Summer reflections and future focus

‍SUMMER REFLECTIONS AND FUTURE FOCUS

AUGUST 2026 NEWSLETTER

WHAT THE FCA's WEALTH MANAGEMENT SURVEY MEANS FOR ADVICE FIRMS 

The FCA's recent Wealth management survey 2026 report found that the ten largest wealth managers now serve 89% of discretionary clients, up from 70% in 2022, while many firms are continuing to pursue acquisitions and consolidation strategies.

‍While the report focuses on discretionary wealth managers, many of the findings have wider relevance across the advice profession, particularly around fair value, vulnerability, financial crime controls and the responsible use of AI.

Wealth managers and advisers are often partners rather than direct competitors, (with only around 29% also providing financial advice according to the data), increasing consolidation is likely to provide greater resources to invest in technology, AI, client servicing, marketing and specialist expertise. For advice firms, this reinforces the importance of demonstrating the value of holistic financial planning, deeper client relationships and a stronger understanding of individual client needs as the market evolves.

Read the report here - Wealth Management Survey Report 2026

‍FINANCIAL VULNERABILITY TASKFORCE CALLS FOR SOCIAL CARE FUNDING REFORM 

‍TWO NEW CAREER GUIDES - ONE SHARED GOAL

We recently launched two new resources aimed at tackling one of the profession's biggest challenges and opportunities: attracting the next generation of talent. Although aimed at different audiences, both guides share a common goal: helping more people understand the rewarding careers available in financial advice and encouraging a more diverse range of people to join the profession.

• New Talent Alliance's ‘Careers in Financial Advice’ guide.
• A Women's Wealth Alliance Careers Guide – ‘Your Career in Personal Finance’.

JOIN US IN BIRMINGHAM

Join us at our ‘Empowering the Evolution of Personal Finance’ conference at the National Motorcycle Museum on 22^nd October.

Interact and gain first-hand insight into the FCA's priorities, perspectives and expectations for advice firms via senior FCA representatives, with additional high-profile key-note speakers and practitioners from across the sector to be announced in the coming weeks.

• ‍Keynote: The Regulatory Landscape: Navigating the year ahead with confidence: Sara Woodroffe, Head of Consumer Investments, FCA
• View from the FCA: Emerging AI Good Practice and Where Firms Could Do Better, with Q&A session: Vicki Jordan, Manager in AI Policy, FCA
• Simplifying Price and Value: An FCA Perspective, with Q&A session
• Inside the FCA's Supervisory Toolkit: How Data Shapes Regulatory Decisions
• Data, AI and Consumer Duty: Opportunity, Risk and Readiness – Gillian Hepburn, Head of Adviser Solutions Vanguard UK

Don't just keep pace with change – help shape it. Join fellow professionals for a day of insight, inspiration and practical ideas to support your firm's future success!

Register your place here:   https://www.tickettailor.com/events/consumerdutyalliance/2273221

‍HELPING FIRMS DELIVER BETTER CLIENT OUTCOMES

Alongside wider industry developments, several new guides are designed to help firms strengthen their approach to vulnerability and Consumer Duty.

‍Transitioning into Retirement - a ‘vulnerable event’ and its impact on financial advice and planning - developed by the Financial Vulnerability Taskforce and Retirement Income Taskforce, and sponsored by L&G, the guide provides practical support to help advisers recognise and respond to the financial, emotional, health and behavioural challenges that can arise in later life.

‍‍How to record information about clients in vulnerable circumstances explains how firms can capture, maintain and use this information lawfully and effectively under Consumer Duty, UK GDPR and the Data Protection Act 2018. Developed by the Financial Vulnerability Taskforce in partnership with data protection specialists Fintect.

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‍WEBINAR - CARE CONVERSATIONS: WHEN (AND HOW) TO START 

Care planning is an important but often overlooked part of holistic financial advice. Earlier conversations can help clients and their families prepare for future decisions, while giving advisers an opportunity to deliver greater value and support better outcomes.

Learn more by watching this useful webinar from the team at Just Group in partnership with My Care Consultant on demand.

Watch here

STRENGTHENING DISABILITY PLANNING SUPPORT FOR FAMILIES 

Families with a disabled or additional-needs family member often face some of the most complex and long-term financial, legal and care planning challenges. Yet many professionals still lack the confidence, knowledge and processes needed to identify and support these families effectively.

To help address this, SENDA is gathering evidence for its State of UK Disability Planning white paper and are asking financial advisers to complete a short survey to help inform professional standards, policy development and, ultimately, better outcomes for families.

For those looking to build their capability in this important area, SENDA's LIBF-accredited Special Needs Planning Foundation Course provides a practical introduction to supporting families with disabled or vulnerable dependants. The online, on-demand, three-hour course is designed for advisers and paraplanners and helps build the awareness and confidence needed to deliver good outcomes under Consumer Duty. No prior SEND experience is required.

Course completion also provides access to SENDA Community membership, including a range of member benefits and the opportunity to use the SENDA Community logo.

Click HERE for a 20% discount, or contact SENDA directly if you'd like to arrange in-house training for multiple employees

INCOME PROTECTION ACTION WEEK 2026

Income Protection Action Week (IPAW) is an annual online event, created to highlight the importance of income protection. Running throughout 21st - 25th September 2026 (12-1pm), it hosts a series of sessions from expert panels and real-life case studies, to practical skills and honest industry conversations, all aimed at helping to start more meaningful conversations with clients about protecting their income.

Find out more and register here - IPAW 2026 - Income Protection Task Force

‍ADVISER AND AI - TECH GUIDE

August's issue of AdviserSoftware.com’s ‘Adviser AI & Tech - Everyone you need to know’ is now available.

This provides a comprehensive guide to the technology available to advisers, with over 300 independent reviews of current services from over 200 tech suppliers, all undertaken the experienced team at AdviserSoftware.com.

Register here to receive this monthly report.

‍RETIREMENT ADVICE AND IHT CHANGES RESEARCH

The proposed inheritance tax changes to pensions are prompting many advisers and clients to reconsider their retirement planning strategies. To better understand the impact on advice practices, Adviser Home, in partnership with Fidelity Adviser Solutions, is conducting research into how advisers are responding to these developments.

The findings will help shape a new guide to retirement advice, capturing adviser perspectives on a range of key retirement planning issues and highlighting emerging trends across the profession. All responses will be anonymised. The survey takes just a few minutes to complete and will provide valuable insight into how your approach compares with that of your peers. Participants will also be entered into a prize draw to win £200 in Amazon vouchers.

Take part in the survey here: https://www.surveymonkey.com/r/PMNZKPZ

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