Therefore, in my view, trust is where the future is – the financial adviser of the future will be a trusted adviser – one that customers can depend on for reliable, thoughtful and bespoke advice without hesitation. Confidence and trust in the industry has unfortunately been bruised in recent years. Instances of mis-selling and fraudulent practices have adversely affected the industry’s reputation. The rising occurrence of illegal financial schemes in recent times has further worsened the public’s perception towards individuals who call themselves “financial experts”. Most financial advisers have done the right thing, only a small minority has not. Yet, it is this minority that has been enough to trigger a tipping point of bad publicity for the profession. Under these circumstances, trust becomes the ultimate currency of trade. Trust entails adherence to high ethical standards, putting the interests of customers first and treating them fairly. It comes down to the profession having a genuine concern for customers’ long-term financial needs. As trusted advisers, your responsibilities extend beyond just advising customers on how to invest their money. Rather, it is about helping them achieving their financial goals, building their financial standing, and securing a promising future for them and their children. Indeed, this is in line with the philosophy of the Association of Financial Advisers. It is imperative that your actions reflect these values. Indeed, as Confucius reminds us, it is the deeds that will prove critical in building the long lasting, reliable relationships that will take this profession to greater heights.

This brings me to the third feature of a trusted financial adviser – the adaptability to change. Traditionally, financial advisers have been a staple for high net-worth individuals. Gen Ys have rarely been reached, reinforcing the unfortunate perception that financial advisory services are an “outdated” concept, or simply not for younger generation. This must change going forward, as this generation represents a large untapped market for financial advisers, and will continue to grow in importance as their wealth increases over time. Whether financial advisers adapt successfully in reaching out to Gen Ys depends on their ability to understand the unique characteristics of this demographic. Gen Ys actively compare products using a wide range of information, such as online research, social media and peer reviews. They are also accustomed to services being convenient, real-time and on-demand. Within the context of financial advisory, engaging Gen Ys may also have a specific challenge – that is, planning for long-term goals such as retirement or wealth accumulation may take a back seat to more immediate needs. To meet these demands, financial advisers must be flexible enough to employ a range of engagement methods. For example, financial advisers should take advantage of social media platforms as part of their marketing strategies. Financial advisers could also leverage on interactive online platforms to better engage with Gen Ys. Recently, tech start-ups are launching applications to match consumers seeking financial advice to financial advisers seeking customers.