Portfolio Adviser • Portfolio Adviser July/August 2024 • Wealth manager Q&A

Wealth planner Alice Shaw on the changing nature of client engagement, the importance of growing public access to financial advice and continuing to challenge the underrepresentation of women in the industry

Making a connection

Q: What is the biggest change you have seen in the industry since you joined?

The way we can engage with our clients and colleagues has certainly been the biggest change. Geographical location is no longer a barrier as clients are generally happy to conduct meetings via video conference where suitable, although a large proportion of my clients still prefer their annual review meetings face to face – which I also really enjoy.

For quicker ad hoc meetings, a video call is typically the preference, particularly for those clients still working. Equally, the ability to collaborate with colleagues in various locations and complete continuing professional development activities via video calls and webinars can be a real timesaver.

Although the wider use of video conferencing certainly has its advantages there can be drawbacks such as less face-to-face time with your colleagues, so I always ensure to get into the office on a regular basis to continue the social aspect of work. At Succession, I am lucky enough to have a local office with a great team.

In my role as a wealth planner, I am meeting with clients, reviewing their plans and addressing any concerns. The most common themes of discussion are portfolio allocations and diversification due to the market volatility we have recently experienced.

Alongside this discussion, due to the reduction of the capital gains tax allowance over recent years, the tax efficiency of investments and tax planning remains a key topic of conversation alongside the investment portfolio itself.

Q: What piece of regulation has had the biggest impact on your day-to-day role?

The most discussed topic is certainly pension planning and the ongoing changes to pension legislation that affect my clients’ retirement plans. Due to the complexity of the regulation surrounding drawing an income and the levels of contributions into pensions, without seeking professional advice clients can easily make mistakes. Annuities have become a greater consideration for clients in recent years, due to the more attractive rates available on the market.

I would like to see financial advice and wealth planning become more accessible, to help the public to make informed decisions, particularly when it comes to pension planning for retirement. I often meet with new clients who are approaching retirement age and have never sought or been offered financial advice previously. Meeting clients earlier in their journey can have a significant impact on them meeting their desired goals and objectives.

I would also like to see more women in approved and senior positions in the financial services sector. As a female wealth planner, I am lucky to work alongside a number of successful and accomplished women in my workplace. However, I would certainly like to see more women following this path as we are currently underrepresented in the industry as a whole.

I would absolutely encourage anyone new to the industry to get themselves into the office environment as much as possible, to make connections and learn the company culture.

Having the ability to work from home to promote a healthier work/life balance is great, though it can at times leave team members isolated, particularly when joining a new company. When I started in my role as a wealth planner, I learnt a great deal by discussing cases, observing meetings and overhearing conversations that were happening around the office.

This type of hands-on learning is invaluable and is very difficult to be replicated in a purely online setting. PA

Alice Shaw started her financial services career at Skandia in 2009, prior to working for a financial adviser and discretionary fund manager in London. Having moved to JCF Financial Services based in Winchester in 2013, Shaw worked at JCF for more than nine years – most recently as director of wealth management – until 2022, when the firm was acquired by Succession Wealth.