Industry news and views from Panacea and our partners.
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Top ten essential inter-personal skills for financial planners
Is technical ability a guarantee of a successful and prosperous career as a financial planner? For me, the answer is no because being a successful practitioner is just as much about people as it is a technical role. So, in this article I am looking at my top ten essential inter-personal skills for financial planners. I would also add that whilst I am calling these skills, they are far more than just learned behaviours. They are deeply rooted in your state of being and cannot be faked.
Financial Planner? Are you selling drills or holes?
In my career as a financial adviser the training and qualification process was all about pensions, investments, insurances, tax, markets, trusts, risk, and so on. So, in the beginning this is what I talked to people about because this is what I thought you did. It did not occur to me until several years later that I was selling something that no one really wanted.
Why does attachment ruin client engagement?
Successful client engagement has many aspects, and this article explores one of the most crucial.
Navigating SDR: Implications for Advisers and Clients
In our ongoing exploration of the Sustainability Disclosure Requirements (SDR) policy statement by the Financial Conduct Authority (FCA), we have examined its foundational principles and the introduction of new fund labels for sustainable investments. Now, let's turn our attention to the practical implications of SDR for advisers and clients navigating the complex terrain of sustainable investing.
Unlocking the power of Financial Adviser blogging
Blogging allows financial advisers to provide valuable information and education to their clients. If you are frequently asked similar questions from your clients about specific financial matters, a blog will serve as a platform to address these queries comprehensively. By sharing insights, tips, and strategies through blog posts, advisers can help clients make informed decisions about their finances.
Millennial clients require a different style of advice
Unlocking the potential of the millennial demographic in the UK presents a compelling opportunity for financial advisers.
Unlock Your Career Potential: 8 Pitfalls Every Job Seeker Should Dodge
Struggling to navigate the complex job market landscape? Join us for an enlightening webinar on 30th April at 11:00am, presented by Derek Bradley, CEO Panacea who will be speaking to industry expert Paul Harper, Founding Director of Paul Harper Search, one of the UKs longest established Financial Services Executive Search specialists. Paul will be providing invaluable insights to propel your career forward.
Embracing the Future: How Millennials Hold the Key for Financial Advisers
Unlocking the potential of the millennial demographic in the UK (those born between 1981 and 1996) presents a compelling opportunity for financial advisers. The demographic landscape is shifting, with millennials emerging as a formidable force. According to the Office for National Statistics (ONS), there are 16.8 million in the UK, making up around 25% of the UK population, and, by 2025, they are poised to dominate the workforce, comprising a staggering 75%.
BDM Salary Survey 2024: Closing of the gender pay gap
Discover the latest insights on financial services compensation trends in Paul Harper Search's newly released BDM Salary Survey. This year's report unveils significant shifts in the industry, including a 5% decline in mean total earnings for BDMs, stagnant basic salaries with only a marginal 1% increase, adjustments in bonus structures, regional and role-specific disparities, and a groundbreaking revelation of the near-elimination of the gender pay gap among BDMs. Offering valuable insights into the current compensation landscape, this report is essential reading for professionals in the financial services industry.
You Gov: Increasing optimism around house prices and household finances drives consumer confidence up
Consumer confidence rose for the seventh month in a row, according to the latest research from YouGov and the Centre for Economics and Business Research (Cebr). The overall index increased from 106.1 to 107.7 (+1.6), as nearly every measure saw improvement.
You Gov: 16% of British workers do not save any income towards pension
A recent YouGov Surveys: Serviced conducted among British workers sheds light on understanding of various aspects of pension plans, savings towards retirement, and where they source their information on this crucial topic.
You Gov: One in five young British adults expect to retire before 60
A new YouGov survey asked two age groups, those aged 18-24 and 25-34, about when they expect to retire and how much money they think they need for a comfortable life afterward. Here's what they said.
Consumer Duty An Opportunity to Earn Trust
Financial advice professionals have known for years that their professional reputation is everything. As we head toward Q2 2024, they must now embrace Consumer Duty as the catalyst to continue consumer trust.
Consumer Duty Playing Chicken is not an option
During a roundtable discussion on Consumer Duty implementation with fund managers last week, we learned that some fund managers were playing a game of chicken with the regulator. Many firms are postponing their implementation until they know how the FCA will enforce Consumer Duty. Fund managers stand to win if the fine for non-compliance is lower than the cost of implementation!
Paving the Way to a Successful Exit
Once you're ready to sell, the next step is to pull together an initial list of prospective firms that align with your criteria. With over 150 active acquirers in the UK market today, it's crucial to tread carefully, which is why we would advise any seller to engage a skilled adviser or broker to navigate this complex process.
Cultivating Your Own Star Players
While it might seem counterintuitive for someone in my line of work to say this, I wholeheartedly agree with the notion that businesses should focus on growing their own talent as part of a long-term strategy. Cultivating internal talent boosts retention rates, a critical issue for any business.
Ready... Steady... Pass the Baton!
For most people, selling their business is a once-in-a-lifetime event, but in many cases, business owners are unprepared. The idea of selling often gains traction from a phone call from a firm or broker expressing interest in their business or meeting someone at an event. This automatically puts the owner on the back foot.
When the Headhunter calls...
It is a moment that could dramatically affect the rest of your career. In this month's newsletter I explain what to expect if the headhunter should call.
Paraplanners: From Support to Spotlight
In a short period, the role of the paraplanner has become paramount to successful financial planning businesses. A paraplanner's role is to take some of the administrative burden off a financial adviser but has expanded from its origins to incorporate research and report writing.
Next Generation Financial Planning Software
Join us for a live webinar on 22 February at 10.30 where youll learn about Conquest Planning's game-changing software and see the tool in action. Gabby Rondel, Fidelity's Conquest Business Development Manager will demonstrate how the software works and the benefits to you and your business, as well as how this enables better client outcomes.
Mabel Insights to revolutionise MPS Analysis for Advisers
Mabel Insights is now launched . A free service for financial advisers to compare and analyse the MPS and multi asset market.
Industry standards and best practice and aiming to keep them as good as they can be - some encouraging signs of late!
It's been a powerful few months for exploring and setting standards in the industry and so also for putting in mechanisms for their implementation, ongoing monitoring and improvements. Initiatives that aim to test and promote good outcomes, The Consumer Duty requirements and the Sustainability Disclosure Requirements (SDR), have both of course been in train for some months now but I was very encouraged to read this month that the Financial Conduct Authority (FCA) has introduced a working group focused on improving sustainable finance across the financial advice sector.
Financial Planning: 2023 Salary Insights
Our 2023 Financial Planning: Fascinating Facts and Figures salary guide offers invaluable insights for both Financial Planning Business Owners / Directors and Financial Planners.
How to ask great financial planning questions
Asking great financial planning questions is the foundation of creating a highly compelling plan for your client. When your client can clearly see that their financial plan is going to be an essential part of getting what they most want then why wouldnt they be excited about it?
Unlocking 2024's Prosperity: Embracing Five Financial Trends
As we embark on the journey into 2024, the financial landscape in the UK continues to undergo evolutionary transformation. Here are five trends we believe are set to redefine and shape the financial sector in the coming year.
Listening is a super power
Perhaps the most underrated skill for a financial planner or adviser is listening.
Stress free goal setting
What is your experience of goal setting? For me, I would set goals because it seemed like a good idea to know where I wanted to get to. Yet I found that, at times, the process could become quite stressful. I have also heard many people share that this is their experience too. So, if stress free goal setting is something that would be valuable to you, I invite you to read on.
Ambiguity in consumer duty rules could cause frustration for firms
An element of ambiguity in the consumer duty rules could be causing frustration for firms, FWD Research director, Martin Grimwood, has told FTAdviser.
Paul Harper Search - 2023 Financial Planning: Fascinating Facts & Figures
Our annual Fascinating Facts and Figures report offers invaluable insights to Financial Planning Business Owners and Directors about critical industry updates from the FCA and more, assisting Financial Planners in benchmarking their performance.
Consumer Duty - how to effectively monitor and evidence client outcomes
In case you missed our recent webinar with Martin Grimwood, you can still watch it on-demand. This 30 minute session outlines the types of data that should be considered and included when monitoring and evidencing outcomes, what to measure when developing Duty reporting and provide solutions around how this can be done.
Why elevator pitches don't work
What prompted me to write this piece about elevator pitches was reading an article published by Asana. It said: A good elevator pitch can be the difference between landing your next big opportunity or falling short of the competition. Really? Does this stack up?
Most Britons oppose banks and building societies closing customer accounts for reputational reasons
Earlier this year, Nigel Farages Coutts account was closed by the bank after an internal report described him as a disingenuous grifter with xenophobic, chauvinistic, and racist views. The resulting controversy led to the resignation of NatWest CEO Alison Rose, the launch of an FCA probe into de-banking across the sector, and headlines about whether the ex-UKIP leader is more deserving of a bank account than serial killer Rose West.
Seizing the Opportunity: Why Now is the Time to Become a Financial Adviser in Europe
Gone are the days when international financial advisers were primarily self-employed, commission-based individuals who operated in the low-net-worth segment of the market. The industry is now seeing a shift towards highly-qualified advisers on a basic salary, leading to lower turnover rates and a focus on clients that are predominantly high-net-worth.
A new way of thinking about financial planning fees
Although there seems to be plenty of information on the process of increasing your financial planning fees, there is far less on the thinking behind it.
You Gov: Appetite for everything apps
Elon Musk plans to turn Twitter/X into an "everything app" that offers payments and more - but do Britons actually want it?
A Mergers & Acquisitions update from Paul Harper
Digital transformation: The industry is witnessing a rapid shift towards digitalisation, with fintech innovations disrupting traditional business models. As a result, established firms are increasingly seeking partnerships or acquisitions to enhance their digital capabilities and keep pace with the evolving market.
Navigating Regulation: The Power of a Compliance Director
In the wake of the introduction of the transformative Consumer Duty, we're noticing a seismic shift in the landscape, with our clients critically evaluating the strength of their compliance function.
The Emotional Edge: Why High EQ is the Key to Career Success in the Age of AI
We've heard about the power of Artificial Intelligence (AI) over the last few years, but it made headline news in December 2022 with the emergence of ChatGPT. We had fun writing family poems and songs over Christmas and marvelled at the speed and efficiency.
Prudential: How to help clients with investing their companys surplus cash
Many companies keep rainy day money in case of emergencies. But what if theres more money than the company needs? Use these materials to help start the conversation with your clients about investing their companys surplus cash.
What use is financial planning without strong leadership?
Highly effective financial planners and advisers are not only good at delivering great advice; they are also strong leaders.