This is and always will be a people business

I joined this profession when I was 26 years old and technology and regulatory changes were ever-present, even then. However, the one thing that hasn’t changed in all that time is that we are a people business, first and foremost. 

Why is that even more important today than it was when I joined? 

The most recent study from the FCA on younger advisers joining the industry would suggest we have finally started to see an improvement in recruitment, after some years of decline in numbers. In February 2024, the FCA reported there were only 174 advisers under the age of 25 but as of February this year, that number had improved to 254. A 46% increase! 

 

 

I look back at my younger self in the 80s. By the time I was 26 I was already a father and had the commitment of a mortgage, so plenty of life experiences under my belt at any early age. 

Surely, as an industry, we should also be looking at bringing people in from other sectors into financial advice even at a later stage in their lives. Those having career changes or coming out of employment and looking to run their own business. 

If you are meeting with a client to discuss financial planning, it does help to have some life experiences to know how to guide them in those financial decisions. 

 

I firmly believe you cannot teach someone (regardless of age) the softer skills of empathy, adaptability, communication and most importantly, emotional intelligence. Having an intuitive nature, being a good listener and being able to interpret how someone is feeling are essential qualities in advising clients. 

AI can and will have a positive impact on advising but as yet has not mastered the ability to be present with a client who is telling you about their divorce or the loss of their partner and how that has changed their life and outlook. All conversations I have had and will without doubt have again in my career.