Henry Tapper, director of First Actuarial and British Steel campaigner believes advisers can’t be too transparent on pricing. Here are his tips for boosting trust and transparency ahead of an appearance at a panel on DB transfers at the Money Marketing Interactive conference.
What is the most encouraging advice market trend you are seeing at the moment?
The more relaxed approach taken by regulators to guidance. FCA and TPR seem to be working better together – especially around “at retirement”
What one word or phrase do you think sums up the state of the financial planning profession today? Exclusive
What are the keys to winning over more consumers to start seeking advice?
Simplicity, if people feel that their lives will be the easier for advice for taking it, they may bother, many people I know see financial advisers as making things less simple and more complicated.
What key reforms would help get people saving more?
Auto-enrolment has done a lot. Giving people the information they want through dashboards will help people understand shortfall, payroll will be key in implementing greater saving, employers have a big role to play.
What do we need to do to improve financial literacy in the UK?
Make learning about money fun, as Martin Lewis does.
How can advisers best show their fees are worth it?
Make sure they stick around to be judged by outcomes. TrustPilot and other feedback loops are available.
How important do you think coaching and life planning are to a modern advice business?
They have a place but the whole mentoring and coaching business is very fragile and has more to do with medical science than financial planning.
What do you think marks out a truly innovative planning practice today?
Transparency of fees and a refusal to compromise on integrity
What should we be doing to get more new advisers into the profession?
Look at how actuaries organise themselves – actuarial students have a clear career path and universities are proud to put students on it.
What is the one key skill all aspiring advisers should learn?
The courage to be transparent about how and what they are charging.
If you could make a magic wand, what one thing would you change about how the advice profession operates in the UK?
I’d ban contingent charging on pension transfers