TCC group managing director, advisory services, Andy Sutherland, part of the speaker lineup at the upcoming Money Marketing Interactive conference, floats a radical idea to improve understanding between those on the advice side and those in regulation.
What is the most encouraging advice market trend you are seeing at the moment?
As well as younger advisers it is encouraging to see attempts to encourage diversity in the delivery of advice. I first came in to the industry in the early 1990s and there are still many parallels with both the profile of financial advisers and the way in which advice is dispensed. Any attempts to challenge the status quo which ultimately results in broader appeal to both future advisers and clients get my vote.
What one word or phrase do you think sums up the state of the financial planning profession today?
The future is forward not back – think and do differently.
What are the keys to winning over more consumers to start seeking advice?
Offering transparent value-based advice in a way that is easily understandable and accessible.
What do we need to do to improve financial literacy in the UK?
Encourage parents and schools to promote the benefits of delayed gratification and basic financial common sense.
How can advisers best show their fees are worth it?
By increasing (or in some cases, maintaining) net wealth (after charges) for their clients.
Andy is speaking on a panel covering the discretionary dilemma: Does your firm need new permissions at MMI London. Register for your free place here.
How important do you think coaching and life planning are to a modern advice business?
Not sure that they are any more important to advice firms than any other type of service business.
What do you think marks out a truly innovative planning practice today?
Ensuring the right blend of smart people and smart technology/processes.
What is the one key skill all aspiring advisers should learn?
Listen and understand first – act second.
If you could make a magic wand, what one thing would you change about how the advice profession operates in the UK?
I would job swap advisers and compliance/regulators so that each had a better understanding of the other’s challenges.