Asset manager Invesco has launched a soft skills CPD-accredited platform for Financial Planners and advisers focusing on emotional intelligence, practice management and investment skills.

Invesco Intelligence Plus uses experts such as rugby legend Sir Clive Woodward.

It builds on the firm’s Investment Intelligence Seminars, which have been used by 4,000 advisers for more than 25 years.

Invesco said soft skills training currently accounts for less than 10% of financial advisers’ Continuous Professional Development (CPD). 

Currently, advisers are required to complete 35 hours of CPD per year, with no set requirement for soft skills training.

According to new research from Invesco, financial advisers’ biggest challenges are increasing regulation and engaging the next generation of clients.

It said advisers are turning to outsourced investment solutions to save time, but Invesco said it found substantial demand for more soft skills training, which advisers believe is central to effectively engaging clients and meeting their evolving needs.

Invesco found that the top three skills advisers value as most important are all soft skills; listening skills (cited by 75%), communication skills (65%) and empathy (63%) were all ranked by advisers above financial knowledge (51%).

It surveyed 200 advisers and found that three quarters (73%) do less than 10% of their training on soft skills and of these a quarter (23%) do no soft skills training. That’s despite 96% of advisers agreeing that soft skills are important for their role and more than half (52%) ranking a greater focus on soft skills as the improvement they would most like to see to CPD training.

Owen Thomas, head of UK wholesale at Invesco, said: “One of the reasons advisers choose outsourced solutions is because it allows them to draw upon external investment expertise while saving time that can be better spent continuing to do a great job for their clients. To best capitalise on that time, we found that advisers want support with the key skills that they need to continue to engage and communicate with new and existing clients, build trust, and manage expectations and emotions.”

In January, Invesco launched a Discretionary Model Portfolio Service for financial advisers and wealth managers. In June it announced a strategic partnership with retirement specialist Just Group, to launch a retirement solution designed to sit within a SIPP. June also saw the launch of the Invesco Summit Income Fund (UK), aa retirement-income focused fund of funds.

• Research comprised an online survey of 200 UK advisers, conducted by Opinium in March.