Top 35 Next Gen Advisers: goals for the profession

In a recent catch up with our Top 35 Next Generation Advisers , Young planners told us the changes they wanted to see to make the profession better. Here are the top 10.

We enjoyed compliing our list of the Top 35 Next Generation Advisers last year, and we thought it would be worth keeping n touch.

Some of the most interesting insight came when we asked planners what changes they would like to see to improve the financial advice profession. Here are 10 of those. 

Click on to read more...

We enjoyed compliing our list of the Top 35 Next Generation Advisers last year, and we thought it would be worth keeping n touch.

Some of the most interesting insight came when we asked planners what changes they would like to see to improve the financial advice profession. Here are 10 of those. 

Click on to read more...

Firm: Montfort International

Location: Surrey

Adviser: Alex Norwood

I'd like to see:

'A lot more transparency, along with better ethics and tougher punishment for those giving the industry a bad name. I work in the area of international financial advice and too often clients engage who have lost a significant proportion of their wealth (sometimes 100%) due to poor and/or unscrupulous advice. Also, we should increase the minimum qualifications required for advisors.'

Firm: Raymond James 

Location: John Street branch, London

Adviser: Andy Butcher

I'd like to see:

'A higher standard of minimum qualifications, or mandatory exams for all advisers as legislation changes. Despite the retail distribution review and all the positive impact that had on the industry, there are still "dinosaurs" out there who shouldn't be advising clients. While they have knowledge of the planning framework from 10 years ago, legislation and the industry has moved on. I have encountered advisers who are not offering their clients every opportunity they have available to them, as the adviser isn't up to speed with the current framework. The clients may not receive bad advice per se, but its so frustrating to know they are not receiving the best advice they could be. I think if advisers were forced to re-sit exams every few years, they would be less likely to miss opportunities presented by changes in legislation. I don't believe the current continuous professional development framework alone is doing enough here.'

Firm: Philip J Milton & Company

Location: Barnstaple

Adviser: Felix Milton

I'd like to see:

'The FCA increase the minimum qualification level for all advisers to level six so that the advice industry can be considered on a par with other professions. One doesn't expect a solicitor to have the equivalent qualification of only year one of an undergraduate degree (level 4) so why should we expect any less from advisers who are likely to have far more input into a client's life over the years?'

Firm: boosst

Location: Milton Keynes

Adviser: Josh Butten 

I'd like to see:

'Greater clarity over job titles to make life simpler for consumers. There is undoubtedly space for banks to offer basic products to the general public, but calling themselves financial planners is extremely unhelpful and confusing for the public.'

Firm: White Oak Financial Planning

Location: Chester

Adviser: Tom Wilcox-Jones

I'd like to see:

'Less of a focus on assets under management. I think there can be too big of a conflict with some firms (independent or otherwise) pushing clients into centralised investment proposition (CIP). I get the reason behind CIPs and I have one. But that does not mean to say that what the client already has isn't fit for purpose. Call me a cynic but I think too many firms view clients as pots of money to absorb into their offering. Financial planning is so much more, and from an adviser's perspective, so much more fulfilling when you truly build a plan and help someone.'

Firm: Active Chartered Financial Planners 

Location: Stockton-on-Tees

Adviser: Andrew Gilmore

I'd like to see:

'An increase in good news stories in the public domain. I feel that would really add value. The majority of firms are providing very good advice and the perceived lack of trust I feel can come from what is portrayed in the media so maybe getting this message out in a clear manner with no jargon to show the benefit of advice would be a good idea. I still feel that isn't coming through.'

Firm: Informed Financial Planning

Location: Hessle 

Adviser: Josh Richardson 

The change I'd like to see:

'I would like to see more people encouraged to seek the advice of a professional adviser rather than encouraged to use "guidance" services. Whilst I believe these services are important in the industry, I believe good quality independent financial advice should be promoted more. Individuals I have spoken to who have used guidance services have said they still felt "lost" and therefore sought our advice in addition. People definitely need to be protected from the less scrupulous side of our profession but more needs to be done to highlight that not all advisers are working to steal peoples' money and ride a jetski into the sunset, as a recent TV advert would suggest!'

Firm: IFS Wealth & Pensions

Location: London

Adviser: Ricky Chan 

I'd like to see:

'A ban on unregulated investments being held in Sipps, and a reduction in the amount of paper and mandatory documents that clients need to receive!'

Firm: Buckingham Gate

Location: London

Adviser: Matthew Smith

The change I'd like to see:

'An end to the infighting in forums online. It presents a less than ideal picture of our wonderful profession and clouds the fantastic work we do for clients.'

Firm: Heron House Financial Management

Location: Newport

Adviser: Andy Willemite

I'd like to see:

'A greater focus on the positive impact of financial planning and a more of a emphasis on ethical investing.'

Pictured: Managing director Saran Allot-Davey and director Chris Jordan 

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