The changing face of advisers

Moore, who provides consulting services to advisers buying and selling client books through his company Mike Moore Marketing, told Good Returns that modern advisers have better qualifications than their predecessors but struggle to relate to clients.

Because of this, he said new advisers are having to buy their way into business rather than building their own client books by getting out and meeting people.  Regulations also play a part, he said.

“If you’d asked advisers twenty years ago how they’d grown their client base you wouldn’t have had any who had grown it through acquisition. Now you’ve got regulations almost forcing them into that scenario.

“I take a general view that financial advisers 20 years ago were more personality based.  The younger advisers have much better qualifications and give impressive presentations but they have very low people skills – they’re quite geeky.”