Glasgow Programme
We spend a lifetime building client banks, growing trust and depth of relationships, and investing heart and soul in our client relationships, often spanning many decades. The great wealth transfer will see trillions of wealth pass to the next generations in the coming decade. As such, there’s a risk to long term asset retention if we aren’t ready to engage with the next in line which can threaten exit plans, income streams and succession plans.
This presentation will explore key themes to better equip us to maximise opportunities and reduce risk in tackling this wealth transfer including a deeper look at the great wealth transfer, why it is accelerating, who the beneficiaries are and how their engagement with financial advice and planning is different to their donors.
We’ll look in more detail at strategies to maximise opportunities and in doing so protect your business and asset base when clients pass away. These will include how to engage with clients through the generations, use of technology and client engagement tools to re-frame your business and build a continuous future income stream on top of protecting your current asset base.
The session will explore the importance of a brand and skill set in your business that is “future ready” and how the right investment proposition can be key in managing resources and in delivering ease of client communication when onboarding and in regular servicing. The Opportunity has never been greater - younger clients add longevity to your client bank as assets are growing and have longer time horizons – increasing the value of your client bank when you come to plan for exit and protecting ongoing income in the intervening years.
Learning Objectives
- Explore the opportunities and threats the great wealth transfer will bring to advice businesses in coming years
- Evaluate strategies to maximise growth opportunities and protect client banks including client engagement, adoption of technology and the importance of a diverse skill base
- Consider how being “investment ready” can assist with managing resources, client onboarding and communication and asset growth to enhance business value for sale when the time comes
The era of product shelf-fill is over. Welcome to the age of product accountability.
Consumer Duty doesn’t just ask if your client gets good outcomes – it asks if you helped design, distribute, or oversee the product in a way that ensured those outcomes. That’s a fundamental shift – and it lands squarely of the desks of manufacturers, distributors and co-manufacturers alike.
The sessions will explore the implications, risks and liabilities (and how to offset them) alongside the new opportunities that have been created for advice firms as a consequence.
Learning Objectives
- Gain an understanding of the roles and responsibilities for product manufacturers, whether an advisory model portfolio, fund, or bespoke investment solution
- Gain an understanding as to how the shift in focus from the Consumer Duty reshapes the expectations around product manufacturing/co-manufacturing, and the cost of getting it wrong
- Gain an understanding of the potential to share and offset liabilities, with discussion on the FCA expectations on collaboration and clarity of responsibilities
- Learn how investment solutions, designed correctly, can provide additional income opportunities for advice firms
What’s the minimum amount of work needed to run a CIP that still does right by your clients? In this session, Simon Evan-Cook, founder of the MGTS Downing Fox Funds and Citywire Columnist, examines this question. In doing so he’ll highlight how some popular, low-hassle CIP options might be about to face some hard times. He’ll also explain how some products, purely on account of their structure, can reduce hassle and lower risks for both you and your clients.
Learning Objectives
By the end of this session, you will understand:
- The level of effort different CIP options require, and how likely they are to generate good client outcomes
- How one advice firm has created a low-hassle CIP that’s working well (even in 2022’s ‘Bondmageddon’)
- That no CIP product is perfect, and some that currently appear perfect are face a growing risk of failing • How unitised investment products reduce complexity and risk within a CIP
