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The North is home to many of the UK’s best financial planners, and here we highlight advisers who are going the extra mile for their clients and the profession.
Our roundtable debate focused on what the future holds. We can be encouraged by ongoing efforts to improve financial literacy among younger people, as well as the work carried out to raise awareness of fulfilling careers in financial advice. Having undertaken a Masters degree in Manchester myself, and attended numerous careers fairs in the region, I feel confident in saying that roles in our profession have not always been well promoted.
There were many interesting points raised in the discussion. The GameStop frenzy and the rise of cryptocurrency, for instance, are an adviser’s worst nightmare in some regards. They have also become a prime opportunity to explain the value of a proper financial plan and the value of long-term investing.
The impact of technology is relevant too. There are many demands on our time these days, which advisers are managing to cut through by using apps, portals and videoconferencing. These are also key tools in attracting the ‘tech generation’ as clients or colleagues.
Whatever the challenge, it seems that advisers in the North are evolving to meet the needs of present and future clients. Here we highlight some of the companies and people who are leading the way.
Advisers in the North have plenty of interesting perspectives, as we discovered when we brought together four of the region’s brightest minds – Kusal Ariyawansa, branch principal at Appleton Gerrard; Stephen Hughes, director and cofounder of Five Wealth; Tim Latham, chartered financial planner at Equilibrium; and Anita Wright, financial adviser at Bolton James – with Citywire’s Ian Horne and PIMCO vice president Joseph McCurdy.
Our roundtable debate saw them air a range of views on the next generation of advisers and clients. It was clear that technology has a firm place in that future – albeit with limits. Digital onboarding and a subscription model were seen as a great way to attract ‘Henry’ clients – high earners, not rich yet. Trading apps, for equities or more esoteric areas like cryptocurrency, were also seen as a good thing to pique interest in investing and pave the way for financial education, another key point for discussion.
Technology has been a great enabler over the past year, but can be a double-edged sword when it comes to engaging younger generations in long-term financial planning.
Gathering at a virtual roundtable organised by PIMCO and Citywire as part of a series of regional events, advisers from the north of England discussed strategies to engage ‘generation tech’ in financial advice – not only in terms of management of their finances but as a potentially attractive career.
For Stephen Hughes, director and co-founder of Five Wealth, technology can help advisers make compliance less onerous for clients and greatly enhance the service and delivery of financial advice.
‘We’re a compliance-led industry and have been for many years,’ he says. ‘All the advisers here have probably apologised to clients in the past for the amount of paper we’ve thrown at them, or the obstacles we seem to present to doing business and to getting on with things.
What role do bonds play in the portfolios of the next generation of advisers and their clients? Regardless of the answer, you need a global bond fund manager you can depend upon.
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