Jupiter’s national development manager Chris Johns will be taking a deep dive into the bond market at the Money Marketing Interactive conference in April. Ahead of his presentation, he talks why advisers are so in demand, and why life planning isn’t just a value add.
What are the keys to winning over more consumers to start seeking advice?
Education and coaching. Advisers have done an excellent job in doing both with their clients for the last 20 years. It’s time to talk to the next generation to make sure they understand how they can replicate it.
What do we need to do to improve financial literacy in the UK?
Inform people from a young age. We work to make money but we don’t teach people how to spend it. Our brains aren’t necessarily made to spend responsibly, but they can be trained.
How important do you think coaching and life planning are to a modern advice business?
These are an essential part of the advice process. It’s not just a value add. It’s necessary to be able to help clients through the major transitions that they will experience during their financial lives.
What should we be doing to get more new advisers into the profession?
Professionalising the industry is well underway. However, we need to continue to make it attractive as a career option for college leavers, graduates, people changing careers and people re-entering work.
In the city we have been backing the Investment 20/20 organisation to make sure that we continue to get people at all levels from all backgrounds. There is still an opportunity for advisers and trade bodies to help encourage local and regional activity to make it happen.
What is the most encouraging advice market trend you are seeing at the moment?
People are looking for high quality advice and are beating a door to advisers for it. Anecdotally, advisers I’ve known for years have never been busier.
What key reforms would help get people saving more?
A few ideas would be around workplace Isas, removing pensions tapering, and simplifying the tax system.