Backstage with Keith Richards – 6 May 2021

Since announcing my own intention to step down as CEO, I have been overwhelmed by the number of kind messages and well wishes for the next move from both the membership and wider sector. Thank you and apologies for not being able to get back to everyone!

Driving change and opportunity is fundamental to succeed in a climate that will see accelerated evolution because of Covid-19. Business model re-engineering to meet emerging opportunities is evident across the profession and technology will play a key part in that evolution but also attributed in a large part to the changing views of consumers who have become more familiar with the forced integration of technology in their lives over the past year. Covid-19 has been an inter-generational equaliser which has seen grandparents now using the same technology and apps as their grandchildren.

The PFS is rapidly adapting to provide enhanced digital support for members. Whilst many people I speak with are looking forward to the return of physical events and the opportunity to network with like-minded peers, a blended adoption is likely to result for the future.

The financial planning profession will always largely be about personal relationships and trust, but time stands still for no one 

Barriers to charitable giving revealed.

I found it interesting that when we surveyed Personal Finance Society members recently, 174 results showed that while most financial advisers discuss wills with clients, less than a quarter of their clients currently give cash to charity even though such gifts can reduce their inheritance tax liability.

When asked why more clients do not give cash to charity, most financial advisers said many say they want to put their family first and were unaware they could also donate to a benevolent fund and still pass on cash to loved ones. Several financial advisers said many clients were unaware of the benefits of charitable giving and inaccurately perceived bequests as being for ‘the rich few’ rather than something everyone can do.

The Personal Finance Society is proud to support charitable organisations at a time when they are struggling with funding their vital work due to the pandemic. This is a crucial time to remind clients of the option to supports charities within their will, especially where personal circumstances may influence a desire to do so.

The PFS is now working on producing good practice guidance to ensure clients fully understand the role charitable bequests can play in long-term financial planning and in supporting causes they are passionate about.

Personal Finance Awards 2021/22

Given the year we have just experienced, now is the perfect time to consider recognising and celebrating those outstanding individuals and firms amongst our membership who strive to deliver exceptional consumer outcomes within the financial planning profession.

We’re now inviting entries to the Personal Finance Awards 2021/22. Whether you’re a veteran – or a first time nominee – take a few moments to review the categories and start planning your entry. Visit www.pfsawards.org to find out more.

FCA launches new online invoicing portal

The FCA has launched a new online invoicing portal for firms to access their invoices and arrange payment of their fees. Firms can use the portal to access their invoices and arrange payment of their fees. The FCA encourages firms to visit its website to access the new portal and find more information on the steps that they will need to take if they are logging into the system for the first time.

Financial Vulnerability Taskforce – it continues to grow!

Personal Finance Society members continue to throw their support behind the recently established Financial Vulnerability Taskforce, with nearly 750 registered supporters now.

Remember, its ultimate purpose is to promote greater UNDERSTANDING, encourage appropriate BEHAVIOURS and establish GOOD PRACTICE in respect of consumer vulnerability. Find out more at www.fvtaskforce.com and register your support now (for free) to receive:

• A Consumer Guide (to educate your clients about the support they will receive)
• The Charter in Action (illustrating how the Charter can be applied)
• A Digital Logo (a sign of your commitment, which can be placed on your website and stationery).

Best Wishes,

Keith