Advisers must become life planners - Bluefin

Advisers must shift their focus to life planning in the face of the challenging economic conditions, says the chief executive of Bluefin Advisory Services.

John Simmonds says the UK will be in debt for many years to come, with "serious implications" for all, and argues in the midst of such uncertainty advisers will play a key role in helping clients achieve long-term goals.

The challenges facing the UK are unprecedented, he says.

"In my 30-year career, I have never had so many conversations with clients who are looking to move abroad - individuals and corporates alike.

"The message is clear: conditions in the UK will be tough for some time to come for either private individuals or businesses with significant assets."

He adds it is unlikely the end of the recession will bring "unequivocal joy" for the "wealthy UK", with no real tax-efficient solutions yet on the table.

With this in mind, he says, long-term financial planning has never been more important, giving advisers an opportunity to expand into a new space.

"More than financial planning, this is a process of life planning," he says. "Consumers can't be expected to make informed decisions, for example, on whether utilities still provide appropriate dividend income but advisers can."

Meanwhile, Simmonds says Bluefin will have fully switched to a fee-paying charging model by May, with all advisers trained to wealth management levels.

He adds its private client business will enter a growth phase from July after completing structural changes.