As many processes in financial services and the advice profession move online, there is still a place for paper, according to Jess Franks head of investment products at Octopus Investments.
Franks said consumer duty has made it more important to keep traditional paper processes in order to meet the needs of vulnerable customers.
She said: "We try not to take a one size fits all approach. We have online application systems but we still provide paper-based.
“We acknowledge the demographic of our customers is a significant factor in this.
“We run estate planning products and some clients can be in their late 80s or 90s, they often want to engage in a more traditional way."
And it is not just elderly clients that value using paper, Franks herself said she likes having a paper record of important investments.
She said: “When people are making big investments there will be a significant number who want to have paper for their records, I don’t think we should be moving away from this."
With the FCA's consumer duty rules, introduced in July, Franks said firms must make sure products are accessible to all, which could include providing paper copies.
“Thinking about consumer duty, there is such a focus in the industry on service, and this includes making sure products are available to everyone and accessible, such as in large print.
“Consumer duty has thrown up an extra opportunity to make sure we are doing everything we can to make sure vulnerable customers are well looked after.”
The three uncertainties
Franks has been at Octopus for the past 10 years and heads up the team which manages products across tax-efficient and institutional investments.
Her team designs new products as well as making sure existing investment products are working well.
“Advisers are used to thinking about uncertainty and our investment products try to prepare for three types of uncertainty,” said Franks. “The cost of doing nothing is real.”
She said the three levels of uncertainty advisers consider are personal, economic and political or tax change uncertainty.
“There is a known date when the people in charge may change but tax rules can change anytime.”
Franks said Octopus works with advisers on getting to grips with uncertainty when there is speculation on different policies.
She said: “When it feels there is a level of uncertainty, it can be really hard to keep up to date with the real news, a lot of headlines are based around speculation.
“We are able to help advisers cut though some of this, in a way that is helpful for them.”
Estate planning
Looking forward to the rest of 2024 and beyond, Franks said she thinks estate planning will continue to be an important area of work for advisers.
She said: “We will continue doing what we can to help advisers meet customers' needs.
“Families with different financial needs will be able to benefit from financial advice in their estate planning journey and thinking about the impact of inheritance tax on all of these things.”
