What I found out over coffee and bacon sarnies
I spent two days last week at the annual CII Personal Finance Society (PFS conference) conference keeping up to date with the latest developments in the financial planning industry, and was caught on camera by New Model Adviser chatting to my locum, Tim Burridge.
The conference was a great opportunity to chat to other advisers and bodies within the profession. I had the pleasure of listening to HSBC’s chief economist, a man from Google and Dr Maria Nemeth. All enlightening in their own way. But two conversations stand out for me, for very different reasons.
The FSA – I chatted with a guy from the FSA for some time and aired my concern about the increasing Financial Services Compensation Services levies, which is an unknown cost each year until the bill arrives on our doormat.
My issue is that I spend my life helping people create a robust financial plans that includes insurance for the unknown and strategies for the future, but it is incredibly difficult to plan my own business when year after year we’re faced with unknown compensation for other advisers poor advice.
NEST – These guys are the Government’s new workplace pension scheme providers and will ultimately be auto-enrolling thousands of Brits. I thought I would find out more about what I thought would be quite a simple process for employers. But, I am afraid to report, it’s far from simple. In fact they suggested I download a 270 page document from the NEST website so I could read, digest and pass on my knowledge to employers.
It looks like there will be a lot of employers needing advice in the coming months . . I can’t wait to read that report!