In Focus: Future Talent  

How to train the advisers of the future and comply with consumer duty

  • To describe what effective training looks like
  • To communicate the benefits of good adviser training
  • To describe how training needs will evolve under the consumer duty
CPD
Approx.30min

It is not just the case that advisers neglect to have these discussions, some have never had the training or coaching to do so.

2. Culture

Staff should understand how the firm’s purpose is relevant to delivering good outcomes and therefore trained accordingly.

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As mentioned earlier, training needs analysis is a must, but how many advisers and their support staff are privy to a firm’s business plan and if so, is this client-centric and not purely focused on increasing assets under management?

3. Price and value

How does an adviser articulate the value of both the advice they give and the ongoing service they provide?

Firms more than ever are having to review what clients receive as part of their ongoing service to ascertain whether they are receiving fair value, but how many take the time to coach their adviser teams on how to promote the service?

Advisers go above and beyond for most clients and the sum of all the parts represents great value (I have seen this represented brilliantly in scorecards), but many do not feel the need to vocalise in annual reviews or keep records of what they do for clients.

I really hope the consumer duty is not a false dawn but a real opportunity to assess client propositions, a firm’s culture and how advisers can develop all members of their team to support their business plans and enhance careers to carry on the legacy.

I truly believe that practices adopted over the past 10 years have led to a greater client experience.

However, we have only scratched the surface and consumer duty could be the catalyst to take us to the next level.

Paul Sylvester-Evans is head of training at The Verve Group

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. The impact of consumer duty on training will be negligible, according to the author. True or false?

  2. What should firms complete before structuring training effectively?

  3. Which training need is increasingly high in demand, according to the author?

  4. The consumer duty will make it necessary for staff to understand a firm’s purpose and how it is relevant to delivering good outcomes. True or False?

  5. What skills will future advisers need to possess, according to the author?

  6. Which specific training need does the author mention in relation to the 'avoid causing foreseeable harm' principle?

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  • To describe what effective training looks like
  • To communicate the benefits of good adviser training
  • To describe how training needs will evolve under the consumer duty

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