Adam Downes, director at Pura Vida Financial Planning
"I believe the single biggest factor which will separate the businesses of the past and the progressive businesses of the future is the environment created for those working in these businesses," says Downes.
"Many will argue the profession has been transformed over the past decade from being product focused to client focused.
"Right now, I believe the best financial planning firms focus on improving the quality of life of their clients."
He says the firms of the future will be "focused on improving the quality of their clients and their team members."
"What if we start to ask how [our team members] truly want to spend their time now and in the future? What if personal development plans are linked to the things which really matter in their lives?
"Perhaps, the modern financial planning business is a place where everyone involved with the business can live out their dreams and not just the clients and shareholders."
Nicola Coates, owner of 56 Wealth
For Coates, a modern financial planning business is built around service, whereby the adviser is paid a fee by the client to act as their accountability partner, to educate and guide them and provide solutions.
"Geography for them is no longer a limitation as technology enables greater efficiency and more opportunity for human interaction, for instance via video calls and online chat.
"Financial planning firms can specialise and have greater reach. Offering a selection of more affordable services and solutions means we can engage with a wider range of clients."
But change is needed to make this a reality, she says. "We need to bring financial planning into education so that young people leave school with the basic knowledge and skills needed to budget, understand investment and the impact of potential decisions."
She says financial planning is a "wonderful thing" that could benefit many people, "if only they knew about it".
"We need to get better at looking outside of ourselves, at moving onto platforms where our future clients spend their time, build and engage with communities so we can create and grow awareness of the huge, often life-changing, value that financial planning can bring.
"In terms of technology, we need to understand the huge difference technology can bring to our businesses, rather than be afraid of it, work with it and use it to improve and enhance our services to our clients."
