Advice industry went 'above and beyond' this year

Advice industry went 'above and beyond' this year
Liz Field, chief executive at PIMFA

The Personal Investment Management & Financial Advice association has hailed the advice industry for going "above and beyond" in its attempts to meet the challenges faced this year. 

Despite the substantial physical and emotional challenges of the past ten months the sector has frequently been commended for its rapid and continued ability to manage the effects of the crisis.   

That is a sentiment echoed by Liz Field, chief executive at Pimfa, who said a "can do" attitude within the industry meant many problems which could have surfaced, did not. 

She said: "This attitude is now embedding in the culture of firms going forward.

"Strong leadership recognises that benefits can be found in even the worst circumstances and our industry has performed above and beyond expectations in terms of maintaining operational resilience, good governance and regulatory compliance."

Ms Field added: "Other than the problems of remaining compliant, maintaining client relationships and the integrity of internal processes, the main challenge has centred around the general wellbeing of staff, ensuring that our work environments are as flexible as possible and that good morale is maintained."

The trade body boss said regular interactions between managers and staff with an aim to proactively solving problems had increased "pretty much across the board".

A recent survey by consultancy the Lang Cat found the majority of advice firms, 59 per cent, felt they were in good shape with a positive outlook on the future despite the upheaval of the crisis. 

Likewise at the beginning of November FTAdviser reported advisers felt resilient in the face of the then-looming second lockdown, with clients and staff having adapted to working within restrictions and remotely. 

Ms Field added: "In times of crisis, no job is more important than taking care of our teams but the way firms interact with people, both within and outside their firms, requires different forms of leadership.

"Authentic, empathetic and inspirational, supportive of our people, driving positive, creative and innovative cultures, in turn enhancing people’s experience of working with us and re-creating trust within the population at large."


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