Advisers show value as ‘guides in changing landscape’

Financial advisers demonstrate the value of advice by “being a guide in a changing landscape”, according to St James’s Place academy partnership development manager Helen Derry.

Speaking in a recent webinar in which three SJP advisers shared stories of their journey through the academy, Derry said the coronavirus crisis has served as an example of how advisers add value.

She said: “Things change all of the time. There will always be change and that’s where the value of advice sits. Helping people to navigate through changes and undertake any course correction that they might need with their plans. The value of advice means that people have the best opportunity of meeting their goals through getting advice.”

She suggested advisers add value in simple ways such as helping clients build a budget planner during times of uncertainty and getting things “back on track”.

“It’s the little things that advisers do everyday that make a massive difference to individuals and that for me is the value of advice,” she said.

The webinar also heard that demand for quality advice has “increased drastically” during the Covid-19 pandemic.

Derry was joined by AspireLane Wealth Planning director Rajesh Choorithody, Nicole Gunter of Nicole Gunter Wealth Management and Jennifer McKay of SRB Wealth Management, who have all progressed through the academy.

Choorithody said: “Getting through the exams is just the beginning because as an adviser the learning never stops. You have got to keep updating yourself with what is happening. Relevancy is very important.”

He added: “I have never seen the need for financial advice increase so drastically as it has in the last 12 to 14 weeks.

“People who previously said they didn’t have time to talk to an adviser suddenly wanted to get their ducks in a row.

“The need for advice, quality advice, has increased significantly. That is an opportunity for advisers.”

Choorithody outlined that at the beginning of lockdown there was concern within the advice community that it would be a struggle to build trust without a face-to-face setting.

But he said clients and advisers have adapted quickly.

“Advisers have become more flexible and agile now. And with all the changes in the market learning has become even more critical.

“With the chancellor’s recent announcements, advisers have to make sure they are up to date with that. Learning is an integral part of business development – it’s not just about client acquisitions or marketing but how up to date are you and do you have the right skill set.”

Gunter described how she is adapting her business model in response to Covid and that video calls will become part of her offering when things return to normal.

Half of advisers phone clients instead of using video

She said: “People would rather have touch points throughout the year via Zoom. They want quicker meetings but more touch points rather than wait six or 12 months for a big review meeting. It has changed the way I propose the offering going forward.”

All three advisers talked about the future of the financial advice industry post Covid-19 as well as the challenges and opportunities it presents.

McKay said she has found the process of setting up an advice firm “so rewarding” and the current crisis has enabled her to build longer-term relationships with clients and their families.

SJP defers Academy entrants due to Covid-19

SJP confirmed today that its academy has supported 39 advisers to launch their own business since the start of lockdown.

Among the new recruits are former footballer Robbie Simpson and former business manager Naomi Haynes.

The new business owners range in age from 24 to 59 years-old, with some just starting out in their career and others who are second-careerists.

Almost two-fifths (38 per cent) are female, including three who have returned to the workplace after taking a career break to raise a family, while others have come from careers in sport, teaching, hospitality and the military.

Since its launch in 2012, the academy has supported graduates in creating 557 small business across the UK.

SJP academy director Jason Flood says: “We’re proud to have helped so many advisers break into the industry since 2012, but particularly in the current business landscape it’s an immense achievement to have supported new businesses and helped with job creation. These graduates have been forced to adapt their initial plans, such as shifting face to face meetings to virtual ones, and it’s really impressive how they have overcome these challenges.”

The academy will re-open to new intakes later this year.