{"id":1347,"date":"2021-07-12T11:58:39","date_gmt":"2021-07-12T10:58:39","guid":{"rendered":"https:\/\/www.arkenstonewealth.co.uk\/blog\/?p=1347"},"modified":"2023-06-19T15:12:12","modified_gmt":"2023-06-19T14:12:12","slug":"it-takes-20-years-to-see-the-bigger-picture","status":"publish","type":"post","link":"https:\/\/www.arkenstonewealth.co.uk\/blog\/it-takes-20-years-to-see-the-bigger-picture\/","title":{"rendered":"It Takes 20 Years to See the Bigger Picture"},"content":{"rendered":"

When\u2019s the best time to start a new career in financial services?<\/p>\n

Probably not during a huge market crash following an historic earth-shaking event. But that\u2019s where my career as a financial adviser started. Back in 2001, a few weeks on from the 9\/11 terror attacks, with the markets in free-fall.<\/p>\n

<\/p>\n

Not a time for faint hearts and second-guesses. Although I was definitely second-guessing my career choices at the time!<\/p>\n

The industry\u2019s changed since those rocky first few months in late 2001. Financial advice is now more of a profession on a par with law and accounting. And there have been changes that affect you in different ways; some for better, and some for worse. But every change has taught me something important, that I\u2019ve put to work for people like you. So let\u2019s dive in. A brief 20 year tour through the financial services profession (and some free tips for your finances):<\/p>\n

Three things that have changed for the better<\/strong><\/p>\n

1: Regulation<\/strong><\/p>\n

Our regulator, the Financial Conduct Authority, isn\u2019t perfect, but the Retail Distribution Review (RDR) in 2013 shook up the industry. It raised professional standards by demanding more from UK advisers, encouraged innovation and it clarified services for its clients. Financial products are now much simpler, much clearer, and much more cost effective than ever before.<\/p>\n

The financial services sector isn\u2019t the Wild West. Improved regulation and safeguards mean that your money is even safer than ever in the hands of a qualified, skilled and experienced financial advisor<\/u><\/a><\/em>.<\/p>\n

2: Technology<\/strong><\/p>\n

Back when I started, all this was paper, as far as the eye can see. Research? Done by leafing through papers. Cashflow? Plotted out on paper. Information and updates? A stack of paper thudding on to your doormat, once a month. Now, online technology\u2019s made everything quicker, simpler and more efficient. We have access to research platforms that allow us to manage your investments<\/u><\/a> more efficiently, and you have 24\/7 access to your accounts.<\/p>\n

We might all be sick of virtual meetings after the lockdown, but technology\u2019s been great \u2013 giving you more choice, better sight of your money, and helping us manage risk more effectively.<\/em><\/p>\n

3: Engagement<\/strong><\/p>\n

It\u2019s not just us who\u2019ve changed. You\u2019ve changed too. Back in 2001, most of my clients were people investing money for money\u2019s sake or because it\u2019s the sensible thing to do. Now, there\u2019s been a shift. You don\u2019t just want a return on your money, you want better returns in life. It\u2019s not just about generating x% annual returns, it\u2019s investing with purpose; retiring five years early and maintaining a long-term lifestyle that might once have seemed out of reach. And that\u2019s incredibly satisfying.<\/p>\n

Focusing on what your money can do makes it easier for you to make the right investment decisions. With our help, of course!<\/em><\/p>\n

Two things that have changed for the worse<\/strong><\/p>\n

1: Noise<\/strong><\/p>\n

It\u2019s never been easier to cause yourself unwarranted financial stress. The 24 hour news cycle and ever-present social media means there\u2019s more demand to fill pages, airtime and advertising spaces. You can quickly and easily find a news story about the imminent collapse of the entire financial system, and the end of life as we know it.<\/p>\n

The nature of the news media is to make every problem in the world your problem. If your financial decisions are too heavily influenced by the days\u2019 news, you\u2019d never invest, and you\u2019d be poorer for it. So view financial news with a healthy dose of cynicism. You\u2019ll be happier.<\/em><\/p>\n

2: Scams<\/strong><\/p>\n

We used to say \u201ca fool and his money are easily parted.\u201d Well if that was true, internet scammers wouldn\u2019t put so much effort into preying on the vulnerable, the desperate, the uninformed and the just plain unlucky. Some scams are dressed up so well, I\u2019m not surprised people think they\u2019re legitimate.<\/p>\n

Never, ever be afraid of asking tough questions to determine if a service or an offer is legitimate. I\u2019d rather every client ask to see my qualifications and want to know more about my level of experience than just one fall for a scam.<\/em><\/p>\n

And one thing that still needs to change….<\/strong>The Advice Gap<\/strong><\/p>\n

This was the hardest part of the blog to write because, really, there\u2019s so much to be positive about. But where financial services still needs to do some work is in closing the advice gap. There\u2019s a huge section of the population that just don\u2019t need our level of service because it doesn\u2019t make financial sense. But we still need to make sure they\u2019re well served. Automated advice services have picked up some of this slack but limited take-up seems to suggest that the human-touch is still highly valued. We’ll continue to watch this space with interest.<\/p>\n

It\u2019s all about seeing the big picture. Whether it\u2019s embracing regulation instead of pushing against it, or putting technology to work for smart investors who are focused on what their money can do for them. Having that overview of the whats, hows and whys of your finances – and your future – is key.<\/p>\n

It\u2019s taken 20 years and a lot of hard work to build that big picture and understand how everything fits together, but it won\u2019t take you that long at all. Just give Arkenstone a call and I\u2019ll share it with you. A quick call with one of VouchedFor\u2019s Top Rated advisors<\/a> (as featured in The Times<\/em>, no less!), and you\u2019ll have that all-important overview you need.<\/p>\n

Together, we\u2019ll help you figure out exactly what your money needs to be doing for you.<\/p>\n

Please note:<\/strong><\/p>\n

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.<\/em><\/p>\n

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When\u2019s the best time to start a new career in financial services? Probably not during a huge market crash following an historic earth-shaking event. But that\u2019s where my career as a financial adviser started. Back in 2001, a few weeks on from the 9\/11 terror attacks, with the markets in free-fall.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1347"}],"collection":[{"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1347"}],"version-history":[{"count":9,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1347\/revisions"}],"predecessor-version":[{"id":1588,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1347\/revisions\/1588"}],"wp:attachment":[{"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arkenstonewealth.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}