People still have trouble discussing their finances but these are important conversations which need to be had, according to Natasha Percy-Baxter, principal of PercyBaxter Wealth Management.
Speaking to FT Adviser, Percy-Baxter discussed her passion for the advice profession, describing financial planning as “life changing” for clients.
“If you aren’t in a good place with your finances, you don’t sleep well and you struggle with work. A lot of people have taken time off work because they’re stressed about their finances,” she explained.
“On the flip side, if you understand money, you live a calmer, happier life, so I genuinely think it can have a big impact on people’s lives.”
Despite this, Percy-Baxter pointed out many people still struggle to open up and discuss finances.
“People are starting to discuss their finances more but it’s still quite rare and quite taboo," she said.
“When I was growing up the taboo topics were politics, religion, sex and money and, while I feel all the others are now accepted conversations, money is still a reluctant topic.
“How are we living in this day and age and not having these conversations when it benefits everyone to have them?” she asked.
Changing industry
Discussing issues within the profession, Percy-Baxter cautioned that advisers should be prepared for the volatile nature of the industry at present.
“I just see it as an industry that is always going to change, it will never stay still,” she said.
“You can look at other areas of finance, like accountancy which is a great industry, but I don’t think there’s much that changes.
“On the other hand, if you look at financial planning, in every Budget something changes and there are always new regulations and new rules.”
She warned the speed of change could be a concern for unprepared advisers.
“We’ve got to get used to the fact that things are going to change quickly and we’re going to have to be very quick to adapt,” she said.
“You can’t have a fixed mindset, you’ve got to have a flexible mindset and accept that everything is changing.
“You’ve got to be ready for it and prepared and have an open mind.”
Career journey
Recounting her career route into financial services, Percy-Baxter studied English Literature in university and completed a masters in publishing before working in children’s publishing for six years and corporate finance for a further three years.
However, during Covid, she quit her job and, after some “soul searching”, and realised she wanted to be a financial planner.
“I realised my top passions were financial understanding, because it benefits everyone, and organisation, because I love being organized and planning in advance,” she explained.
“I thought about it and realised financial planning was the career for me.”
Since making her entrance into the profession, Percy-Baxter stated: “I am never going to do anything else now.”
Diversity
When looking at diversity in the industry, Percy-Baxter said: “If you say wealth manager to someone, they think of a man in a pinstripe suit behind a desk".
She explained this perception comes from industry demographics as only 12 per cent of wealth managers are women and the average age sits at 57.
“This stereotype still exists because I meet with clients who say they have had that experience previously,” she added.
However, Percy-Baxter pointed out that, while the financial services industry is not perfect at the moment, “it wants to be” and is constantly changing.
Consequently, she said the male-centric perception means it is a “really exciting time” to work in the industry as it is “ripe for change”.
“People are starting to understand there is a real mixture in terms of what’s available and what’s out there,” she added.
tom.dunstan@ft.com
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