Q: What is the biggest change you have seen in the industry since you joined?
The most significant change I’ve witnessed is the dramatic acceleration in the pace at which information is exchanged. This shift has fundamentally transformed client interactions. Today, clients are far more informed and engaged than ever before, thanks in large part to the easy access to real-time data and analysis.
The role of the pandemic as a catalyst for these changes cannot be overstated. The 2020-22 period pushed the adoption of digital tools and platforms at an unprecedented speed. As a result, businesses have found it easier to connect with clients across borders for a more global approach.
Q: What is the investment topic most often brought up by clients/investors?
This is a year of elections. Given nearly half the world’s population will be going to the polls by the end of 2024, clients are asking how various political outcomes could impact their wealth.
Investors are particularly concerned with how different electoral results could affect their portfolios, seeking to understand potential policy shifts and economic strategies that might follow.
Though the focus on interest rates has diminished since last year, they continue to be a big concern for clients, with many wondering whether rates will start to decline, how much they might drop and what this means for their returns.
Q: What piece of regulation has had the biggest impact on your day-to-day role?
Consumer Duty has arguably been the most transformative regulation affecting our day-to-day operations, driving a renewed focus on the end-client. This shift has mandated that we reassess how we deliver value, ensuring all products and services meet the evolving needs and expectations of clients, particularly those in vulnerable circumstances.
The regulation has heightened the importance of transparency, compelling us to clearly communicate the costs, risks and benefits of our advice, thereby reinforcing client trust.
At the same time, ongoing changes in pensions legislation have added layers of complexity to retirement planning. While these changes present challenges, they also offer opportunities for advisers to demonstrate our value. By guiding clients through intricate pension regulations – such as the impact of frozen tax thresholds, the potential reintroduction of the lifetime allowance or the effects of reduced inheritance tax thresholds – we can help them make informed decisions that align with their long-term financial goals.
Read the rest of this article in the September issue of Portfolio Adviser magazine
