How to learn from your financial advice peers

There is always more to learn from established advisers and new starters in the profession alike. Find out how Richard Ellis and Gretchen Betts tackle peer learning

Financial planning is constantly evolving. There is always more to learn for established advisers and new starters in the profession alike.

Communities such as the NextGen Planners and professional bodies provide a forum for advisers to share ideas and foster continued learning.

In addition to building wider peer networks, learning from the experience of colleagues within businesses has also been cited as a useful route for development. Colleagues can share knowledge on their area of expertise to solve internal issues.

Alongside these learning events and meetings, social networks such as LinkedIn and Twitter, as well as messaging groups such as Slack, enable advisers to be in constant dialogue with their peers.

Ideas can be discussed and challenged as and when they happen, resulting in continual learning and dialogue. This can help solve individual queries quickly and efficiently, saving time on additional research.

Financial planning is constantly evolving. There is always more to learn for established advisers and new starters in the profession alike.

Communities such as the NextGen Planners and professional bodies provide a forum for advisers to share ideas and foster continued learning.

In addition to building wider peer networks, learning from the experience of colleagues within businesses has also been cited as a useful route for development. Colleagues can share knowledge on their area of expertise to solve internal issues.

Alongside these learning events and meetings, social networks such as LinkedIn and Twitter, as well as messaging groups such as Slack, enable advisers to be in constant dialogue with their peers.

Ideas can be discussed and challenged as and when they happen, resulting in continual learning and dialogue. This can help solve individual queries quickly and efficiently, saving time on additional research.

Financial planning is constantly evolving. There is always more to learn for established advisers and new starters in the profession alike.

Communities such as the NextGen Planners and professional bodies provide a forum for advisers to share ideas and foster continued learning.

In addition to building wider peer networks, learning from the experience of colleagues within businesses has also been cited as a useful route for development. Colleagues can share knowledge on their area of expertise to solve internal issues.

Alongside these learning events and meetings, social networks such as LinkedIn and Twitter, as well as messaging groups such as Slack, enable advisers to be in constant dialogue with their peers.

Ideas can be discussed and challenged as and when they happen, resulting in continual learning and dialogue. This can help solve individual queries quickly and efficiently, saving time on additional research.

Financial planning is constantly evolving. There is always more to learn for established advisers and new starters in the profession alike.

Communities such as the NextGen Planners and professional bodies provide a forum for advisers to share ideas and foster continued learning.

In addition to building wider peer networks, learning from the experience of colleagues within businesses has also been cited as a useful route for development. Colleagues can share knowledge on their area of expertise to solve internal issues.

Alongside these learning events and meetings, social networks such as LinkedIn and Twitter, as well as messaging groups such as Slack, enable advisers to be in constant dialogue with their peers.

Ideas can be discussed and challenged as and when they happen, resulting in continual learning and dialogue. This can help solve individual queries quickly and efficiently, saving time on additional research.

Richard says...

There are two sides to peer learning we take part in. First, we have face-to-face learning sessions with the NextGen Planners group. These are quarterly scheduled events we take part in with our regional peers in the south west, a group of around 20 to 25 financial planners and paraplanners.

These meetings are a collaborative forum where we can share ideas. They are different to structured learning and more of a conversational event. The interactive delivery of content allows people to make contributions and challenge the conversation, one of the benefits of having small groups.

Gretchen Betts from Magenta Financial Planning and I assist Ovation’s financial planner Tom Morris, the designated coordinator of these events in our region, with scheduling some of the content for the events. We look at who can deliver value to us and our businesses. The upcoming session, for example, will focus on branding and marketing.

NextGen also has a national Slack group where ideas are shared across the peer group. The information shared on that is amazing.

It is constant and allows conversations and insight to be shared continually. It is a very active community where examples of client experiences are given.

Second, we also learn from podcasts published by our peers. These can be done by advisers and similar planning businesses, and are shared among other financial advisers. They are useful for new content. We also follow these up and reach out to podcast presenters to ask further questions and learn from them.

The aim is to escape the bubble of your own business. Peers in the profession are there to learn from. No one is precious about their capital any more, and people are happy to share their experiences.

The reason we reach outside of our business is because, as a young business, we do not have an internal mentor. Instead of just having one mentor, we use these groups to learn from lots of people in the profession.

We are also active in conversations on social media and can contact peers when we need to.

Richard Ellis is a financial planner at Ellis Davies Financial Planning

Gretchen says...

NextGen’s mantra is every day is a school day. There is always something to learn from peers. The NextGen group shares ideas and can improve individual adviser’s and business’ efficiency.

This helps shorten processes and answers questions that may require time-consuming research if sought individually.

Peer groups can also help from a technical point of view, where discussions can inform how to implement technical rules.

We also have a member of our team involved in the Paraplanners Powwow, a great sharing space for the technical side of things, such as discussing Mifid or Product Governance Sourcebook rules.

The Paraplanners Powwow has a highly active online forum, The Big Tent. This can be used to request advice from other paraplanners, as well as to share opinions on various topics, with the aim of encouraging best practice across the board. As well as the online forum, the Powwow team hosts online webinars (Howwows) and regional and national face-to-face Powwows to share ideas.

We also cover some technical points on the Slack group, but we tend to use it for bigger business areas and examples of work with clients.

Internally, I work with chief executive Julie Lord and learn from her experience. It is great to have her as a sounding board and to discuss ideas with, and I assist her with the technical side of things. I could not have done what I am doing in isolation.

We also have events for accredited firms with the Chartered Institute for Securities and Investment (CISI). I get a lot from my role as chair of the CISI Wales branch and from knowing advisers in the area who I can speak to and learn from. Although these CISI events are continuing professional development events, they are also a forum to discuss best practice through the sharing of ideas and networking.

Peer learning can also take place through social streams such as Twitter, LinkedIn and blogs. It is worthwhile keeping an eye on these and signing up to a mailing list to receive information on key themes being discussed in the sector.

Gretchen Betts is managing director at Magenta Financial Planning

@planning_angel

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