent Adviser Status
Competent Advisor Status, put simply, is deeming any adviser competent to provide advice in their chosen field without requiring supervision. This could be investments, pensions, equity release, financial advice, mortgages or protection. During the period between passing the relevant qualification and obtaining CAS in the chosen advice field, the adviser is in effect a "trainee".
There are a number of ways to obtain your CAS and lose the "trainee" label but its not as simple as it may sound. As the saying goes, there is no such thing as a free lunch.
Historically, there were many advisory practices that took new recruits through the entire process of mentoring. Also Banks and Insurance companies did this, but these opportunities or few and far between in todays market. It is still possible to join academies or practices that can take you through to CAS, but there is likely to be contractual clauses that tie you for a period. After all they are in business and will a need a return on their investment in you.
As you progress on your journey to CAS, you will have many meetings observed and your cases will be checked by a manager or more commonly, a dedicated mentor. They will ensure you're on the right track, guiding you before you're able to conduct meetings and give advice on your own.
Although CAS is an industry requirement for any individual to give advice autonomously, the interpretation of what key performance indicators (KPI's) need to be achieved before obtaining CAS varies considerably between companies. It is recommended that you should establish the precise KPI's required to get to CAS at the outset with any company. You need to be completely aware of what you need to achieve and their expected standard.
Typically, for mortgage and protection advisers, you should have around 5 cases in both/either product lines, that meet a required standard. This will include how your conduct your meetings, your research conducted, recommendations and all relevant documentation. Similarly you should have around 3 to 5 cases in the main areas for a financial adviser, investments, pensions and protection. This can also vary and you may find that some companies like advisers to specialise in one specific discipline.discipline.
The time taken to achieve CAS can also vary and will largely depend on the volume of clients you can see, along with the availability of your mentor. It could be a as little as 3 cases and 4 months but equally, it could be much longer time frame and you should be realistic, so allow 6 to 12 months.
If you are fresh to the industry with no associated or prior industry experience, it may be even longer and your options on a route to CAS are far more limited.
If for some reason you stop advising, such as a career break or change of industry, your CAS status is finite and will expire. So, if you haven't advised for a period of two years, you will find that you need to go through the process again. Although sometimes, dispensation can be made if you continued to remain close to the advice process but didn't actually advise, such as a team supervisor or manager. finite and will expire. So, if you haven't advised for a period of two years, you will find that you need to go through the process again. Although sometimes, dispensation can be made if you continued to remain close to the advice process but didn't actually advise, such as a team supervisor or manager.
Some considerations to make it easier for you
To make it easier for yourself - Just follow the processes. This may seem like an obvious statement but it is surprising how often not following the prescribed process, trips up would-be advisers. This is one of the most important factors when looking to obtain CAS. If there are procedural errors, it could illustrate lack of attention to detail and will cause compliance issues. Lack of attention to detail raises concerns for any compliance mangers or mentors and can stop you in your tracks. errors, it could illustrate lack of attention to detail and will cause compliance issues. Lack of attention to detail raises concerns for any compliance mangers or mentors and can stop you in your tracks.
If you have compliance errors, it could take you right back to the beginning of the process again and the clock starts all over again. If it is a reoccurrence, it could even stop you achieving your CAS status and take you right back to the beginning of the process again - the clock starts all over again. If it is a reoccurrence, it could even stop you achieving your CAS status altogether.
Basics are so important and it may sound obvious but grammar, punctuation and spelling will all contribute to your credibility and validity of your advice.
Demonstrating your knowledge is the whole premise of being a competent adviser, equally maintaining this knowledge with continued professional development (CPD) is imperative. Reading industry articles, keeping up with new products and view points, along with attending industry events and seminars will help maintain CPD. By keeping up to date with market changes and forecasts gives you credibility with clients and makes you a better adviser. The core purpose of your job as an adviser is to provide advice to clients and as such, your knowledge should be at a high level. It is your responsibility to update your knowledge with the latest industry insights in order to provide your clients with the most relevant advice possible.
Application of your knowledge.
You will need to analyse your client's entire profile and aspirations, their situation, their attitude to risk and what is important to them. Be sure to ask them these things and then think - how best can I meet their needs and requirements. Highlight any financial risk to which they may be exposed, establish how important it is to them and offer a solution.
Don't leave a risk without at least offering a solution.
The aim of and adviser to is satisfy the needs and requirements of their clients but you are in business also. By offering solutions, you're also creating opportunities. Building your client bank is your future and by offering solutions to risks and satisfying needs, not only are you protecting them and helping achieve their goals, you are generating income and building up a business. Yes you do consult with your clients and help them but equally, your aim is to build up a sizeable client bank to service. As such your sales and promotional skills will need to be at a high level in order to effectively carry out your duties. Never be afraid to ask for referrals.
important it is to them and offer a solution.
Pay attention to detail
Remember, you will have more career opportunities once you have CAS.
- Study and know your KPI's, benchmarks and processes – As already stated, companies may interpret CAS benchmarks differently, so its important for you to know what you're working to actually achieve, and know the processes intimately. Request any specific benchmarks early in the mentoring process if it hasn't been shared with you, along with any support materials that could help you on your journey to CAS.
- Be pro-active and create your own KPI's and list – By creating your own lists and goals to achieve CAS, it will be personal to you and help with your own understanding. Something to consider- Pay specific attention on what is particularly important to your company, focus does change from company to company and knowing this will keep you on track.
- Know what your Mentor/Supervisor is looking for- Although the company will have clear benchmarks, there may also be personal "pet hates" or specific points your mentor favours which they pick you up on. This may come down to basic things, such as grammar and punctuation. It could also be specific questions they like to hear, or at what point they are asked in the advice process, so if in doubt, just ask your mentor. Clearly, remaining compliant and the client getting the right advice is the key part and what all companies want. However, some of the little nuances mentioned may lengthen the time it takes to get you to CAS.
- Check, check and check again (check lists help) – Before submitting any cases to be checked by your mentor, read it through and then read it again. Be sure you aren't reading what you think it should say. Check all required items have been satisfied, use your own check list if there isn't one supplied. Take some time away, then check it again later.
