WE’VE TALKED THE TALK – NOW IT’S TIME TO WALK THE WALK

In my first article as President, I want to assure you, the members, that for the next 12 months I intend to commit myself
wholeheartedly to the Personal Finance Society and the expansion of its influence with Government, the Regulator and the consumer.

However, I cannot do this alone. If we all work together I believe we can make a difference and, in particular, improve the consumer’s perception of the financial adviser.

How are we to do this? For many years we have all spoken about becoming a profession. The Personal Finance Society has achieved this goal in just two years.We can all pay lip service to being members of a professional body, but what does it really mean in practice?

The theme for my Presidency is “Actions Speak Louder than
Words”. Each member has signed up to a Code of Ethics. Has this made a difference to how you run your business or how you treat your customers?

If not then I hope that in the next 12 months each member will
take one decision, which results in an improvement in his or her
skills or improved business practice.

I want to explore this theme further. Being a member of the
Personal Finance Society is not just about being a Chartered
Financial Planner, although this must be the aspiration for all young people entering the profession. The general practitioner who can demonstrate a suitable level of competency and who has the will and determination to keep this up to date is an important member of the Society.

Is being a professional just about qualifications? I believe that the qualifications are just the start. The certificate is hung on the wall, but then the hard work begins. You will have to apply the
knowledge in the financial planning process itself and you need to be able to communicate the recommendations in a jargon-free and easily-understood language.

A professional also understands the importance of business skills. An improved business model that involves investing in modern technology should result in satisfied clients; in increased profitability and less opportunity for misappropriate advice.

If we do not look to the future others will come into the market
and fill the void.

I appreciate that some of you may say this is a tall order, you have many constraints on your time, I have been running my IFA business for 20 years, I understand this. However, I do not think that any one of us should think ourselves too grand, too experienced, too qualified, too young or too old to act out the reality of professionalism.

I look forward to meeting as many of you as possible over the
coming 12 months.

President

Carole Nicholls