Rocha Lima said since then it’s become a lot more about exploring client needs, not just matching a product to a need, but taking some time to explore that with the client, and mapping out to the client what their financial plan looks like in context with what they want out of life.
“Showing them perhaps where some of the gaps are - that they are not even aware of - and then moving that into a plan or a pathway that the client can follow in order to have the best possible chance to achieve what are really some of the most cherished life goals,” he said.
“That's the evolution I've seen in my career. And I think that's the evolution we've seen in the financial services sector.
“Definitely in the financial advice, financial planning profession over these last 20 years.”
Speaking about new regulations, Rocha Lima said consumer duty was an interesting one, because so far it has been “a force for good”.
He said some national businesses have had to change their own charging structure.
“For us, the sort of small medium enterprise SMEs within the financial planning space, it just means that we have better documented the value proposition that frankly has always been there,” he said.
“By documenting it if nothing else, I think we all feel a lot more confident about the value that we need to deliver with our business.”
That’s great to hear, especially something positive about consumer duty. What would you say are the biggest challenges facing new business owners today?
“You need to be networking with other professionals,” Rocha Lima said.
“Back then it was with other financial planners and financial advisors to be able to talk about our solutions and how they would fit their practices.
“Today, it's about making sure that we have a good strong professional connection. Many understand what value we offer to clients.”
He said it’s important to discuss and agree and imagine together where there might be some synergies between roles.
Part of his role is to forge those connections with local solicitors with estate planners, accountants with other professionals, where he has clients that have needs that are met by those different disciplines working together.
“So that for me is a challenge, but it's a challenge that we know how to meet,” he said.
