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The notion of a ‘partnership’ between the adviser and client is a sign of modern financial planning, which signals a move away from simply selling products and towards conversations and understanding someone’s financial and lifestyle ambitions.
However, the panel think misconceptions still linger and the sector needs to do more to get through to younger generations. The profession is still set up to talk
to older generations of clients, something Phil Patient, group chief operating officer and private client wealth specialist at HFMC Wealth, said is acting as a barrier to younger people engaging with advice.
‘In terms of the rebrand point, if you expect a 20-year-old to walk into a wood-panelled office and engage as if we’re all about you, you’ve got something wrong right at the start,’ said Patient. ‘So, you’ve got to talk to people as people, about things they’re interested in and I think we have to make ourselves far more accessible.’