October has been a busy month on the financial planning conference circuit. First up our Head of Investments, Mike Lea, attended the Square Mile Investment Conference 2024 at Claridge’s in London. Meanwhile Dean Gough, FPC’s Operations Director, and our Managing Partner, Moira O’Shaughnessy, attended the Consumer Duty and Evolution of Financial Planning event at the National Motorcycle Museum, near Birmingham.
Square Mile Investment Conference
Our chosen research and fund due diligence consultant Square Mile hosted their annual partner conference in early October at Claridge’s in London.
The Square Mile Investment Conference provides in-depth analysis of the latest investment trends and strategies, offering the opportunity to get up close and personal with several leading active fund managers, many of whom are the managers of core FPC client funds.
Key topics included:
- Global Inflation – Understanding its impact and how to mitigate risks
- Geopolitical Tensions – Strategies to manage investment portfolios amid global uncertainties
- Responsible Investing – Exploring the evolution of ESG from a niche theme into a core valuation factor
Square Mile Investment Consulting and Research which hosts the conference works in partnership with regulated professional financial services firms, such as FPC, to provide independent investment research.
Returning from the event, Mike is able to bring back the key takeaways and feed into our investment process here at FPC.
You can read Mike’s latest Quarterly Investment Update (see here).
Consumer Duty and Evolution of Financial Planning
A little closer to home, Dean and Moira’s attendance at the Consumer Duty and Evolution of Financial Planning event hosted by The Consumer Duty Alliance, an independent, ‘not-for-profit’ professional body supporting the personal finance sector to adopt and implement good Consumer Duty outcomes. The day provided an opportunity to interact directly with the Financial Conduct Authority (FCA, the UK’s financial services regulator) and share Consumer Duty experiences, challenges and successes with other financial professionals.
Consumer Duty is a critical piece of UK regulation, which came into force in July 2023, that sets high standards of care for financial services firms to provide to their customers.
Here’s why it matters for our clients:
Enhanced Protection – through the setting of higher standards for financial firms, requiring them to act in the best interest of their clients. This means clients are protected from poor advice, unfair practices, or unsuitable products.
Transparency and Clarity – financial firms must provide clear, understandable information. This helps clients make informed decisions, knowing the costs, risks, and benefits of their financial products and services.
Tailored Advice – under the regulations, financial planners are expected to offer solutions that genuinely meet a client’s personal needs and objectives, rather than simply pushing products. This results in more personalised, appropriate financial planning.
Accountability – firms must demonstrate that they are delivering good outcomes for their clients. This accountability provides reassurance that clients are receiving value for their money and that their financial future is being handled responsibly.
Fair Treatment – Consumer Duty promotes fairness by ensuring clients are not exposed to unnecessary costs or risks and are treated with due care throughout the financial planning process.
Ultimately, Consumer Duty fosters trust and confidence, making clients feel more secure about their financial planning decisions.
The full and varied agenda combined keynote presentations from the FCA and practitioners, panel discussions, and interactive sessions which highlighted the transformation of financial planning from its early days to a well-recognised profession with rigorous standards. This evolution is crucial for ensuring clients receive the highest level of service and expertise.
Technology & CPD
A significant point of discussion, and of particular interest to Dean, was the integration of technology in financial planning. Digital tools are revolutionising how we interact with clients, allowing for more personalised and efficient services. Embracing these innovations, as FPC has done, is essential for providing better outcomes and enhancing the client experience.
Continuous professional development (CPD) was another key takeaway, emphasising the need to stay updated with the latest trends, regulations, and technologies. At FPC, we are committed to ongoing training for our team, ensuring we meet our clients’ evolving needs.
Client Centricity
Additionally, the event underscored the necessity of a client-centric approach. As we always say, financial planning isn’t just about numbers, it’s about understanding our clients’ unique goals and aspirations. By focusing on individual needs, we can create tailored plans that truly make a difference.
At FPC, we are dedicated to being at the forefront of the financial planning profession, ensuring our clients receive the best possible advice and support and as such left the event satisfied it was a day well spent, with good insights to bring back to the team and our clients.
This article is for informational purposes only and does not constitute financial advice.
