Financial services industry veteran Phil Newton has launched The Adviser Advocate Ltd to help and advise UK-based financial advisers and wealth planners throughout the business lifecycle.
Newton has 40 years’ experience in the industry, most recently as director of recruitment at Sandringham Financial Partners. He also held roles as sales director at James Hay and True Potential, and he was managing director at Newcastle Financial Services.
Commenting on why he launched his new business and what it offers, Newton said: “I know how to help advisers and firms with their next move and their last move, with building their business and with succession planning to exit
“It’s as much about helping advisers to achieve the best possible work/life balance and personal success as it is about their achieving commercial success.”
Too many advisers undervalue themselves
Newton has identified the Financial Conduct Authority’s (FCA) Consumer Duty requirements as one of the main areas where advisers may need his support as the Adviser Advocate.
He said: “A current ‘hot potato’ is consumer duty and the ongoing need for the adviser to be able to evidence and articulate the value they add to clients for the fees they charge. Equally, they need to value their services correctly and not be afraid to charge accordingly. I think too many advisers still undervalue themselves.
“They also need to embrace, not fear, change and to use efficient technology and complementary services.
“Advisers go ‘above and beyond’ in terms of client service. Ensuring great client outcomes is a must, but sometimes this can be at the cost of the adviser’s own well-being.
“I firmly believe that there has never been a better time to be an adviser or to become an adviser in the UK. People need advice, want advice and are prepared to pay for advice.”
