Platform and investment guru Caridade-Ferreira talks rebuilding trust in advice and why coaching will be core to your business ahead of her session at Money Marketing’s Interactive conference.
What are the keys to winning over more consumers to start seeking advice?
Unfortunately, there’s a trust issue when it comes to advice. Over the years, a few bad apples have given the advice profession a bad name and the press hasn’t helped. Also consumers often believe that advice is only for the rich. Good press stories would help, but the advice profession should also come together and run a national advice campaign along the lines of: “Would you let your friends remove your appendix or sell your house? So why would you let them advise you on your pension and investing your hard-earned cash?”
What do we need to do to improve financial literacy in the UK?
We need to teach children about money and saving from a very young age. And we need to be practical. There’s no point teaching children about coins and notes when they see adults swiping cards to pay for things. It’s an enduring problem – I’m leading a Tisa project called “Making saving cool” for young people.
The beauty of this project is that rather than creating the advertising campaign ourselves, we’re asking young people to enter a competition with their advertising ideas.
How important do you think coaching and life planning are to a modern advice business?
Coaching and life-planning should be at the core of every modern advice business. People often dream about what they will do in later years but give little thought to how they’ll achieve it. An advice practice that helps its clients realise their dreams will have a long-term, sustainable future.
What is the one key skill all aspiring advisers should learn?
Aspiring advisers need brilliant people skills. If you ask the right questions, you’ll know what your clients want out of life and can help them achieve their life ambitions.
People don’t think in terms of products and wrappers and targets and outcomes, they think about retiring at 55, doing a European road-trip in a VW campervan and taking their grandchildren on holiday.