One hesitates to mention Brexit in any context anticipating the groan of 'now what?' from one's audience. Careers here are under threat, careers across Europe for those who are from the UK are under threat as are those of Europeans working in the UK – so goes the common fear. And one can argue back and forth as to whether such pessimism is destined to come to fruition or is largely based on uncertainty.
When it comes to financial planning advice, add to the mix clients abroad who are reliant on sterling, and clients anywhere who are reliant on savings attracting precious little by way of interest, and it could appear that the pool of investors looking for advice could look spare.
However, here is a Brexit 'fear-not' story. Despite Brexit, good financial planners – dare I say like ourselves – are still growing possibly because it is the uncertainty and challenges to find attractive investment homes for one's funds that is driving clients to seek sound financial advice.
This is good news for IFAs and financial planners at whatever stage in their career. You will find across the market that there is still a demand for high calibre people, and often not just to get their client book onboard. In many cases no client bank is required: the need is for advisers and paraplanners at all levels to run projects.
In our instance there is more than enough need on the retirement planning side of things. Pension freedoms are only a part of it when it comes to establishing a strategy for long-term income needs approaching and throughout retirement.
Those looking for a move, career wise, need to weigh up where the clients are and where they as an adviser want to specialise, because a specialist world it is becoming where, within firms, there are divisions, however large or small, focusing on areas such as individual, corporate, pensions and investment. The best employers will allow free-flowing sharing of advice, research and product knowledge, so every adviser has a comprehensive planning offering for their client.
Advisers also need to ensure that prospective employers offer a comprehensive range of advice options for clients to choose from. There has been much criticism of online options for clients – what we call bionic advice – as a means to cut jobs within the financial planning industry.
Far from it – such facilities give more people access to advice. This means more people getting advice, more people investing and growing their funds, more people down the line needing extra strategies, input and advice from the experts behind the online option.
Similarly, in or out of Europe there are investments to be made: it is not just lawyers and politicians who will be kept in work sorting out how Brexit will manifest itself. Clients – both individual and corporate – will arguably be more in need of a financial adviser than a lawyer or a politician.
The UK needs people to invest, save and spend in fluctuating degrees. And, as we all know, there is only one profession that can ensure that people can do all of that – the financial adviser.
Kay Ingram is director of individual savings and investments at LEBC
