In an ever-evolving world of financial advice, change is the only constant. Whether it’s the wave of consolidation reshaping the advice landscape, the growing pressure to attract new talent, or the role AI is starting to play in bridging the advice gap—a lot is going on. To unpack it all, our Senior Financial Journalist at IFA Magazine, Jenny Hunter, sat down with Graham Nicoll, Director of Wealth at Succession, to talk about what’s driving the big shifts in our industry and where the biggest opportunities lie.
From fitness to finance
As it is for many people in our profession, Graham’s journey into financial services wasn’t exactly typical. “I actually started my career in fitness rather than finance, because of my passion for sports,” he says. But after stints at Barclays and KPMG in a range of advisory and leadership roles, he’s now leading a team of around 250 at Succession. That includes both whole-of-market planners and restricted advisers who joined when Aviva acquired the firm.
As Director of Wealth, Graham’s focus is “how do we ensure that we are leading and delivering all of our planning and advisory services in a consistent way across the business?” That also means ensuring quality advice and supporting growth—no small task in a fast-moving market.
The Aviva acquisition and the power of culture
Succession has been through its fair share of changes—making more than 60 acquisitions, in fact. But according to Graham, the biggest shift since Aviva came on board has been around alignment.
“The cultural dynamic has very much been aligning so many different acquisitions and teams under one roof: ensuring everyone is behind one purpose as an organisation. This is the vision,” he says. With Roger Marsden joining as Chief Exec, the aim was clear—get the right leadership in place and point the business in a single direction.
That cultural shift is still very much a work in progress. “Show me a business that’s exactly where it wants to be,” says Graham. “But great progress has been made.”
Consolidation: opportunity or obstacle?
You can’t talk about the future of advice without mentioning consolidation. It’s everywhere—and not just in finance.
“Consolidation is taking place in so many different industries, whether it’s surveying, accountancy, legal,” Graham points out. In financial advice, he believes there are several reasons behind the trend. Ageing advisers looking to retire, rising compliance costs, and the sheer investment needed to stay relevant are all pushing firms to look for strength in numbers.
And while he sees potential in bringing aligned businesses together, “you can invest more, create better tools and experiences for clients”—he’s quick to acknowledge the risks. “Every consolidator has faced those challenges of how do you integrate properly? What are you buying? And how do you ensure that it is a positive outcome for the clients and isn’t just about growing a business?”
Room for the little guys…
So, is there still space for smaller firms? Graham thinks so.
“There are some fantastic firms out there that would be three, five, ten-adviser firms. I think there’s a real place for them.” The key, he says, is scale, either by being part of a larger umbrella or having strong internal succession plans.
That said, the challenges of running a one- or two-person firm today are very real. “You’ve got to have the balance of being totally client-centric, wanting to deliver great outcomes and advice, but also being able to manage all of the operational complexity.”
What do clients want now?
Client expectations are evolving—and fast.
“Clients that have accessed advice for many years, I think, will put the relationship, the face-to-face contact, that explicit trust in that individual they’ve known for 10, 20 years, almost at the heart of what they do,” Graham explains. But younger generations want something different. “They’re more comfortable self-serving, doing it all digitally, doing this and never physically meeting their adviser.”
Whatever the delivery method, clients still want the same fundamentals: trust, good value, and outcomes that match their goals. But the big question firms are asking themselves is how to deliver that value at scale.
On the age-old debate around whole-of-market versus restricted, Graham has a refreshingly practical take. “What most whole-of-market is, is a best-of-breed set of solutions a firm has put together… It’s not every time I meet a new client; I go to the whole of the market to see what’s best for that person.”
Ultimately, he says, governance is key: “The governance you’ve got within the firm to make sure that the solutions, the panel, the selection of what you put in the toolkit for your advisers, is truly fit for purpose—that becomes really critical.”
AI, advice gaps and the future of planning
It wouldn’t be a 2025 conversation without talking about AI. Graham sees plenty of potential—both in making planners more efficient and in tackling the advice gap.
“For all current advisers out there, AI can be invaluable at certain parts of the client interactions,” he says. From recording and summarising meetings to drafting suitability reports, tools are already proving their worth. “Those that have been really using AI consistently over the past six months are raving about, ‘Wow, it’s really come on and learnt so much.’”
More importantly, AI could be key to reaching clients who can’t afford traditional advice. “I think it is a massive part to play in closing the advice gap,” he says. “The interaction from an adviser or a guide or a coach could be lighter touch because the majority of the work is actually done through the digital tool that is more intuitive.”
Keeping clients calm in choppy waters
Of course, 2025 has already delivered its share of market volatility. So how should advisers respond?
“Just encourage people to relax and stay calm,” says Graham. He’s seen how clients have become more resilient over time. “We’ve been through financial crisis, we’ve been through COVID, we’ve been through Russian invasion into Ukraine… Things do come back and do turn good.”
The best way to support clients, he says, is to stay in touch—especially during tough times. I’ve had clients feedback that, “the fact that the team were on the phone to me, reassuring, staying in contact, just gave me confidence that I was front of mind.”
The talent crunch
One of Graham’s biggest concerns is talent—or rather, the lack of it.
“We’ve got a real lack of advisers in the industry for what we need, and we’ve got a lack of people aspiring to join the financial planning and financial advice world,” he warns. “People don’t know it exists.”
His son, who’s just started as a private client administrator, had trouble getting a foot in the door despite having an industry insider for a dad. “There aren’t that many entry-level opportunities for people to come into the industry.”
He’s not wrong. As Graham points out, many firms—even for junior admin roles—ask for two years of experience. “How does anyone get the experience?” he asks.
That’s why he sees a huge opportunity in creating more entry-level routes into advice, and in getting better at promoting the profession in schools and universities. “If, as an industry, we can help and go into more schools and support education with financial literacy… we’ll raise the awareness of our industry and the career paths.”
Regulation and opportunity
Regulation is always top of mind for advisers, but Graham believes the real issue is often the way it’s applied. “More often than not, it’s the application of the regulation that becomes the challenge, as opposed to necessarily the regulation in and of itself.”
He’s cautiously optimistic about the Advice Guidance Boundary Review, which could give firms more clarity and confidence in supporting clients across different advice needs.
“Most firms stop because they don’t want to step over the advice line… So, I think there’s a challenge in the application of regulation. But I’d flip it and say it’s an opportunity.”
So, what does the future look like?
Graham sees three big priorities for the future of advice: embracing tech, improving client education, and fixing the talent pipeline.
On the technology front, he says, “Our aspiration is to have really smooth end-to-end processes that are underpinned by very well-integrated tools… to service clients more efficiently.”
But engagement is just as important as efficiency. “Lots of people are saving through auto-enrolment and they really don’t understand or know what that really means.” Helping clients understand the why behind their financial goals is something Graham sees as a crucial part of advisers’ roles in the years to come.
And when it comes to the wider industry? He’s convinced we need to get more involved in schools and communities. “Every one of those children has parents who currently might have needs,” he points out. It’s not just good citizenship—it’s good business too.
Final thoughts
Graham’s take on the future of advice is refreshingly grounded. Yes, there are big challenges—talent shortages, regulatory complexity, rising client expectations—but there are just as many opportunities.
From leveraging AI to serve more clients, to building stronger pathways into the profession, to simply picking up the phone and keeping clients calm during market swings—it all comes back to one thing: human connection.
Because whether it’s digital-first or face-to-face, the core of great advice is trust. And that’s not going out of style any time soon.
