One of the Midlands most respected firms of financial advisors has been awarded the prestigious Chartered Financial Planners title - one of a small number in the UK - following a rigorous assessment of its professionalism, capability, technical competence and integrity.

Index Wealth Management of Sutton Coldfield, which is particularly known for its work advising high net worth individuals, is one of the few firms in the region to gain the title.

Across the UK, only 290 out of nearly 15,000 firms hold chartered status. The title is only awarded by the Chartered Insurance Institute to firms which meet rigorous criteria relating to professionalism and capability. Chartered firms have to commit to the Institute's code of ethics, reinforcing the high standards of professional practice in their business dealings.

Noel Farrelly, a director of Index Wealth Management, which offers a highly personal service to a small number of high net worth individuals, said the award positioned Index Wealth Management as one of the leading firms within the UK financial advice market.

"This award is confirmation of our approach - looking after the financial interests of a small number of clients where we can add value and develop long term relationships. It is excellent to know that the systems that we have developed and the approach we have adopted has been recognised in this way, and stood up to rigorous examinations" said Mr Farrelly.

The Chartered Insurance Institute is the professional body for the financial services profession and with more than 93,000 members in some 150 countries is the largest professional body dedicated to the sector. Chartered status, granted by the Privy Council, is the industry's gold standard for firms of financial planners.