Remember how you felt as a child when you got to ride your bike without stabilisers for the first time? The joy, the sense of achievement and how ‘grown up’ you felt? That is how newly qualified advisers feel about obtaining competent adviser status (CAS).
CAS is a big milestone for new advisers because this is when they are deemed able to provide advice to clients without supervision by senior colleagues.
You start with extra support, gradually building confidence before going solo
It marks the point when the trainee becomes a fully fledged adviser – but those who are starting out on their career journey in advice may know little about it. So, what does CAS entail and how long does it take to get there?
Crucial oversight
On average, it takes a newly qualified adviser six to 12 months to reach CAS. However, as Succession Wealth associate wealth planner Daniel Chaplow points out, this can vary with individual circumstances.
“The timeline will vary depending on factors like company size, case volume, individual proactivity and willingness to learn,” says Chaplow.
Ask what you need to do to be better – what is it that you’re missing or not doing?
“Structured training, openness to feedback and strong compliance awareness can all help speed up the process.”
Similarly, the opposite factors can slow progress, as can the lack of availability of a compliance manager to observe client meetings.
Every firm approaches CAS slightly differently, notes Robert Earle, another associate wealth planner at Succession Wealth, but the principle is the same.
“All client meetings are supervised until you can demonstrate the competence to advise independently,” he says. “This oversight is crucial, helping new advisers develop their skills while protecting clients and the business.”
The timeline will vary depending on factors like company size, case volume, individual proactivity and willingness to learn
Earle became an associate wealth planner in the summer of 2024 and started client meetings that September. Now, a year later, he has been put forward for CAS after completing around 15 observed meetings, including fact-finds, annual reviews and presentations.
“Taking 12 months felt right for my development, ensuring I was fully prepared to deliver high-quality, compliant advice independently,” he says.
Guidance for growth
Throughout CAS, advisers work closely with a training and compliance manager, who provides guidance and feedback to help them meet regulatory and professional standards, explains Earle.
Returning to the analogy of riding a bike without stabilisers, he says: “You start with extra support, gradually building confidence before going solo.”
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While the main focus of observed meetings is compliance, Earle says he also received feedback on soft skills and client engagement.
“This helped me grow as an adviser,” he says.
Waterbridge Wealth financial planner Oliver Bullivant describes the moment he achieved CAS as “fantastic”.
He elaborates: “It’s fantastic because you’ve proven yourself – you now get to go and do the thing that you’ve trained to do.
Structured training, openness to feedback and strong compliance awareness can all help speed up the process
“It’s like driving a car for the first time after you’ve passed your test. You’re in the car by yourself because you’ve passed and you can drive. It’s like you can go anywhere.”
The right questions
When Bullivant was working towards CAS, he would observe senior colleagues in client meetings. Then they swapped roles, so they observed him.
“We also did role plays, which are good but nothing like the real world,” he adds.
So, how can new and aspiring advisers ensure they are on track to obtain CAS?
All client meetings are supervised until you can demonstrate the competence to advise independently
“I’d bring it all back to the fact of your asking the right questions,” says Bullivant. “Ask what you need to do to be better – what is it that you’re missing or not doing?”
Asking people in the wider industry, not just your manager and senior colleagues, can also help.
“I spoke to a few people on LinkedIn who were going through their exams and were a little bit further on in their journey. It’s always great to have those conversations and swap experiences,” says Bullivant.
“Not only can you see the next stage on but there’s a big difference between somebody who’s gone through it recently compared with somebody who did it 30 years ago.”
That said, it is important to be able to call on those with experience, adds Bullivant. This is where finding a mentor, or looking online for pointers from advisers who have obtained CAS, can be useful.
Taking 12 months felt right for my development, ensuring I was fully prepared
“You can find everything online; there’s always people on YouTube, explaining how they’ve developed their client skills. That’s helpful because a lot of CAS is about your client-facing skills,” he says.
“I’d also be happy to help by explaining my experience and how I found everything.”
Amanda Newman Smith is features writer for Money Marketing
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