The Personal Investment Management and Financial Advice Association (PIMFA) recently held its 2020 Financial Adviser Forum in London. Present at the Forum were around 100 financial advisers and wealth managers.
The issues covered at the event included:
- The growing demand for environmental, social and corporate governance (ESG) investments. These are investments that not only aim to achieve good returns, but also invest in companies that are expected have a positive long-term impact on the environment and wider society
- How firms may need to change the way they give advice, noting that by 2030, members of Generation X and Generation Z are likely to hold 50% of the investable capital in the UK. Generation X is made up of people born in the 1960s and 1970s. Generation Z (or post-millennials) might have been born between 1995 and 2005.
After the Forum, many of the attendees went straight to the House of Commons for a reception, with the aim of ensuring that the new intake of MPs are aware of the challenges and issues affecting advisers and wealth managers. It can be assumed that the issue of Financial Services Compensation Scheme (FSCS) coverage was discussed as, only days earlier, the Association reacted with anger at plans to impose a £635 million levy.
Other issues that PIMFA discussed at the House of Commons event included:
- The Association’s work with the Diversity and Inclusion Working party which, amongst other issues, aims to encourage young women to pursue careers in the industry; and also seeks to increase the proportion of people working in financial services who did not attend one of the major universities
- Its partnership with the leading City social mobility charity, The Brokerage. This organisation encourages young people from various backgrounds to give them an insight into certain business sectors, and organises skills workshops and work experience
PIMFA CEO, Liz Field, said:
“As we look to the future of the sector, we must consider all areas that impact it, such as ensuring it is a desirable career option for future employees for all. In 2017, we launched our Member’s Manifesto, which highlighted the importance of access and to develop thriving markets, for us to be able to successfully reach these goals we much ensure that we’re diverse and inclusive, and reflective for the society.
“We’re also pleased to announce our intention to work with our members on two key areas; increasing inclusive recruitment and improving recruitment and career opportunities for women and girls. Diversity and inclusion are key components for success in the future for client engagement and retention, and we are committed to creating and supporting industry initiatives that encourage and improve D&I within the sector. Embedded within the values and ethos of PIMFA is the desire and need to work in collaboration with other organisations across a range of industries, such as The Brokerage.”
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