Too often people assume that seeking advice or guidance is only for the two extremes: for the very wealthy or for those with financial problems. This misperception needs to change. Over the past few months, we at SJP have been sharing insights from our Real-Life Advice Report, our largest consumer survey to date exploring the impact of financial advice on people’s lives, and our attitudes to receiving financial advice. Through real life stories and new insights, we’ve uncovered the pivotal role that financial advice plays in improving the nation’s financial wellbeing. Today, I’m sharing the final chapter with you. Chapter 6 provides insights about what the future of advice could look like, and how we as an industry can support future generations to make better financial decisions. The adviser and client stories we’ve shared in this chapter and the rest of the report have shown both the remarkable and entirely typical ways that financial advice can positively impact lives. So many more people’s lives and futures could be improved simply by getting access to the support they need. It’s critical that as an industry, we continue to raise further awareness and break down the barriers preventing people from accessing the advice or guidance that could help them. So, today, I’m resharing my calls to action for our industry: 1. We need to attract and train more financial advisers to the profession 2. We must find ways to fill the gap between guidance and full holistic advice, to make support more widely accessible 3. We need a coordinated campaign across the profession to change perceptions around financial advice The full report and my concluding thoughts can be found on our website: https://lnkd.in/e8kcsfC3 #RealLifeAdvice
Mike R.
2w
My SJP Pensions advisor did just this. Gave me straight forward advice, the best funds for my needs, in a manner that the lay-person was able to understand
It sounds so obvious when put clearly like this. We know from experience in other countries that the more quality advice people receive, the more wealth they accumulate for the times when they need it most.
Matt Hodey
2w
A helpful contribution to the UK financial advice gap debate. An adviser can play a pivotal (and in some cases life changing) role for clients, and we certainly need more new entrants to the profession.
Mark, thank you for sharing your insights and vision. I hope you don't mind me adding to your first point as there are significant demographic mismatches in the IFA space. 1. We need to attract and train more financial advisers to the profession, 𝐭𝐡𝐚𝐭 𝐦𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐛𝐫𝐨𝐚𝐝 𝐚𝐧𝐝 𝐝𝐢𝐯𝐞𝐫𝐬𝐞 𝐝𝐞𝐦𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜𝐬 𝐨𝐟 𝐨𝐮𝐫 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐩𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 𝐜𝐥𝐢𝐞𝐧𝐭 𝐛𝐚𝐬𝐞. 𝐖𝐞 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐢𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞 𝐭𝐡𝐞𝐦, 𝐚𝐧𝐝 𝐨𝐮𝐫 𝐰𝐡𝐨𝐥𝐞 𝐨𝐫𝐠𝐚𝐧𝐢𝐬𝐚𝐭𝐢𝐨𝐧, 𝐭𝐨 𝐝𝐞𝐥𝐢𝐯𝐞𝐫 𝐥𝐢𝐟𝐞𝐭𝐢𝐦𝐞 𝐯𝐚𝐥𝐮𝐞 𝐭𝐨 𝐨𝐮𝐫 𝐜𝐥𝐢𝐞𝐧𝐭𝐬.
Congrats for your achievements sir! I am an existing client of SJP Asia and in need of support...can you add me to further discuss please? Thank you so much in advance
Your advisor Austin Anderson changed my life substantially and very much for the better. I fall into neither of those categories.
Ana Petkova
4d
👍
Jon Lawrence
2w
Jamie Fleetwood saw this and thought of you
Retired Chartered Accountant & Chartered Financial Planner, now applying his knowledge and experience as a part-time Consultant, Charity Trustee and Volunteer in the run up to a proper retirement one day!
2wWhat I think you need to think about Mark FitzPatrick is that the primary reason for the “advice gap” is a much bigger underlying trust gap. Large swathes of the “financial advice” sector are riddled with conflicts of interest whereby the financial interests of “advisers” are directly at odds with the best interest of clients. Your own business model which means SJP’ income depends wholly upon the amount of sJP products & investments your army of commission based sales people flog is probably the biggest single example. History has shown consumers that wherever commission based sales people’s earnings are depend on flogging products they will generally prioritise their financial gain over all other considerations and people don’t forget that. The fact your organisation has also been forced to set aside £430 million to compensate clients who have apparently not received the ongoing service from SJP which you contracted to provide and which they paid for obviously also adds to the problem. So stop being so hypocritical. Change your business model so your “advisers” interests align with your clients, start charging reasonable fees & provide the service which you have contracted to provide. Then what you say may have value!