Join paraplanners from all over the country as we gather for the Paraplanners’ Assembly’s BIG DAY OUT on 12 September 2024.

And on the eve of the main event – so that’s from 7pm on 11 September 2024 – we’ll be hosting The Big Night In BBQ.

For both events we’ll be gathering together at a breathtaking destination – FarmED – right in the heart of the Cotswold countryside. Tickets for The Big Day Out 2024 cost £40. Tickets for The Big Night In BBQ cost £20.

Take part and you’ll not only receive a record of six hours CPD but the chance to receive a NextWealth report worth the equivalent of £500 too.

We’ve provided all the information you could possibly need below.

Jump to

• The Big Day Out
• The Big Night In BBQ
• Where can I stay?
• What if I have to be careful about what I eat?
• How accessible is FarmED for people who use wheelchairs or have other needs?
• I’m not a paraplanner or administrator. Can I take part?
• What is FarmED?
• Will there be photography at the event?

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The Big Day Out 2024

1000-1700 on Thursday 12 September | £40

From its first meeting in 2013, the Paraplanners’ Assembly’s annual gathering has created space for sparking collaboration and conversation among paraplanners that is unlike any other event in the world of wealth management.

No presentations. No muzak. No boiled sweets. No exhibition areas. No product pitches.

Instead, The Big Day Out is an informal gathering that offers six hours’ worth of CPD thanks to its combination of tailor-made interactive sessions led by hand-picked experts (and designed especially for the event), and group discussions facilitated by paraplanner hosts.

It makes for a supportive and encouraging space in which you can listen and learn, and share ideas, knowledge and insights. And it’s a unique environment in which you can really focus and flourish – both professionally and personally.

You’ll feel you belong at The Big Day Out because The Big Day Out belongs to you. So how about it? Want to know more?

Here’s the running order for The Big Day Out 2024.

09:00: Breakfast and gathering

Arrive. Check in with our registration team. Then help yourself to a delicious hot breakfast bun (or buns), and coffee and tea. Take the chance to say ‘hello’ to people you know. Take a deep breath and muster the courage to introduce yourself to people you don’t know. Take a wander around the RIBA award-winning site (it really is a lovely location). See if you can spot The Big Day Out chicken.

1000: Welcome!

Join us in the conference barn for a warm welcome from your Big Day Out hosts, Sam Tonks and Chris Wormwell. And then we go straight into…

Hone it. Own it: One hour to perfect your development plan

New for this year, and designed especially for the Paraplanners’ Assembly, we’re opening and closing the day with two really interactive sessions led by Arch Inspire’s Rachael Hurdman.

What are they all about? How to create an actionable and practical plan to achieve your personal and professional development goals.

But this won’t be some dry run-of-the-mill classroom-type session because IT’S A BIG DAY OUT! So expect practical tools, techniques and insights that (1) you can try out throughout the sessions at your Big Day Out and (2) will last you (and people back at the office you share them with) for years.

1100: Quick Break

1115: Crop Rotation No. 1

PS. What’s more, by taking part in the Big Day Out, you’ll receive a special edition of NextWealth’s latest research into the role of AI – worth £xxx – to share with the leaders of your business back at the office. 

1200: Crop Rotation No. 2

You and your group will head into your second crop rotation. We’ll tell you exactly where you need to be but, if you find yourself in a rotation that looks and sounds very familiar, you’re in the wrong one.

1245: Lunch

Locally sourced and freshly prepared, we guarantee that this will be a *chef’s kiss* of a lunch for you to tuck into. Bon appetit!

1345: Crop Rotation No. 3

Your third and final crop rotation of the day. After this, we’re all getting back together.

1430: Break

Who said anything about an afternoon treat?

1500: Hone it. Own it: Part Two

Rachael Hurdman returns and, in this closing session, invites you to take a couple of practical steps that will enable you to gather the loose ends of your personal action plan. Expect another really interactive session where you can try out your new tools, and round off your development plan – and Big Day Out – perfectly.

1600: The Paraplanners’ Assembly

It’s the session after which the Assembly is named. Just like at our first gathering in 2013, Sam and Chris will open up the floor for you to share anything that’s on your mind.

1630: Cheerio and close

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The Big Night In BBQ 2024

1900-1000 on Wednesday 11 September | £20

Join paraplanners gathering in the Cotswolds for an informal Big Night In on the eve of The Big Day Out.

Hosted at FarmED, you’ll get the chance to catch up with old friends and meet new ones – all while tucking into a BBQ and buffet of locally sourced fare rustled up in the canteen’s kitchen.

What’s more, if the weather’s fine, you’ll get the chance to savour the sight of the setting sun across the Evenlode valley.

Included in the ticket price is complimentary transport from Chipping Norton town centre to FarmED (so long as you catch our bus, that is).

To join The Big Night In, just add it to your Big Day Out ticket when you reach the checkout.

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Where can I stay?

Chipping Norton (10 mins drive to FarmED): the nearest town to FarmED and there are a number of hotels and pubs with rooms in the town centre: Premier Inn; Kings Arms; Crown & Cushion and The Fox.

The rates at the Premier Inn are remarkably expensive, we’re afraid. The combination of the annual Fair in Chipping Norton plus the proximity of Soho Farmhouse, Daylesford Farm and Diddly Squat perhaps inflating prices. The rates at the Kings Arms, Crown & Cushions and The Fox do seem reasonable compared to previous years at the moment.

Shipton-under-Wychwood (5 mins drive to FarmED): the nearest village to FarmED and there are some really good options there which appear reasonably priced for September: The Crown, Wychwood Inn and Lamb Inn.

Long Compton (20 mins drive to FarmED): The Red Lion is a popular country pub with rooms. Long Compton is on the main road from Oxford to Shipston-on-Stour. It’s a little bit north of Chipping Norton but you can reach FarmED without having to drive via Chipping Norton. Speaking of Shipston-on-Stour…

Shipston-on-Stour (30 mins drive to FarmED): There are a number of places to stay in the centre of this market town including The George Townhouse, The Lazy Pug, The White Bear and The Bower House Restaurant and Rooms

Banbury (30 min drive to FarmED): Don’t rule out Banbury too. It’s just a 30 minute drive from Banbury Cross to FarmED with a Premier Inn in the centre of town and one on the outskirts by the M40. However, the newly refurbished Whateley Hall, which is just a stone’s throw from Banbury Cross itself, is offering good rates too at the moment. The operator of the Big Night In BBQ coach is based in Banbury so, if you decide to book a room in Banbury, let us know, and we can arrange for the coach’s first stop to be in Banbury.

Burford (15 mins drive to FarmED). Burford’s a popular tourist spot so the hotels do tend to be very pricey. But it’s an option and there’s a Travelodge too so it may be worth a look.

Airbnb: we haven’t researched Airbnb but, because it’s a popular tourist destination, there may well be B&Bs available for overnight stays within an easy drive of

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What if I need to be careful about what I eat?

You can let us know if there are any foods you’d like to avoid for the Big Day Out and the Big Night In as part of the checkout process. (By the way, because it’s a working farm, FarmED’s kitchen uses organic produce grown in its own fields so you’re in for the FRESHEST ingredients imaginable!)

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How accessible is FarmED for people who use wheelchairs or have other needs?

Our event takes place in FarmED’s award-winning buildings. There are no steps in any of the buildings. Wide side doors can be opened to assist wheelchair access. Assistance dogs are welcome in the buildings. There are two disabled car parking spaces next to the entrance of the main building.

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I’m not a paraplanner or administrator. Can I take part?

Assemblies are designed by paraplanners for paraplanners and we also welcome administrators, so if you are not one please don’t book a ticket. If you’re still really interested in coming along then get in touch with us at [email protected].

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What is FarmED?

FarmED’s mission is to provide learning spaces and events that inspire, educate and connect people to build sustainable farming and food systems that nourish people and regenerate the planet. These really chime with the Assembly’s role in the lives of paraplanners. (Plus it’s a lovely venue.)

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Will there be photography at the event?

Yes. We love a good a photo featuring our events so don’t be surprised if you spot a photographer or Assembly host lurking with a camera. If you don’t want to appear in photographs that we publish online, please let us know when you arrive at the event.

If you’re a paraplanner who lives or works in striking distance of central London, then The Other London Assembly from 10am on Friday 20 October 2023 will be right up your street.

Hosted by Dan Atkinson and Andy Schleider, this is your chance to gather with paraplanners from your neck of the woods to learn what’s going on in each other’s worlds, share ideas, and discover practical tips and illuminating insights.

Book your spot and you’ll be able to shape the agenda for the two-hour get-together but – right now – we expect paraplanners taking part to exchange ideas on report writing and, now that the consumer duty is a feature of daily life, explore how we’re demonstrating ‘fair value’ in annual reviews.

Plus, the chance to tackle any other paraplanning topic that’s on your mind when we gather at the London Wall Place office of Barnett Waddingham.

From our very first meeting in 2013, the Paraplanners’ Assembly has created gatherings – in person and online and all over the UK – that spark collaboration and conversation.

Expect the same from The Other London Assembly.

After all, Assemblies only happen because paraplanners show up. You’ll feel you belong at The Other London Assembly because The Other London Assembly belongs to you.

So how about it? Book your spot now.

There are times when we’re recording an online Assembly or bitesize video or dedicated podcast episode and we just think OMG EVERYONE IS GOING TO ABSOLUTELY LOVE THIS.

And that’s the case with this interview with consultant and founding director of About Consulting Group, Jon Dunckley.

Because this podcast is all about neurodiversity.

(Its origins lie in this comment by Planner12 posted at The Big Tent last year.)

And, as Jon (who is autistic) says very early on in the episode, neurodiversity matters to me, you and everyone.

After all, we each have a way of thinking that’s unique to us. We all occupy our place in a neurodiverse world.

But if the way we think is plotted on a spectrum, most of us would be considered ‘neurotypical’.

Yet plenty of us – at least 1 in 10 in the UK – function, learn and process information differently from the neurotypical.

Neurodifference and work

We may be neurodifferent but, despite thinking differently, we’re expected to adapt and succeed in a world that’s geared towards neurotypical people.

And that’s why we thought Planner12’s question – and the thread that their comment sparked – was such a great starting point to consider neurodiversity and its consequences personally and professionally whether we’re neurodivergent or neurotypical.

Because even if we’re not neurodifferent ourselves, people we work with will be. Either way, what do we need to consider about day-to-day working life so we each get the chance to thrive, contribute and gain fulfilment from work?

What do we mean by neurodifferent? What conditions are considered neurodifferent? If you’re neurodifferent, do you mention it to your employer? Do you need a diagnosis? What’s your approach to studying and sitting exams? How should you adapt your leadership style for a range of neurodifferent conditions? And how does your condition influence the way you manage your team?

Invaluable insights and practical tips

In just under an hour, host Richard Allum and Jon explore just about everything you could possibly want to cover.

Expect talk of autism, ADHD, dyspraxia, dyscalculia, dyslexia and dysgraphia. Learn about TIC syndrome, the ‘Pygmalion effect’, why people with ‘spiky profiles’ are good for business. Plus why job adverts should (a) encourage applicants with spiky profiles and (b) be really clear about what a job will actually involve.

And there’s so much more.

In fact, this is an area we’re going to explore more – and not leave it too long before we do. So if you think of anything that the Assembly could explore once you’ve listened please get in touch and tell us what you think.

Now, tuck in to this latest episode. We think you’re going to love it.

Listen to the Assembly

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A few of links mentioned by Jon during the episode

British Dyslexia Association: Dyslexia-friendly style guide

The Neurodiverse Workplace by Victoria Honeybourne

Think Human Business Writing course

BTS podcast: Neurodiversity and studying for regulated exams

PFS Power: Working with vulnerable clients

Cornell note-taking system (YouTube video)

Online Assembly: Design principles for reports

Paraplanners from all over the country gathered for The Big Day Out 2023 on 14th September 2023.

For the second successive year, our destination was the fantastic FarmED – right in the heart of the Cotswold countryside.

(Trust us, it’s lovely.)

This year, The Big Day Out was split into two halves:

1st half: All about paraplanning today
2nd half: All about paraplanning tomorrow

Three groups

Following The Big Welcome, we split the Assembly into three groups – Barley, Oats, and Wheat.

Each group had paraplanning hosts. Hosts volunteered to make sure you were where you needed to be when you needed to be there and to help facilitate conversations.

(The Big Day Out wouldn’t have been possible without our volunteers, so please gave a big hand 👏 to this year’s hosts: Kez Condy, Becky Jones, Jackie Manning, Sian Davies Cole, Pippa Oldfield, Jo Parkes, and Colin Stewart.)

First half: Paraplanning today – Crop Rotations

Each group spent 45 minutes in each of the following three sessions.

Technical top tips

Expert: Les Cameron, Head of Technical, M&G Wealth

This was a chance to quiz a popular Assembly regular in person with those burning technical questions that you’ve always wanted someone to answer.

Suitability reports: a fair value assessment

Leader: Caroline Stuart, Founder of Sparrow Paraplanning

Caroline invited groups to consider whether suitability reports were still fit for purpose and they’ve for a Consumer Duty world.

Were our planning assumptions still fit for purpose?

Leader: Dan Atkinson, Head of Technical, Paradigm Norton

Is it time to re-assess your planning assumptions? Could you really rely on what had happened in the past to plan for the future? This was a chance for participants to test the assumptions that apply to the ‘planning’ part of a paraplanners job title. To help, we were joined by three experts: Thomas Hogg of Timeline, Parmenion’s Jasper Thornton-Boelman and Jon Palin from Barnett Waddingham.

Lunchtime drop-in: Outsourced Paraplanners Banter + Chat x Paraplanners’ Assembly

Lunchtime drop-in: Outsourced Paraplanners Banter + Chat x Paraplanners’ Assembly

Christina Georgiou and Andy Schleider hosted a drop in for participants who are starting out as an outsourced paraplanner, thinking about it, or already are. The session was an IRL version of the ‘Outsourced Paraplanners banter + chat group’ hosted by Andy on WhatsApp.

The Afternoon: Paraplanning tomorrow

After lunch, we got right back to the roots of the Paraplanners’ Assembly.

Back in 2013, our first gathering proved that when paraplanners get together to learn, fix and share, we’re able to tackle the biggest issues.

A decade ago, we wanted the financial planning world to recognise paraplanning as a choice of professional career. (And just look at us now!)

Today, the big questions seem to revolve around the future of paraplanning itself and our role in it.

What does artificial intelligence and automation mean for paraplanning and for us? Are remote working and hybrid teams really here to stay? What skills and knowledge are paraplanners going to need for a fulfilling career from now on?

Learn, fix and share

When we began to think about how to tackle these questions, it crossed our minds to invite a keynote speaker to put the world to rights for us.

But we soon realized that that speaker didn’t exist.

Because the future of work was not just about technology. It wasn’t just about personal development and technical knowledge. It wasn’t just about teams and leadership. It wasn’t just about the future of business.

It was too big a job for one person. But a bunch of people? Perhaps even an assembly?

And so we decided that the best people to consider the future of paraplanning were…paraplanners!

Let’s get started

Assembly hosts, Sam Tonks and Sarah Lees, kicked off the afternoon’s session.

We worked with foresight and innovation expert, Eleanor Winton, to help us design three very interactive sessions.

Eleanor recorded two video contributions that we showed to spark your thinking.

But the future of paraplanning? That conversation was up to us.

We knew from the surveys you completed that this kind of thing had been on your minds for a while. And we thought the Assembly was the perfect space for paraplanners to explore it. But you only got out what you were willing to put in, so you were ready to share your thoughts!

We were sure you were going to really enjoy it. We were sure you were going to feel good about having the chance to talk about the future. And we were certain it would be the start of a conversation that – thanks to your participation – our Assembly was uniquely placed to encourage among colleagues across the world of financial planning.

(And, besides, we arranged ice-cream in the break to fuel conversations!)

If you were there, we hope you enjoyed it. If you weren’t, there’s always next year!

More than four years since it last gathered in person, Assembly in the Middle is back!

So if you’re a paraplanner who lives or works in the midlands of England, why not join organisers Caroline Stuart and Sam Tonks for an informal gathering at Hill Close Gardens in Warwick on 10 November 2023?

Assembly in the Middle will begin at 10am and finish at 2pm. But what happens in between is entirely up to you because, once you’ve booked your spot, we’ll invite you to submit ideas about what you’d like to learn, fix or share with other paraplanners on the day.

Why should I take part?

Because it’s part of the Paraplanners’ Assembly movement, Assembly in the Middle offers a supportive and encouraging space in which you can listen and learn, and share ideas, knowledge and insights.

And whether you’re in-house or outsourced, it’s a great way to meet other paraplanners from your neck of the woods – especially welcome when so many of us work from home these days.

It’s somewhere you can really focus and flourish – both professionally and personally.

Don’t forget to bring your lunch.

We’ll have coffee and tea and biscuits available throughout the day (plus chocolates, of course) but make sure you bring your own lunch or you’ll go hungry at lunchtime.

And finally…

You’ll feel you belong at an Assembly in the Middle because the Assembly in the Middle belongs to you.

Want to take part? Then tap ‘Book now’.

With a background that’s rich in paraplanning experience, Becca Timmins (pictured above at the Big Day Out 2022) is ideally placed to lead a session on personal development power-ups for paraplanners. But what’s in it for paraplanners – and the financial planning practices they work for?

What’s the one thing Becca Timmins wished she’d mastered when she started out as a paraplanner in 2003?

How to give feedback.

“I’ve been in an operations role since 2010, but was paraplanning for quite a long time before that, and I would have massively benefited from thinking about how to give feedback.”

“I’m not thinking about the kind of feedback you give to a team member as a manager – or vice versa – but the ‘the-information-you-gave-me-on-this-file-is-crap-and-this-is-why-I-need-it’ kind of feedback you needed to share with advisers. I just didn’t have those skills.”

These days, the coach and facilitator – and operations director of financial planning practice, Emery Little – recognises that the exchange of feedback relies on a vital quality that she would have loved to have been given techniques to practice earlier in her career too: “I wasn’t taught to listen. To REALLY listen. And that’s a skill that is massively valuable for giving and receiving feedback.”

“Take the crap file example. If I’m going to a planner and saying ‘this is a problem, the file isn’t good enough’ there’s a danger that all they hear is ‘there’s a compliance problem’ and the quality of the conversation is just doomed.”

“But if you can frame and share feedback constructively, and then sit back and really listen to what a planner says, more often than not you realise that you’re both trying to achieve very similar outcomes for clients but are just approaching it in different ways.”

“Paying attention to what people are actually saying and considering how to give feedback – both contribute massively to fostering understanding that results in healthier and happier working relationships.”

Giving feedback, learning to listen and another essential skill – time management – aren’t issues unique to Becca’s experience as a former paraplanner. They’re issues that have cropped up over the past year or so when Becca has been facilitating a small gathering of paraplanning team leaders for the Paraplanners’ Assembly.

And it’s the frequency with which they featured as a challenge for paraplanners during those team leader discussions that led us to invite Becca to develop a three-hour workshop – called ‘Personal development power-ups for paraplanners’ – that’s designed specifically to help paraplanners gain and practice those skills. 

Made possible thanks to the support of Aegon, and taking place online, the workshop begins at 9:30am on 12 May 2023.

Despite being online the format will echo the interactive style of the workshop sessions that Becca ran at the Big Day Out in September 2022. (To see what paraplanners thought of those sessions, scroll down and take a look at the post-it comments pictured at the bottom of this page.)

As for the power-ups, here are three things – in Becca’s own words – that taking part in the workshop will offer you and the business you work for.

1. Give feedback confidently and listen effectively

“I often hear people say they’d like to be able to communicate better. Or I don’t feel heard. Or I don’t feel like I can get my point across very well. Or I don’t feel very well listened to. One of the things that I think people will walk away with is a way to frame feedback in a way that others can hear more easily and so listen in order to reach a better outcome that takes into account both people’s points of view.”

2. Take away practical tools to help manage your time

“Because paraplanners sit in the middle of the organisation – between clients, planners and administrators – they’re pushed and pulled in all three directions. It means they have many demands on their time and often it’s things that are important but not urgent.

Meanwhile, investing time to make things better in a way that will save everyone time – like fixing those report templates, for example – that’s the kind of investment of time that tends to slip.

I want people to walk away with a different way of thinking about time management because, for me, it all comes down to priorities: it’s not that I don’t have the time, it’s that I’m unable to prioritise my time in the right ways or in different ways. Take part and you’ll leave the session with tools to take and try out the next day – practical methods to distinguish between important and urgent tasks and how to prioritise them.”

3. Good for you at work – and good for the business you work for

Historically, I think there’s been a greater emphasis on acquisition of knowledge technically, what exams do you need to pass to be a paraplanner, how do you write better reports – that that sort of thing. Or, for administrators, go and see such-and-such a brand for a day to find out more about their platform.

But the more you and the business you work for looks after the whole person, the better they’re going to perform at work. When we learn to listen to each other better, then we can begin to talk in ways that other people will understand. For instance, as a paraplanner, if you talk about the outcomes for a client, and wanting to give a client a great service, a planner is far more likely to listen to you than if you come from a ‘well-the-file-check-says-that-the-file-needs-to-look-like-this’.

As an employer, if you’re giving people to chance to learn this stuff, giving them the space to learn, and investing time and money for this sort of training. you’re affecting the lives of the people who are working for you in a much bigger way than just what they can do for your clients.

If you liked that, here are two things you can do right now which we think you might like too

Tax year end. ALREADY?

Yes. But it wasn’t just any old hour’s worth of tax chat (attractive though we know that would be). 

No. This is all about getting in the RIGHT MINDSET for 2023’s tax year end deadline. 

(Like a HIIT workout. But without the HIIT bit. Or the workout.)

What it involved was coach and facilitator, Becca Timmins, being joined by Kez Condy and Jo Parkes from Navigatus, Zoe Hitchcock from Crowe UK and Emery Little’s Satu Flynn to discuss how they were getting in the zone for this year’s tax deadline.

The audience were invited to tune in as the group answer three questions:

• What went well at tax year end last year?
• What was a challenge?
• What will you take with you into this tax year end?

By sharing their insights and experiences from last year – combined with your own contributions in the chat – everyone taking part – on screen or off it – gained ideas, tips and techniques that could prove invaluable in countdown to the tax year deadline.

Far from being ‘soft’ skills, the ability to listen more effectively, give and receive feedback more confidently, and manage your time more productively are vital personal development skills so you can succeed in your paraplanning career.

But how often do you find time to discover, practice and apply new tools and approaches to fine-tune those skills? Plus do that alongside other paraplanners in the same boat as you?

If that sounds familiar, then this is the event for you. Because we asked coach and facilitator, Becca Timmins, to design a workshop exclusively for paraplanners.

Drawing on a decade of insights provided by Assembly participants, Becca has created the power-up you need to grow your confidence and command of these crucial skills – in just three hours.

This workshop has been made possible thanks to the kind support of our friends at Aegon UK.

What you’ll learn

About workshop facilitator, Becca Timmins

Our workshop will be led by Becca Timmins.

Becca’s workshops give you lots of room to reflect on things both individually and in conversation with other paraplanners.

Her style makes for an energising and enriching learning experience. In fact, you can see for yourself because we’ve added a few shots from Becca’s sessions at this year’s Big Day Out.

Coach and facilitator Becca has not only worked as a paraplanner in the past but – these days – is director of operations at financial planning practice Emery Little.

How to join the event

The event will be taking place online using Zoom. Once you’ve bought your ticket, you’ll receive the Zoom link and details of how to join the event on 12 May 2023.

Price

£25 per participant. This includes VAT and Eventbrite booking fees.

How to book

Just tap the Buy tickets button and book online now.

For the first time in three years paraplanners from all over the country were able to gather for real for the Paraplanners Assembly’s Big Day Out at FarmED near Chipping Norton in Oxfordshire on 15 September 2022.

Learning objectives

We opted for a blend of small group sessions – which we called Crop Rotations – and all-together sessions.

Crop rotations: Morning

For the pre-lunch sessions, we split the Assembly into three groups: Barley, Oats and Wheat.

Participants were assigned to a group and each group rotated around the three topic sessions. Conversations in each topic session were facilitated by hosts and experts. Each session lasted for 45 minutes. The topic session for rotations 1, 2 and 3 were:

What will consumer duty mean to you?

Experts: the lang cat’s Mike Barrett and Mel Holman from CATS.

The art of challenging conversations

Expert: Becca Timmins from Time to Think and Emery Little led a session on challenging conversations.

Pep up your paraplanning processes

Experts: LIFT Financial’s Jonny Stubbs and Chris Baigent-Reed from Jigsaw Tree.

After lunch, participants were assigned to a NEW group: Apples, Cherries, Pears or Plums.

That’s because we combined two groups for the session on report writing but – by the miracle of organisation – ensured each group gets a technical Q&A all to itself. So the topics for rotations 4 and 5 were:

Technical Q&A

Panellists: Les Cameron and Neil MacLeod from M&G Wealth, and Transact’s Brian Radbone and Barnett Waddingham’s James Jones-Tinsley.

Three things that get in the way of clear, compliant and client-friendly report writing

Experts: Melissa Kidd of Motem with Mel Holman from CATS.

Broken link or duff information?
If something’s not quite right on this page, please tell us what you spotted now at our bug list.

Our friends at Aegon are doing a lot of work around financial wellbeing. Dr Tom Mathar, Centre for Behavioural Research, Aegon UK and one of the experts on this online assembly, would like to share some thoughts with you.

Life is unpredictable and changes constantly. But what remains is our need for financial security and peace of mind. And with the rise of DIY platforms and robo-advice breaking through an industry focusing on three things – alpha, asset allocation and charges – the value of advice needs to go further. That’s where financial wellbeing can play its part.

So what is financial wellbeing?

Financial wellbeing is how people feel about the control they have over their financial future – and their relationship with money. It’s about focusing on the things that make their life more enjoyable and meaningful – both now and in the future.

What we focus our mind on matters

Everyone’s idea of financial wellbeing is different – from having enough money to live comfortably, making large purchases (planned or unexpected), to being able to repay outstanding debts, as well as being on track with savings and pensions to cover later life.

But you can easily break financial wellbeing down into two things for your clients:

• Financial resilience – do they have enough to pay for what they need now and in the future.
• Focus – are they paying attention to what really makes them happy.

Financial wellbeing building blocks

We found that money building blocks and mindset building blocks are necessary to build financial wellbeing.

As part of our latest research[1] we asked people about their financial resilience and their ‘mindset’ – how they think about money, and  we created a scale to help clients picture it:

5 money building blocks

1. Income
2. Rainy day fund
3. Manageable debt
4. Smart long-term savings
5. Valuables that make us feel secure long term, like property

5 mindset building blocks

1. Knowledge of what makes us happy
2. A solid picture of our future self
3. Savvy social comparisons
4. A long-term plan
5. Strong nerves in a crisis (resilience)

But it’s also about balance. Even if your clients have their money building blocks nailed, they won’t achieve optimal levels of financial wellbeing without a well-considered and focused mindset too.

What was clear from our research was that mindset scores were lower than money scores, and the mindset scores didn’t improve at the same pace as peoples’ incomes were.

Find out more about our building blocks and what our research tells us about them in our digital flipbook

Common mindset problems

Lower mindset scores were a result of several factors including:

• 38% of people have only a vague idea of where they want to be (financially, socially, physically etc) in 10 years’ time vs 29% with a specific idea.
• 28% have only a vague sense of what gives them joy or purpose which are key elements of happiness.
• 87% of people don’t have a financial plan to achieve long-term goals.
• 16% of people frequently compare their finances to the finances of those better off than them with younger people far more likely to do so.
• Only 17% of people were able to answer at least four out of five basic financial literacy questions correctly.

Five tips to adjust your client’s mindset and improve their financial wellbeing

Use the tips below with your clients to reframe your conversations and check-ins and encourage them to think about what gives them joy and purpose.

1. Ask them to put happiness first – alert them to be conscious of the things that give them sustained happiness – be that joy or purpose. And that they’re spending time, energy and money on those things with their future happiness in mind.
2. Savvy social comparisons – if they’re making social comparisons, encourage them to be healthy and realistic, instead of them comparing to people whose financial lives appear better. Or even suggest they use their past self as a comparison to measure how far they’ve come.
3. Help them picture their future self and lifestyle – encourage your clients to spend time regularly visualising their future self and what they might be doing. By paying attention to the life they want to live, pension and investment goals to achieve that lifestyle, can keep them on track. It’s also important for your clients to think about what protection they have in place if something unexpected derails them.
4. Make a long-term plan together and write it down – people who write out a financial plan save more regularly and do better financially.
5. Reassure them to hold their nerve in a crisis – if your clients are tempted to change their long-term investments, get them to remember why they started saving so they don’t panic and do anything they might regret.

Get started

We’re committed to working with you to help identify advice opportunities and support your clients throughout their lifetime.

To read our research in full and share with your clients, download our digital flipbook – How you can improve your financial wellbeing

We’ve also created a summary guide of the research – Our insight into the nation’s financial wellbeing – designed especially for intermediaries, paraplanners and employers.

For other financial wellbeing support and research, visit aegon.co.uk/financialwellbeing

[1] Research conducted in August/September 2020, based on 10,466 nationally representative UK residents