Regulation and operational efficiency cited as barriers

Demand and technology are key factors that will drive growth in financial advice, a panel of financial advice CEOs told delegates.

Speaking at Dynamic Planner’s Pioneering Tomorrow’s Technology’ conference today (12 February) in a panel chaired by BBC journalist Amol Rajan, four advice industry leaders spoke about the profession’s growth potential.

My Pension Expert CEO Andrew Megson said that his focus is on offering advice to the mass market and serving clients who are thinking about retirement or approaching it.

Megson highlighted regulation may be considered as an advice growth obstacle, but technology can help with this.

“In reality, the introduction to Consumer Duty was a shock to the industry,” Megson noted.

However, the CEO said that the biggest barrier of all is not embracing technology.

“We should eventually be able to use AI to file check every client rather than some,” Megson said.

Dynamic Planner CEO Ben Goss said that the industry will be using artificial intelligence more than it already is.

“We will all be using AI more than we are today,” Goss told delegates. “Using technology to unlock potential and growth so advisers can spend more time with clients.”

The Dynamic Planner boss also said that the cost to serve will come down if technology is adopted.

The advice supply and demand opportunity

MKC Wealth CEO Dominic Rose said that the advice demand and supply issue is an opportunity,

“Demand for advice is growing yet there is a supply issue, that in itself is an opportunity,” he said.

Rose explained that organic growth within is also something that MKC Wealth looks at as firm.

“It is about making your clients so happy with your service so they stay for the foreseeable,” he explained.

In terms of barriers, Rose noted that operational efficiency can be a barrier to growth.

“A business has got to have the ambition to grow,” he said.

Technology a growth ‘given’, says Quilter MD

Quilter managing director of its national advice business Amanda Cassidy said technology is a “given” when it comes to growth.

“If we can simplify processes and save time, it will enable growth for advisers,” she said.

Cassidy also pointed to the fact that the financial advice profession “needs new blood” for success.

She highlighted that the financial advice professional needs more diversity.

“We need to bring in advisers who are diverse,” Cassidy said. “From younger people, women, to sports people and military as examples.”

“It has to be all across the board.”

Overall, Cassidy noted that there has “never been a better time to be a financial adviser”.