Addidi Wealth managing director Anna Sofat has long been a vocal proponent of greater diversity within the advice sector.
Ahead of her appearance on our panel on the subject at the Money Marketing Interactive conference in Harrogate on September 13, she discusses how better regulation can help improve advice and why we all need to talk to each other more.
On a scale of 1 to 10, how optimistic are you about the advice market for 2018?
What can be done to improve the supply of advice?
A better regulatory environment where personal responsibility lies at the heart of advice with:
- Consumers taking joint responsibility for their decisions and sharing the pain when things go wrong.
- As a professional, advisers should be responsible for what they do throughout their careers and held accountable. Their should be greater threat of disqualification for getting things wrong.
- Business managers should be accountable for the actions for their firms.
- Regulators should also be for not doing their jobs.
By grading advice firms so the better, more established companies can be subject to a lighter regulatory touch so we can focus more on client facing work. See the full agenda for Money Marketing Interactive Harrogate
How important is it for the advice community to share best practice?
I think its vital that we share best practice and have good forums to do so. None of us have a monopoly on good ideas and by sharing and learning from others, we can improve our own businesses but also leverage the benefits for the industry and consumers. This has to be in all our best interests.
How can advisers best improve their image with the public?
By calling out bad advisers and bad practice when they see it, by doing more pro-bono work, and by calling out the press when they don’t get things right and working collaboratively with them to provide better financial knowhow and education.