Ep 109: Building an advice business through content - Pete Matthew, CEO & Chartered Financial Planner | Jacksons Wealth Management

Before we get into maybe a little bit more about your business and in particular what you're doing with the video camera and with the podcast, one of the comments that we got back from our recent study tour was, It was almost like seeing, or the UK wealth industry was almost like looking into the future.

And the direction that was heading is really where we're going to be probably in the next five years.

So I'd love just also just going to be a litmus test on how you think the industry is faring over there and what the last three or four years have been like as you, I guess, transitioned out of RDR.

Yeah.

Chiefs, I mean, RDR is now like 13 years ago, which is incredible.

I read the very first discussion paper by the then regulator, the FSA, and I figured this was going to be big, right? My colleagues who were considerably older than me, they were like, no, that'll never come in.

And it was all about raising the minimum level of qualification, abolishing commission on investment and pension products.

It's still there for insurance.

And just basically raising the bar.

We just knew it would kind of cut out a lot.

Let's just ask.

Am I allowed to swear? Yes, you may.

In a thick accent? Yeah,

right.

Cut out a lot of the shit from the industry, basically, right? Just get rid of the people who are playing at it, the commission-hungry salespeople, and hopefully it would kind of distill the industry a little bit into a more quality, to kind of raise the bar up somewhere near towards law and accountancy.

The professions are much more respected.

Jury's out as to whether it's fully achieved that, but I think it was the biggest step.

So, I mean, the last few years, I think, have been, you know, the inexorable push towards proper financial planning.

I think there's still not enough of that going on.

I think too many people pay lip service to it.

It's just in the...

in the pursuit of assets under management, which is fine, but I think there's not enough real financial planning going on still, just my not so humble opinion.

Lots of mergers and acquisitions, and I'm at the age now where a lot of my mates are selling.

You know, people who I've known for 20 odd years now, you know, selling and, you know, all power to them.

And I've yet to see a good outcome from that.