Challenges facing financial advisers in 2019

“The only way to make sense out of change is to plunge into it, move with it, and join the dance.” (Alan Watts)

This saying has particular resonance to the financial sector in 2019. We’re currently facing a time of unprecedented change, a landscape of uncertainty, changes to regulation and Brexit looming – all of which are causing speculation and more questions than answers as to how these changes will affect us.

Para-Sols very own, Jo Campbell, Director of Operations and Quality, was recently asked to give her professional partner insight to Investment Week’s recent video article: ‘What are the challenges facing financial advisers in 2019?’

Along with several financial advisers, Jo outlined her experience of the changing regulatory landscape and market volatility and how they might affect financial advisers over the coming year. Jo discussed how implementing regulatory changes such as MiFID II and GDPR has not been an easy process and has created challenges as a result of poor communication – causing advisers to be overwhelmed with lots of additional pressures. Other partner advisers also described similar experiences to these changes, agreeing that there has been a lack of clear communication, which has affected the way in which advisers can support their clients.

At Para-Sols we strive to meet these ever-changing needs by finding new ways to allow our clients to provide quality advice – for example, we recently launched a bespoke Annual Suitability Report option to cover the requirements outline as part of MIFID II.

With unknown market changes ahead of us, 2019 will inevitably cause disruption and concern for some clients, but it is also changing the way in which advice is being delivered by advisers to the client. “Everybody is now doing more cash flow, financial planning and ‘holistic planning’ – and that can only be good for the client.”

To find out more and to watch the full video click here.

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