Final thoughts from Nucleus

For those that have experienced the power of financial planning, its impact on people’s lives is indisputable. The challenge continues to be in getting that message out to a wider range of people, both from a consumer perspective and to attract new entrants into the profession.

So where do we start? As Gerhardt Meyer discussed in our roundtable debate, one of the first issues to tackle is get clear on what people should expect when they go and see a financial planner, and the kind of service they should get.

From there, the profession can start to shape what strong, profitable financial planning practices look like, and the processes that underpin them.

There are also nuanced debates to be had around how to best support multi-generational planning, getting to agreed ways of working, and ultimately making sure that more and more people see the hugely positive impact financial planning can have. A bigger pie rather than a fight over a bigger slice of the same pie.

Phil has posed some big questions, and suggested some potential ways forward. But this is just one perspective; everyone reading this will have their own point of view, and will identify which of these challenges resonate most with them.

Rather than prescribing a way forward, the idea of this white paper is to encourage debate – at an individual, firm and sector level. It’s about taking steps to make sure the evolution of financial planning continues, and the appeal of financial planning as a service, a business model and an established profession is clear for all to see.

No doubt the debate will continue but I hope the points raised here have given you food for thought.

Barry Neilson Chief customer officer, Nucleus

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© Nucleus Financial Services Limited 2021

Nucleus Financial Services Limited is authorised and regulated by the Financial Conduct Authority, is registered in England with company number 05629686 and has its registered office at Elder House, St Georges Business Park, Brooklands Road, Weybridge, Surrey KT13 0TS. Please note that telephone calls may be recorded in order to monitor the quality of our customer service and for training purposes.