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
