Originally published | 28th September 2018
“Always two there are, no more, no less. A master and an apprentice”
With these words comes the thoughts of the new era of professional advisers that is almost upon us.
The industry is in a spin about the new education standards, CPD standards and the competency exam that will need to be done.
All of these things, whether you like it or not, will benefit our industry in the long term as they improve the education standards of the industry.
We all want to be masters of our craft but this comes not only from practical knowledge but also technical competency as well.
Like Yoda, working in professional standards and compliance as long as I have you have to constantly train advisers on how to turn away from the Dark Side and to respect the Force. This is what reviewing advice is like. It’s watching the inner turmoil between what is right for the client and what is right for your master.
And it is the worst in the industry that is bringing us to the new standards. For too long, our industry, as a generalisation has been more about soft skills and sales skills and less about technical competence.
This comes out in the constant need to switch products to generate revenue.
If we can lift the technical skills then clients will benefit as you will be able to develop better strategies to assist in meeting their goals.
The education standards will also bring an emphasis on ethics. This is a subject I believe is glazed over and one that needs to become second nature if we are to change the opinions of advisers to the population.
So for all those in the industry now, take the opportunity over the next five years to become engrossed in the study and evolve into a more professional adviser.
And remember, “Do or Do Not, there is no try”.
