Generational Change

The next generation of planners are seeking workplace flexibility, mentoring, purpose and fulfilment in what they are doing. Jayson Forrest talks to three young CFP® professionals about how they view the future of advice.

There’s not much that dampens the spirit of Jessie Hinds’ CFP®. Although, like the rest of the nation, she might be in self-isolation waiting out the COVID-19 coronavirus, she remains excited about the future of advice.

“With all the changes that have recently occurred in financial planning, like new education and higher professional standards, I think the industry is at a real turning point and is heading in the right direction to be recognised as a true profession,” she says.

Jessie, who is a strategy adviser at Elston, believes people suffer considerable stress and anxiety when it comes to managing their money. But having a trusted relationship with a planner helps to control that stress.

“My hope is that all these recent changes to our profession, including higher professional standards and education, will help more consumers feel at ease with making that first contact with a planner,” she says. “Because we know that those consumers who do come and see us, quickly recognise the value of good financial advice.”

A Brave New World

The 30-year-old professional is very upbeat about the future of advice, believing that planners are in the “perfect position” to move from the old world of “selling investment returns”, to the new world of servicebased, holistic planning.

“I believe planners will increasingly operate as a client’s CFO, where they will educate clients about what can be achieved over the long-term,” Jessie says.

“As part of that CFO role, I think we will see more planners acting collaboratively with other aligned professionals, like lawyers and accountants, to help with specialised areas that we don’t have the necessary skillset for. And by doing so, deliver a more co-ordinated outcome for clients.”

Not surprisingly, this Millennial also views technology as a definite opportunity for the profession. However, while technology is enabling consumers to take greater control of their finances, Jessie concedes it’s also creating unnecessary ‘noise’ for consumers to navigate through.

“With technology comes increased availability of information, which can distract clients from their long-term plans. Often clients let their emotions take over their rational decisionmaking. So, more than ever, the relationship between planners and their clients is so important to help clients dial down the ‘noise’ and help them sail through the uncertainties.”

Making A Difference

With eight years under her belt as a planner, Jessie says it’s not hard getting out of bed each morning when you know you are making a difference in the lives of your clients.

“Whatever you do, it has to have meaning,” says Jessie. “At the end of the day, our profession revolves around helping clients. So, when my career is said and done, I want to look back and know that I have made a genuine difference by helping people to live better lives.”

However, although Jessie views herself as being firmly embedded as a planner, she does believe more can be done to help newer planners entering the profession, and that’s mentoring.

Jessie is incredibly grateful for the mentoring she has received since starting in the profession 10 years ago. And while there has been a substantial increase in young planners entering the profession in recent years, she believes practical mentoring for this new generation of planners will be hugely beneficial for their professional development.

“I think young people need to recognise that there is a broad skillset required to be a modern planner, and that skillset demands a lot more than just technical excellence.

“The best way the profession can assist these younger practitioners is helping to put an ‘old head on young shoulders’, which can be done though mentoring and promoting talent, irrespective of age or gender.”

To read the whole article in Money and Life magazine go to page 22, click here.

Does Jessie sound like the type of planner you’d love to chat further with? Email or find out more