I was delighted to attend and speak at today’s NextWealth Live 2024 event in London and as I travel home, I thought I’d share a few brief thoughts for those of you who couldn’t make it this year.
The event always stands out in the calendar for me because it brings together hundreds of people from financial advice, investment management, platform and a whole host of other areas.
I had the great pleasure of joining NextWealth managing director Heather Hopkins on stage in a discussion about the future of the advice industry. What came across to me loud and clear in the room is that although there are certainly many challenges, there is also a great deal of excitement about how our industry is evolving. Heather and I discussed the advice gap and the inevitable consequence of thousands of financial advisers reaching their own retirement, having expertly advised millions of people on theirs over the years.
We also debated some of the consequences of the retail distribution review (RDR), which shifted the focus of advisers onto providing an ongoing service, meaning there are far fewer traditional advisers today providing advice to a new generation of savers. Instead, they are mainly looking after clients who have already received advice. Meanwhile most new entrants into the industry today occupy more of a para-planner style role, completing annual suitability reviews. The advice gap is a very real consequence of RDR, even if it is an unintended one.
The discussion naturally moved into solutions. For as long as True Potential has been around – 18 years by the way – I have made the case that technology is a vital tool for advisers as part of a process that begins with advice for clients and then moves between ongoing advice and guidance.
My view remains that an adviser and technology are two sides of the same invested coin. There is no comparable substitute for an adviser when it comes to getting people started on their saving and investment journey as well as at other crucial moments in later life, retirement being the most obvious. Technology has a vital role in between those moments, enabling clients to fulfil smaller day-to-day needs on their own. This approach is how True Potential has always operated and it’s the very reason we continue to grow.
If you were unable to attend today’s NextWealth Live conference I’d make two recommendations: first that you read this excellent write up in Professional Adviser which accurately and succinctly reflects my discussion with Heather. https://www.professionaladviser.com/news/4187167/true-potential-ceo-building-technology-client
And second, that you attend next year’s event as this is one not to be missed. I look forward to seeing you there!
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