The Financial Planning Professional: Part 5 of 6 Time to Reconsider Your Options Lockdown has given financial planning firms the time to reconsider if their business needs to be repositioned, and all firms should be looking from time-to-time at whether they should be directly authorised or with a network. Or if they are with a … Continue reading Changing from Directly Authorised to Appointed Representative
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Most IFAs are Fee For No Service
The Financial Planning Professional: Part 4 of 6 A study published yesterday in the Telegraph found that most financial advisers are "fee for no service", in other words con men. A fee for no service is the failure to deliver ongoing advice services to financial advice clients who were charged fees for those services. The … Continue reading Most IFAs are Fee For No Service
Fee for service advisers are more trusted
Business strategy planning as a concept The Financial Planning Professional: Part 3 of 6 The good news is, the 2019 Edelman Trust Barometer: Financial Services report indicates that trust in the financial sector is at its highest level since Edleman started measuring it in 2012. But at 57 percent trust among the general population, financial … Continue reading Fee for service advisers are more trusted
The Great Journey: A Series of Contemplative Pathways
You sit facing the direction of the compass point as you meditate. It is useful if you do this as you complete the GAME Plan stages for that direction. GOALS 1. The Path of Wisdom: This is about accessing the innate supportive knowledge which is in all things. This path is one of acceptance and … Continue reading The Great Journey: A Series of Contemplative Pathways
Building the Wall Between Advice and Product
The Financial Planning Professional: Part 2 of 6 Non-Intermediating Financial Planning is financial planning that does not involve a product recommendation. In the UK, such financial planning is not a regulated activity and product advice is regulated by the Financial Conduct Authority (FCA’s PERG 8.26.2). Traditional financial planning ties financial advice to the making of … Continue reading Building the Wall Between Advice and Product
Contemporary financial planning is about a lot more than recommending financial products
The Financial Planning Professional: Part 1 of 6 The financial intermediary sector emerged mainly out of commission-based life insurance sales from the last century. Judging from continual unfavourable conclusions from industry consultations at home and abroad, even now advisers are still in the “incomplete transformation” from salespeople to professionals. Advisers are still more the selling … Continue reading Contemporary financial planning is about a lot more than recommending financial products
The Metamorphosis of a Financial Planner
What I see when I look at the financial services industry is the incomplete transformation from salespeople to professional advisers. We are largely an industry dedicated to the sale of financial products. We are not yet a profession concerned with the provision of financial advice. Until the transition is complete it is only right that … Continue reading The Metamorphosis of a Financial Planner
The Twin Peaks of Financial Planning: Consider Both Camps
The Twin Peaks of Financial Planning Business Owners: Do you increase your investment in the intermediary model to dominate the market or is it time to divest the intermediary line? There are two types of financial planners. There is the Financial Intermediary and the Non-Intermediating Financial Planner. The Financial Intermediary is regulated by the Financial … Continue reading The Twin Peaks of Financial Planning: Consider Both Camps
10 Steps: Is Your Financial Adviser A Buying Or Selling Agent?
Wouldn’t it be clearer if there was a wall between advice and product? If someone who said they were an adviser was a buying agent? Someone who said they were an intermediary was a selling agent.
Mind the Gap: A personal journey towards bridging the advice gap.
The Advice Gap: 95% of the population are underserved and disintermediated by the adviser population on account of their limited wealth. The Adviser Gap: 95% of advisers have disappeared in a generation. From a peak of 400,000 towards the end of the last century, to just 25,000 today (with half set to retire in the … Continue reading Mind the Gap: A personal journey towards bridging the advice gap.
Academy of Life Planning 