I was fortunate to attend the Financial Planning Association congress held in Sydney last week with 1400 of my peers. It was a thoroughly worthwhile event with world class speakers that was driven by two key themes, Trust and Belief.
It’s probably easy to pick why Trust was a focus. Financial Planning has and is being raked over the coals at the moment with all of the worst our industry has to offer up on display. I’ve shared my view on this and think that much of the criticism and measures proposed to tackle the problem are warranted and are needed for us to move forward positively and become the profession we are striving to be.
But the reality of change that is little spoken about in the media, is that a lot of financial planners are hurting. Hence the second theme, belief. What I saw at the congress was an industry coming to grips with immense change. There was a focus on mental health and questions from the audience reflected the genuine
concern from advisers on what the future holds. From many people I’m sure, who have likely always cared about their client’s best interest but do not currently feel equipped to adapt to the change our industry is facing.
Expectations are that there will be a huge number of people who will exit financial planning entirely and those that remain must adapt to a tougher regulatory environment and higher expectations from consumers.
With change however comes opportunity. Those that choose to remain have the opportunity to craft the future direction of financial planning and what it can and should truly be. A profession that guides people to
make more informed financial choices with awareness and confidence that they can achieve the best life available to them.
Another theme I found interesting was that of Artificial Intelligence. How it is and likely will in the future change the way Financial Planning looks and operates. Will it remove the need for Financial Planners entirely in the future? We explore this in a blog in this newsletter.
On a personal note, the Certified Financial Planner Of The Year was announced. Unfortunately it was not me this year, however I am proud to have made it to be a national finalist and commend the winner [Michael Carmody] and the Financial Planning
Association for their rigorous selection process.
If this newsletter raises any questions for you that you would like to discuss, please just let us know.
To a prosperous and fun filled retirement,
James and the team at Yield
FROM THE BLOG
Artificial Intelligence and Financial Planning
AI won't replace human financial advisers, but it is believed to be a beneficial advancement for the industry.
James McFall, Managing Director and Principal Adviser of Yield Financial Planning has been selected as a National Finalist for
this year's Certified Financial Planner of the year Award.
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