Q: What is the biggest change you have seen in the industry since you joined?
The way we can engage with our clients and colleagues has certainly been the biggest change. Geographical location is no longer a barrier as clients are generally happy to conduct meetings via video conference where suitable, although a large proportion of my clients still prefer their annual review meetings face to face – which I also really enjoy. For quicker ad hoc meetings, a video call is typically the preference, particularly for those clients still working.
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Equally, the ability to collaborate with colleagues in various locations and complete continuing professional development activities via video calls and webinars can be a real timesaver.
Although the wider use of video conferencing certainly has its advantages there can be drawbacks such as less face-to-face time with your colleagues, so I always ensure to get into the office on a regular basis to continue the social aspect of work. At Succession, I am lucky enough to have a local office with a great team.
Q: What is the investment topic most brought up by clients/investors?
In my role as a wealth planner, I am meeting with clients, reviewing their plans and addressing any concerns. The most common themes of discussion are portfolio allocations and diversification due to the market volatility we have recently experienced.
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Alongside this discussion, due to the reduction of the capital gains tax allowance over recent years, the tax efficiency of investments and tax planning remains a key topic of conversation alongside the investment portfolio itself.
Q: What piece of regulation has had the biggest impact on your day-to-day role?
The most discussed topic is certainly pension planning and the ongoing changes to pension legislation that affect my clients’ retirement plans. Due to the complexity of the regulation surrounding drawing an income and the levels of contributions into pensions, without seeking professional advice clients can easily make mistakes. Annuities have become a greater consideration for clients in recent years, due to the more attractive rates available on the market.
Read the rest of this article in the July/August issue of Portfolio Adviser magazine
