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full financial planning,” says David. Gemma Harle, managing director of
Quilter Financial Planning, also points to the impact of the RDR on financial planning, saying that it led to financial advice becoming a professional service of holistic financial planning. “It undoubtedly professionalised the sector and clarified the disclosure of charges and services to consumers.” Gemma says the pension freedoms introduced in 2015 increased the risks that consumers would withdraw or mismanage their pension pots, thereby increasing the need for professional counsel. “Many people would benefit from some
sort of financial advice but are either costed out of the service or simply can’t find an adviser to take them on,” she says. “To make advice more accessible to a greater number of people, the footprint of financial advice must grow and adapt to meet the needs of today’s customers.” One of the potentially significant future
changes Gemma flags is how the FCA views the boundaries between guidance and advice. She suggests the regulator may choose to permit newer forms of regulated guidance or simplified financial advice to help the millions of people in the UK that may not need or want fully fledged holistic financial planning. “This would help bridge the ever-widening advice gap and boost the number of people that can benefit from advice,” adds Gemma. “Alongside greater use of digitisation to aid affordability, advice could once again become a mainstream service.”
Corporate finance Brian Livingston, managing director at M&A adviser Oaklins Evelyn Partners, has been involved in corporate finance for the past 30 years. In addition to increased regulation over that time, he says competition has increased significantly. “There were far fewer corporate
finance advisers in 1992 – for example, the Big Four accountancy firms were not major players then,” he says. “As a result, more firms come to market now with an adviser and smaller companies are able to access advisory services.” Brian also refers to an increased focus
on expertise at all levels of the corporate finance sector. “Thirty years ago it was only the large investment banks that had specialists in industrial sectors such as mining or packaging – now it is commonplace for mid-sized corporate
CISI.ORG/REVIEW
CISI CORPORATE FINANCE FORUM Chaired by: Trisha Reay, Chartered FCSI, AIM portfolio director at Maven Capital Partners UK
“Corporate finance – including private equity and venture capital – has a key role to play in the sourcing and variety of growth capital and associated transactions, be that in green finance, fintech, renewable energy, clean tech, infrastructure investment, or ESG/impact investing,” says Trisha.
“The role of corporate finance has changed globally with the influence of geopolitics, capital markets regulation, and innovation in terms of shaping fundraising structures, driving transactions, and supporting businesses to help economies adapt with the rise of sustainability, private equity, and impact of new technologies also coming to the fore.”
Corporate finance professionals will need ongoing help and support in developing their expertise and new skills to advise corporates and other entities to ensure successful transactions, says Trisha.
“This will require the ability to provide advice on sustainability and ESG/responsible issues in deal making and demonstrate knowledge of how artificial intelligence and machine learning will influence corporate transactions and awareness of cybersecurity issues around mergers and acquisitions, while adapting to new ways of working post-pandemic.”
The CISI is reviewing, in consultation with the forum, the corporate finance exam pathway to meet the needs of the next generation and in line with the future skills needed.
finance firms like ourselves to employ specialists in areas as specific as human resources or even digital marketing.” Other key trends Brian highlights are
the increased globalisation of the sector and the growing influence of private equity. “Most of the businesses we sell now have the capacity to be sold to international buyers and more than 50% of our deals are international,” he says. “Private equity firms either buying private companies or selling these businesses to other private equity firms has become far more prevalent over the last 20 years.” In the future he expects buyers to be
increasingly influenced by how companies make money, specifically their environmental and societal impact. Brian highlights adaptability and team
work as being especially pertinent skills, now and in the future. “Our clients don’t want an individual, they need a team of people capable of performing different roles,” he says. “The ability to work together and interact with different personalities is vital for us in winning an engagement.”
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// MANY PEOPLE ARE EITHER COSTED OUT OF FINANCIAL ADVICE OR SIMPLY CAN’T FIND AN ADVISER TO TAKE THEM ON //
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