Meetings, meetings and even more meetings have become routine for Liz Field in the first five months of her new role as chief executive of the Wealth Management Association.
Ms Field was appointed to the position at the beginning of September, replacing Tim May, who had stepped down after four years’ service.
She launched a strategic review of the body, and has since travelled across the UK to meet the body’s wealth manager members to ascertain “what keeps them awake at night”, and how the WMA can further support their firms, she said.
An eagerness to understand other people is a likely consequence of Ms Field’s degree in psychology and Masters in occupational psychology. Of these qualifications she said: “They have helped me in my career – it helps you think from the other person’s perspective. I have always been interested in people.”
The WMA represents 109 wealth management and stockbroking firms that deal directly with private investors, and 77 companies which provide professional services to its members.
Member firms manage more than £650bn of wealth in the UK, Ireland, Channel Islands and Isle of Man, according to the body, and employ an estimated 32,000 staff in more than 580 sites.
Of the RDR process, Ms Fields said it has not had the same effect on wealth managers as it has had on other sectors. Its implementation has been viewed positively by WMA members – many of whom already held level four, level six and in some cases level seven diploma qualification before RDR, she added.
One of the key challenges facing the association is Mifid II – the second iteration of the EU’s Markets in Financial Instruments Directive, which aims to increase the transparency whereby regulated firms disclose their costs and charges, and ensure investor protection.
“It is going to be a big piece of work for the WMA,” Ms Field said. “We need to go through every aspect of it. Our members will be getting involved, and guidance will be made available on what to expect.”
Ms Field added: “We still don’t know how some aspects of it will look, and we are spending a lot of time talking to the European Commission on what the plans may be.”
Regulation and the growth of technology will be big challenges for WMA members, according to Ms Field: “Compliance is a continuous issue, but there is a growing importance for financial firms to beware of cyber crime and ensuring that their clients’ details are fully protected.”
A positive change that the body is looking forward to is the Capital Market Union, which it is claimed would cut the cost of raising capital, notably for SMEs, and help reduce a ‘very high’ dependence on bank funding. Ms Fields said: “We want to be able to influence this in a positive way, and explore what sort of services should be included on behalf of our clients.”
The WMA, formerly known as the Association of Private Client Investment Managers and Stockbrokers rebranded in 2013 to better reflect its membership.
This contributed to WMA’s pre-tax losses of £181,000 in the year ending 31 May 2014, up from a £33,000 loss in the previous year, according to Ms Field.
“We do not see these losses as a negative but more of a product of opportunity,” said Ms Field. “The rebrand was necessary and now truly reflects what we are about, and we hope to use the reshaping to go on to a new place.”
The body has been vocal in its objection to the current structure of the FSCS. Ms Field said the main funders of the scheme are not often the ones that need to be bailed out. Instead, compensation levies often arise from activities by firms which do not contribute to the pot.
“We feel that the scheme is not fair at the moment. We have been liaising with the FSCS and the FCA as to what a review of the FSCS might look like.
“We are being proactive and constructive by looking at the way their model is structured, with a view to coming up with options.”
April’s forthcoming pension freedoms presents wealth managers with a range of opportunities, according to Ms Field, who added: “There are going to be a large number of individuals with a substantial pot they do not know what to do with or how to invest it. Wealth management is a long-term solution.”
Outside the office, Ms Field enjoys a simpler life in her home in Derbyshire, on the edge of the Peak District. A fan of the great outdoors, she enjoys long walks, cycling and water skiing. The wide experience of life she brings to her role can only be an asset.
Myron Jobson is features writer at Financial Adviser
Liz Field’s career ladder
September 2014-present
Wealth Management Association, chief executive
2009-2013
Financial & Legal Skills Partnership, chief executive
2010-2013
Alliance of Sector Skills Councils, trustee
2005-2010
Liz Field Consulting, founder
2002-2005
Gerrard Asset Management, Head of Organisation Development
2000-2002
Financial Services National Training Organisation, chief executive
1997-2000
Banks and Building Societies National Training Organisation, chief executive
1989-1997
Insurance Industry Training Council, chief executive
April 1982-March 1989
Kent County Council, management trainee
