I wrote my first client case as a financial adviser 35 years ago.

I keep my old records and still have my early-year policy registers. I looked back on my first ever policy 35 years ago, where I signed up a good friend of mine (Tom) for a £100pm top-up to his pension. 

This would no doubt have been a significant amount for him at the time (in today's money it equates to £311). Tom was the first of what was to thankfully be many clients over the years. I genuinely feel I have supported my clients in both having financial protection when they needed it and urged them to fund for a good standard of living in retirement. 

 

Tom is still a good friend although we rarely get a chance to meet up. Given the 35-year milestone, I thought I’d call him up and let him know. Tom is now retired and was actually in Barcelona on holiday when I called, very much enjoying his retirement. We’ll definitely meet up soon to roll back the years. 

 

I am generally an early riser (at least during the week) and yesterday had on a podcast first thing on LinkedIn from BWD interviewing Alan Smith, who is always a good listen. Alan discussed the future of our industry as he saw it and highlighted how AI is already changing the way we work and how some business processes that may have until recently taken us hours, can be completed now in minutes at most. 

 

Alan himself is currently in the deep freezer of the Arctic Circle, on what sounds like a true test of resilience. Cycling, skiing and walking for 72km over 3 countries, Norway, Sweden and Finland. What an inspirational thing to do! 

 

Back in the late '80s and early 90’s, financial advisers often got a bad press (some justified), perhaps on a par with car salesmen and estate agents back then (apologies to both if you follow me, I know times have changed). Our profession has certainly changed beyond recognition from my early days with increased levels of education, competence, compliance and regulation. I’d like to think as IFA’s that we are now looked at favourably alongside other finance professionals such as Accountants. 

 

YouGov carried out a survey recently on behalf of an IFA firm and found that 22% of respondents said that the quality of service and personal advice was the most important factor in them choosing an IFA over just 14% who said fees! In general clients will care more about what you can do for them and the care and attention provided than with the level of fees. Most of us will happily pay for a great service if we perceive value from it. 

 

The last 35 years have been about providing the best service for my clients and that will never change. There are however many aspects of our industry that will change in the coming years and AI will drive a lot of those changes. I still like to visit my clients face to face where possible and if that’s something they continue to be happy with, I don’t see that ever changing.