Consumer Duty - A catalyst for Commercial Growth
Consumer Duty is a significant FCA regulatory initiative requiring firms in the finance industry to implement significant changes in their culture and behaviour to enhance the customer journey.
Therese Chambers, Director of Consumer Investments kicked off the day by outlining the key elements of Consumer Duty. She was followed by a variety of speakers covering implementation approaches, and addressing issues. The focus of many of the speakers was on customer understanding and their experience. The changes are about strategy, business model, proposition design, cultural development/change shift, and a robust evidential framework. It is leading to a shift in the mindset of firms.
We believe that leveraging Consumer Duty can be a catalyst for commercial growth based on growing a values based purpose driven wealth management business including the implications of consumer duty supporting clients on their philanthropic and ESG/impact investment journey, leading to:
- Increased assets, improved growth, and achieving greater new money per investor and a large share of the wallet
- Increased client loyalty with higher trust levels in advisors due to advisors meeting a client’s unique needs and expectations
To achieve growth and to meet the changing needs of wealth holders who as GEN Z, millennials, and women of wealth advisors should embed a Consumer Duty mindset in client propositions including:
- Understanding the motivations, purpose, and values of their clients
- How to understand and share the firm’s own culture, values, and purpose
- How to include these values within their proposition for clients
- How to communicate these propositions to meet client expectations ensuring the propositions offered match their clients' values
To that end, we have established CPD Certified and CISI Endorsed training for professional advisors which focuses on adding value to existing regulated suitability and Consumer Duty approaches to ESG/impact investing.
For more information contact John Pepin - john.pepin@philanthropy-impact.org - 07803051674
