Former PFS CEO Keith Richards characterised advisers as akin to coaches during a panel session at a record turnout FEIFA event yesterday (25 April).
Richards, who is now chairman of the Financial Vulnerability Taskforce, said "financial planning has almost become a coaching programme for clients" as the regulator puts the onus on financial advisers to come up with appropriate risk profiles and bespoke understanding of ESG solutions.
While some planners get very few questions from clients about ESG, Richards emphasised that "ESG is here to stay and in some parts of Europe it will become a mandatory requirement" and that CPD would contribute to learning in this area to ensure advisers' duty of care is ahead of the client.
Richards' insightful comments were matched by expert views from the other two panel members Simon Colbec, secretary general of FECIF European Pensions Institute and Nathan Sweeney, deputy CIO of Multi-Asset at Marlborough Group.
Speaking to International Investment after the main event, FEIFA chief executive Paul Stanfield said there were a "record number of delegates" who gathered for the "content filled" event held at Hilton London Tower Bridge Hotel.
