As the next generation of advisers come through, and go to battle with well established old-school advisers, I expect there will be a major change in the way advisers charge clients for their work. By the hour, or 'Fee for Service', is a much preferred model that the old-school advisers want to avoid. My view is that, if you want to be a professional, you need to act like one and charge like one, just like all other advice professionals, such as accountants, solicitors and consultants.
New school advisers, that only know the new rule and process that apply technology to the process, will slowly overtake this area of the industry. As they didn't get given a golden ticket or exemptions from the regulator, they follow the new methodology of holistic advice, if they are lucky enough to work with mentors who follow the new age of financial planning.
As a mentor of hundreds of financial planners over the years, I have seen what it takes to build up a small network of clients and look after them. This year, 2017, I will be mentoring 10 newcomers to the financial advice industry with the goal of handing on the wealth of information and education I have collected over the last 20 years.
If you know anyone who is interested in becoming a holistic financial adviser and getting their foot in the door, I will be taking applications until July 30 2017, then selecting a group of eight to give work experience and hands-on training to, with a view that they continue into a long term, rewarding career in the new age of financial planning.