After each Meeting Owen James publish 'The Findings', a document that encapsulates and shares the key issues and topics discussed on the day.
Each section below summarises the different roundtable sessions and covers an array of industry driven topics.
The Findings are listed in Event date order, but don't just look for an event you attended, explore the research facility that gives you access to topics addressed at all our other Meetings – past and present.
27 November 2018A Meeting of Minds Advisory Distributors - November 2018
Personal financial management is on the cusp of a fundamental transformation. For many years, the traditional face-to-face advisory model has provided a service to the minority of the population who can afford it. A confluence of factors including regulatory change and technological progress are now combining to enable a new means of customer engagement. With banking services slowly but surely moving towards being mobile-first, digital innovators have wealth management in their sights as an industry that is ripe for disruption. Meanwhile, a shift in pensions responsibility from the corporate to the individual and the rise of the gig economy has put retirement affordability, and more generally personal financial wellbeing firmly in the spotlight. While traditional financial advice remains unattainable for most, a suite of digital products and services are being developed to fill the gap. Disrupt or be disrupted- attempts to create new, viable business models for the digital age will flounder unless people and organisations are willing to disrupt themselves.
The Advisor Benchmark study aims to understand global best practices in financial advice around the world, to help firms deliver better services and outcomes for clients. Leveraging data from the 2018 Benchmark study of over 1,300 advisory firms, this session discussed findings that relate to the characteristics of higher growth firms, relative to their lower growth peers.
With platforms being a market that has seen significant growth in the last five years, doubling from £250bn to £500bn assets under administration (AUA), with more customers than ever deciding to use a platform to manage their money, what do we think about the FCA's proposed remedies to improve competition? Is it encouraging that the FCA has recognised the important role of platforms in the value chain? How can the market truly deliver the benefits it is intended to provide? What do you want from a platform – a transactional hands-off relationship or a long-term, deeper relationship with a business that can offer practice management support for the growth of your business for the benefit of your client? Platforms hold a huge amount of data on fund flows, contribution levels, withdrawals, dividend reinvestment, cash management etc – and are uniquely placed to see trends across clients at an aggregate level across all advisers within your business, all advisers in your region and across all advisers using the platform –in total – what value might this platform insight be of to you as a business owner and for your advisers and paraplanners?