Dear
My Generation
An interesting and slightly worrying statistic is that the average age of a financial advisor in the UK is 501 (albeit that was two years ago now, so perhaps that makes it 52?).
The Next Generation
Fortunately there is an antidote to this...I was asked to speak last week at the NextGen Planners conference. This is a new and growing organisation for financial planners in their mid 20s and 30s, set up as a community for best practice, training and content. My brief was to talk about managing a merger.
Change, Opportunity and Common Sense
As I was preparing my talk I started to reflect on the changes in my work life over the last 20 years:
- In 1998 the firm where I started my career, Moores Marr Bradley (some of you will remember MMB!) was taken over by BDO which lead to a team of 6, me included, going to Advisory & Brokerage (A&B) as a Management Buy In
- Five years later A&B was sold to AEGON who subsequently tried to smash 5 disparate (culturally and geographically) IFAs together to form Origen
- I left Origen in 2007 and, alongside Gareth and Linda, set up The Red House
- Sadly, in 2013 we had to reorganise TRH when Gareth retired early due a change in his health
- And of course, most recently we merged TRH with PN to ensure opportunity, sustainability and longevity for all
My theme was Change, Opportunity & Common Sense on the basis that Change will always be with us, but Change creates Opportunity, even if at the time it’s not immediately obvious and can feel uncomfortable. Sprinkle in a dose of Common Sense and you aren’t going to go too far wrong (albeit I was recently reminded “the thing about common sense is, it ain’t that common”). My closing quote was from a US research Professor I follow, Brené Brown urging the assembled group to “contribute more than you criticise” and be the change.
“I’m not trying to cause a big sensation…”
My take away from the day was this; we, (the 50 something Financial Planners and you, as our clients and friends), should be genuinely assured that there is a massive talent of NextGen Planners following through. I am delighted that so much of that talent sits here within PN both in London and in the Bristol and Torquay offices.
My steer to you is to look beyond the wrinkle-free faces and grey less hair, we are in very safe hands. The role for me and my peers is to mentor and support our rising stars by sharing our experiences, learnings and being there to help and guide when needed. The rest is up to them! This is exciting times for the Financial Planning profession indeed.
Oh, and thanks to The Who for inspiring the title to my piece!
As ever, if me or one of the great planners in the PN London Team can be of assistance please just ask, after all we are here to help.
