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Kinder considers move to UK as potential for life planning grows
by Michelle McGagh on Jun 23, 2009 at 10:44
US financial planning guru George Kinder may relocate to the UK to market his brand of life planning to advisers who he says are ‘eager’ to learn and evolve their businesses.
There are just 10 Kinder qualified advisers in the UK. Kinder said he hoped to expand his reach by moving and working more closely with the Institute of Financial Planning (IFP) and the Personal Finance Society (PFS).
‘I do not have permanent plans right now but have talked to my wife about coming over for a few years,’ said Kinder.
‘Advisers in this country are eager and excited about new possibilities. The UK is at the beginning of life planning and it has the support of the retail distribution review. The country is in a position to develop life planning.’
Kinder said the UK lacked a financial brand that consumers knew could understand them.
He is keen for the Financial Services Authority (FSA) to consider the Kinder model of financial planning as a blueprint for financial advice in the UK. ‘I got the FSA to look at our model and told them it was mentioned in a review in the Netherlands that was like the RDR,’ he said.
Last week in a presentation at the Pims conference, Kinder sought to counter the widespread assumption that financial planners could only serve the rich. He warned planners that until they could offer advice to those on middle incomes rather than just high-net-worth clients, the profession would lack integrity.
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3 comments so far. Why not have your say?
Harry Katz
Jun 23, 2009 at 14:08
Do I take this at face value? What do you think? The US has a huge financial advice industry. Presumably Mr Kinder is running out of road there. I wonder why? Perhaps the dose of reality suffered in the US has served to concentrate minds and that all this ‘sociology stuff’ doesn’t actually bring anything to the CLIENT’S bottom line although all the waffle might well do some good for adviser income - if they can find people who want that level of molly coddling.
No doubt the FSCP will love him and as I indicated in a previous blog one wonders where self reliance and British stiff upper lip have gone?
To give a motoring analogy – what next a funeral service for used brake pads?
But…………if that ‘floats your boat’ and the client is happy to pay……………………..
report thisRichard Smith
Jun 23, 2009 at 14:46
I wonder when Harry Katz will ever find a postive thing to say about any thing that happens in the Personal Finance World.
The Financial Advice industry in the UK has been ripping clients of for too long, with many so called Financial Advisers not really being up to the job. Hence regulatory review after review, with more to come. Why because there is an issue over compentence.
The industry needs new blood and change of strategy as recognised by the regulator.
As Harry Katz will be retiring shortly, perhaps he will be kind enough to turn the lights out on the industry as he leaves. We can all look forward to the new dawn, with a client centered approach and renumeration strategies that make sense for clients, and of course the 'new model adviser.
Change is good and is coming if Mr Katz likes it or not.
report thisPhilip Calvert
Jun 25, 2009 at 10:31
Has Mr Katz attended one of George Kinder's workshops to see for himself what this is actually all about?
Philip Calvert
www.ifalife.com/lifeplanning
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