Looking ahead
So at a time where it is all too easy to become inward looking, I believe that to flourish in the years ahead our profession needs to be outward-facing. We need to look at how we can engage with as many people as possible and ensure that we focus on working with all stakeholders, charities, government, and consumer groups in developing an advice ladder to support everyone at every stage of their financial life.
Addressing consumer education and engagement in personal finance will mean that not only are we ensuring the future sustainability of the profession by enabling next generation consumers to feel confident buying financial products and advice, but we are also benefitting those consumers directly.
As a profession, we need to support the over-stretched education system and engage students in aspects of personal finance. We need to engage people at their place of work and through media, and we need to support the charity sector who do such great work in helping people with personal finance capability.
The Personal Finance Society (PFS) has 26 regions throughout the UK and the PFS Discover programme provides an opportunity to adopt a school, directly influence future lives and help address financial capability shortfalls. Some of the larger banks are launching initiatives to engage young people, but the closure of their branch networks means IFAs have the opportunity to fill that void.
Being a small jurisdiction with its own regulatory, tax and legal system is not without its challenges. However, we strive to make a difference and a number of initiatives have had a great impact here on the Isle of Man. For example, local PFS members have had the opportunity to work on joint campaigns with the regulator to build public trust and promote consumer confidence, while many local businesses are involved in the Junior Achievement initiative, a charity dedicated to helping the Island’s young people gain the essential skills they need when they leave full time education.
Ultimately the future success of our community depends on us, just as much as we depend upon it for our success.
About Sharon Sutton
Managing Director, Thornton Chartered Financial Planners, Past President Personal Finance Society. Having founded Thornton in 2000, Sharon became the Isle of Man’s first Chartered Financial Planner in 2009 and was UK President of the Personal Finance Society 2017/18 having been first elected to the board in 2012. She was awarded the Chartered Insurance Institute’s Award ‘Building Public Trust in Life and Pensions in 2019 for her work in leading the PFS Financial Planners Practitioner (Power) panel (2017 to date).
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