Sense Network  

Sense's plans to grow assets under advice

Sense's plans to grow assets under advice

Sense Network will be focusing on investing in technology during 2017, the company’s chairman has said.

Steve Young said he felt “extremely positive” about the next year for Sense and for the wider advice profession.

He said: “If it is working I’ve always believed in doing more of the same and in 2017, we will continue to do, what we have always done well.

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“That means helping our members to grow their businesses, whilst managing risk and dealing with new regulatory challenges, such as Mifid II.

“We’ll be focusing particularly on the use of technology within our member firms, to drive efficiencies within their business and the advice process.

“Our members can then use the time this creates to grow their assets under advice and deliver services to a larger group of clients.”

He said there had been an increase in consolidation activity over the course of 2016, and said this had benefitted Sense, as an independent network.

Mr Young said: “We will still welcome high quality advisers, who want to work with a partner that believes in the benefits independent advice, with open arms.

“To be honest, whilst the vertically integrated mergers and acquisitions activity continues to feed new adviser start-ups, why wouldn’t we want to build our membership base with high calibre advisers?”

Despite the large amount of consolidation, and the polarisation between independent and restricted advice, Mr Young expressed scepticism about the benefits of the latter.

He said: “We are yet to see the supposed cost savings restricted advice brings, being passed on to the consumer.

“Frankly, I’m sceptical whether we ever will.”

Mr Young added that Sense would not be building its own platform, developing its own in-house investment solutions or launching its own robo-advice proposition.