Chartered Institute for Securities & Investment  

Advisers told to be more like personal trainers

Advisers told to be more like personal trainers

Advisers need to adapt their businesses to make sure they are catering to their clients' financial wellness, a financial planning conference has heard.

Speaking at the Chartered Institute of Securities & Investment (Cisi) financial planning conference this morning (1 October), Standard Life's marketing director Susie Logan said advisers needed to think of themselves as personal trainers rather than doctors to help people with their finances.

This would mean having an ongoing presence in their clients' lives rather than being consulted when needed.

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But she warned advisers would have to adapt their business to do this.

Ms Logan said: "There is an opportunity for all of us to throw off the reputational tarnish of the past and to be genuinely trusted.

"This isn't going to be easy. The world around us is changing and we are already pushed for capacity.

"We need to be open to changing the business models we operate. Can we use technology? Can we charge for what we do differently?"

Ms Logan added advisers also needed to think about the type of people they employed, including whether they had the right skills in data and technology.

She said: "As an industry we are not leading the way in terms of our diversity and inclusion.

"It is natural people employ people who are like them.

"If you employ someone like you, it is like you understand each other but clients are a diverse group and we who support them need to be too."