The financial advice industry is seeing more professionals leaving than joining. And it’s not hard to see why. Financial advice, tied so closely to product sales, has increasingly become a sector dominated by sales targets and covering backs, rather than client care. This doesn’t align with what many of today’s new entrants to the workforce seek. They are driven by values and purpose. They want to be part of a profession, not a sales industry.
That’s where financial planning comes into play—especially when it’s decoupled from product sales. Financial planning, particularly as offered by generic advisers, allows professionals to pursue a career focused on helping people navigate their financial lives, without the constant pressure of pushing products. It’s an opportunity to be seen as a true professional, offering genuine advice that clients need, and building long-term relationships based on trust, not transactions.
For financial advisers who are tired of the relentless grind of sales targets and regulatory burden, there’s an exciting plot twist. Why not sell your client book, bank the cheque, and then spend the next decade as a financial planner? You’ll still be doing what you love—meeting clients, solving their problems—but without the weight of regulation that’s so intertwined with product sales. Plus, you’ll enjoy a fulfilling professional role, free from the distractions of investment management. As Christopher Woolard, former CEO of the FCA, aptly put it, “The overwhelming majority of retail investors are best served by readily understood, well-diversified, and low-cost investments.” The need for product-heavy advice is diminishing, and so too should the focus on selling.
A Changing Industry Landscape
The shift in the industry is undeniable. Recent FCA research shows that while the number of younger advisers has dropped over the past 18 months, the number of advisers aged over 60 has surged by nearly 30%. Many experienced advisers are now considering retirement, driven out by a complex regulatory environment, emerging technologies, and market volatility. The demands of Consumer Duty regulations, which came into effect just over a year ago, have added new pressures, prompting some to rethink their future in the industry.
At the same time, clients are expecting more personalisation and support from their advisers, particularly as wealth transfers across generations. Inflation, market volatility, and high interest rates are making it harder for advisers to balance their clients’ needs with business priorities. For many, this is an unsustainable juggling act.
A New Path for Advisers
But there’s a solution: a move away from product-based advice and a shift toward holistic, client-centred financial planning. By doing so, advisers can simplify their business models, reducing their administrative and regulatory burden, while enhancing the client experience. This transition offers a real opportunity to make a difference in people’s lives—without the red tape.
Succession planning is critical. As the great adviser retirement draws near, firms need to think carefully about how to hand over their businesses to a new generation of professionals. With fewer younger advisers entering the field, now is the time for firms to invest in attracting new talent, offering clear pathways into a values-driven profession rather than a product sales industry.
For advisers looking to exit the industry, selling their client books to younger, eager financial planners can create opportunities for both parties. The seller can enjoy the fruits of their years of work, while the buyer gains a solid foundation to build their practice on. After selling, advisers can continue working as financial planners, focusing on what they love most—helping clients navigate life’s financial challenges—without the pressure of hitting sales targets.
It’s Time to Rethink Financial Advice
The word on the street is that consumers are increasingly bored and intolerant of the annual review, where all the adviser seems to talk about is fees, ongoing service, and investment returns. Clients are asking, “What about solving my personal problems and helping me make the best decisions?” Financial planning should be about helping clients achieve their life goals, not just reviewing portfolio performance. People want real advice that helps them make better decisions, not endless discussions about investments. This is why a shift to values-based financial planning is so appealing. It’s a chance to meet clients where they are, address their personal challenges, and guide them toward making the best choices for their future.
The world doesn’t need more investment managers—it needs financial planners who understand people, not just portfolios. This is where the future lies, in providing the kind of guidance that is truly aligned with what clients need, rather than what advisers are incentivised to sell.
Advisers don’t need to be portfolio managers—they need to be trusted guides who can help clients make the best decisions for their lives, not just their investments.
So, for financial advisers considering their next move: why not embrace financial planning? Sell the client book, let go of the product sales pressure, and step into a more fulfilling professional role that allows you to focus on what truly matters—helping people.
The world is changing, and the financial advice industry must change with it. By focusing on financial planning, advisers can offer genuine value, build stronger relationships, and enjoy a career that’s rooted in purpose, not products.
Q&As: Embracing a Values-Based Future in Financial Planning
Q: Why are so many financial advisers leaving the industry?
A: Many advisers are leaving because financial advice has become more about hitting sales targets and navigating complex regulations than helping clients. The constant pressure to sell products, meet quotas, and stay compliant with ever-evolving regulations is driving experienced professionals out of the industry. It’s no longer just about helping people—it’s become a sales job with added administrative burdens, which can be exhausting.
Q: What makes financial planning different from financial advice?
A: Financial planning focuses on helping clients make the best decisions for their personal financial lives. It’s about understanding their goals, solving problems, and guiding them towards better life outcomes, rather than selling specific products. Financial planning, especially when unlinked to product sales, offers a values-based career path where professionals can focus on relationships and problem-solving without the pressure of hitting sales targets.
Q: Why would a financial adviser want to become a financial planner?
A: Many financial advisers are passionate about helping people but feel bogged down by the demands of product sales and regulatory compliance. By transitioning to financial planning, they can focus on what they love—seeing clients, solving problems, and making a real difference—without the constant pressure of selling products. It’s a more fulfilling and sustainable career path, allowing advisers to work in a professional capacity that aligns with their values.
Q: What’s the benefit of selling my client book and becoming a financial planner?
A: Selling your client book can be a great way to capitalise on years of hard work and shift into a more meaningful role. By doing so, you can still stay in the industry, but in a way that allows you to focus on financial planning, free from the pressures of product sales and regulatory red tape. It also allows you to continue working with clients, solving their financial problems, and doing what you love without the administrative burden.
Q: How do clients benefit from working with a financial planner instead of a financial adviser?
A: Clients benefit from financial planning because it’s personalised and focused on their individual goals and challenges. A financial planner doesn’t just review investments; they help clients solve real-life problems and make better financial decisions for their future. It’s a more holistic approach that goes beyond simply managing money, ensuring clients receive advice that’s tailored to their life, not just their portfolio.
Q: What is the “word on the street” about financial advice reviews?
A: Many clients are growing tired of the traditional annual review that focuses on fees, ongoing services, and investment returns. They’re asking for more—”What about solving my personal problems and helping me make better decisions?” Financial planning offers a solution to this dissatisfaction by focusing on what truly matters to clients, not just their investments but their overall financial wellbeing.
Q: Is it hard to transition from financial advice to financial planning?
A: Transitioning from financial advice to financial planning isn’t difficult, but it does require a mindset shift. Instead of focusing on selling products, financial planners work on solving clients’ financial problems and guiding them through life’s challenges. Many advisers find the transition refreshing and rewarding because they can focus on client relationships and long-term success, rather than chasing sales targets.
Q: Will financial planning still be in demand in the future?
A: Absolutely. With increasing awareness of the importance of personal financial wellbeing, more people are seeking financial planners who can help them make smart decisions about their finances. Financial planning isn’t just about investments—it’s about helping people achieve their life goals. This demand is only growing, especially as more people seek values-based guidance rather than product-driven advice.
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