Educating younger people and dealing with the introduction of simplified guidance are two of the greatest challenges facing wealth managers, the chief executive of the Wealth Management Association has said.
Liz Field, who took up her role in September after former incumbent Tim May stepped down, said guidance was needed to help members see through these and other changes.
The WMA – which used to be known as the Association of Private Client Investment Managers and Stockbrokers (Apcims) – represents 186 firms, of which 109 members are wealth management and stockbroking firms that deal directly with private investors.
Ms Field, who was previously chief executive of the Financial & Legal Skills Partnership, also announced that the WMA would be embarking on a strategic review following the first anniversary of the association’s rebrand. She said the WMA’s review would take place immediately, and would cover all aspects of the industry.
Issues it hoped to address included a manifesto for retail investors and what form simplified advice should take.
Ms Field added that a review of the FSCS levy year after the election also needed to be considered as well as the development of a Capital Markets Union. She said: “What solutions should WMA propose? What should our role be in informing and educating young people to encourage them to be future investors and savers, which will also address perceptions about our sector?
“What should our sector be doing to offer access to work through work experience, apprenticeships and internships to provide opportunities for a potential future workforce?”
Ms Field urged WMA members to take part in the review, adding: “There are huge challenges for the sector but also huge opportunities. This is your time to lend the WMA your voice. I want to know the three things that are keeping wealth managers awake at night, and how the WMA can continue to support you.
“One year since the WMA reformed, I urge all members to actively engage with this review to help us build a better and a stronger industry that is best-placed to serve its clients.”
Adviser view:
Charlotte Black, an adviser at Brewin Dolphin in London, said: “This review is certainly timely as the Wealth Management industry is at a very exciting moment in its evolution and it needs the WMA to be a strong and focused champion with government and the regulators; to shape the environment so our firms can help millions more savers and investors make the best of their finances.”
