Time for advisers to show off
But for advisers, there’s a job to do: making your firm stand out from the crowd.
And you also need to satisfy the regulator, who, as well as seeking to improve access to advice, is looking hard at the quality of that advice. In a consumer duty world, how is your firm delivering ongoing value?
Getting it right – for the FCA, for your existing clients and for prospective ones – means going back to basics: what is financial advice for?
Sure, at its simplest, it’s about sorting out your clients’ savings and investments, their pensions, tax planning and protections. But to achieve that, you do so much more.
You help your clients to know themselves – the beginning of all wisdom, as Aristotle said. What are they saving for? What does their vision of happiness look like? How do they prioritise one need or goal over another?
You help them get to grips with the concept of risk and understand what it means to them. You help them to understand where they are now and where they could realistically get to, within a range of possible outcomes.
You’re their trusted coach, supporting them to complete tasks and make decisions they’ve been putting off. And you’re with them over the years, making sure their solutions remain suitable and aligned with their shifting attitudes and needs.
All these things are enormously valuable. And technology is enabling you to deliver them in a way that’s more profitable, more secure and more engaging.
An always-on financial plan on your clients’ phones in their pockets not only demonstrates your ongoing value, but gives clients the agency they’ve become accustomed to in the modern world, along with the support they need.
The regulatory and technological shifts underway will bring down the cost of advice, putting it in reach of more people – but those people will need to be prepared to pay for it, whether markets are in the doldrums or flying high.
The firms that succeed in making the case for themselves will be those that engage and empower their clients, clearly communicating their ongoing value.
Ben Goss is chief executive of Dynamic Planner
