Sign Here, Here and Here!... Journey of a financial adviser

As he marks 25 years in the industry, Keith Churchouse remains optimistic about the future of independent advice, writes Rahul Odedra.

Keith Churchouse is confident that he will celebrate another 25 years in the industry, doubling his tally so far.

The Surrey-based IFA recently celebrated his silver anniversary in financial services with a party attended by the Mayor of Guildford, Marsha Moseley.

He said: “I had about 70 people there, including the mayor, and we sold a few books to raise £500 for the mayor’s charity, Combat Stress.”

Beginning his career in East Horsley in December 1985, Churchouse set up his own company in Guildford six years ago, having already been a mortgage broker and an Equitable Life employee.

Of course, the regulatory landscape has changed massively over the last 25 years, and Churchouse feels some of it helps to put the RDR into the context.

“The first major change has to be in 1988, when the Financial Services Act came into effect, and we started to see a change from tied to independent,” he said.

“The next one has to be in 1994, when there was a move towards commission disclosure. I think the RDR will be the next big change.

“I don’t believe that financial services has reached its maturity yet and I think there is a long way to go.”

RDR has put plenty of strain on advisers, both in terms of changing business models and meeting qualifications requirements. Although he is not against the RDR proposals, Churchouse doubts that it will be the cure to all the industry’s perceived ills.

“To some extent it may resolve some of the problems there are now but it will create different problems,” he said.

“I fear there will be an advice gap for Middle Britain. Those that have significant wealth will continue to be well advised and those that aspire to have wealth may not be.”

However, Churchouse re­mains confident that there will be more than enough opportunities available to IFAs at the top end of the market, although they may have to neglect the mass market.

He added: “From a commercial view point, all market players will endeavour to aim for profitability. The banks and the supermarkets, to an extent, will be able to offer low-cost, low advice offerings.

“I don’t think any advisers will be able to cater to that in any profitable format.
“Clearly, the internet will also have a role to play in the delivery of financial services and I don’t think we have seen the proliferation the internet can offer as yet.”

Despite being a veteran in the industry, Churchouse remains keen to go above and beyond the qualification requirements and he is one of the few advisers to be Chartered, Certified and in possession of an ISO 22222 qualification.

He also completed an honours degree in financial services at Napier University in 2007.

He said: “I have taken qualifications seriously over the last 25 years, and I think the breadth of our understanding is far more through exams than it would have been through exams alone.”

Above business practices and qualifications, however, Churchouse insists that the profession is built on trust and relationships.

He added: “I have got quite a few clients who have been with me for more than ten years; much advice is still based on trust and the long and short of it is, once you have found someone you can trust, why would you move away?”

Looking to the next 25 years, Churchouse outlines generational shifts as a key challenge, yet he still maintains a bright outlook for independent advice.

He said: “I think the end of the baby boomers will make a difference. There are a lot of baby-gloomers, the thirty – and forty-somethings, who are potentially going to be a lot less wealthy than their parents and I also hope we will not suffer from over-regulation.

“I believe independent advice will always survive because there is always a group of people who would prefer to be looked after individually.”

Over the past few years, Churchouse has used his experiences within the industry and his personal life to write a series of books.

His first, Sign Here, Here and Here!...Journey of a ­financial adviser, was released last year and documents his quarter of a century in financial services.

He said: “It was inspired by the fact that I was coming up to 25 years. It’s been a hugely diverse, interesting and exciting journey, mainly because of the people you meet: they’re all different and you have great fun with them.”

Meanwhile, the second, Journey of Divorce, Addicted to Wedding Cake, focused more on his personal life.

Churchouse added: “I have been divorced once or twice, so I took the opportunity to detail the journey of divorce, both financial and legal.”

He will release his third book later this spring, titled Nagged, Tagged and Bagged, Journey of Recovery, focusing on the aftermath of divorce.

Optimistic about the future, Churchouse intends to rack up a full 50 years in the industry and has a clear idea of what his job should be.

He said: “Our objective is really to see someone through a process, whether that be divorce, retirement planning or whatever they want to do, and much of that is based on advice rather than product sales.”