Strategic Asset Managers to train staff as life coaches

Strategic Asset Managers (SAM) is planning to train advisers planning to leave the sector in 2012 as life coaches under a ‘lifetime planning’ programme to be launched next year.

Derek Stewart (pictured), director of the Edinburgh-based firm, is developing an accreditation process that will train advisers in life planning techniques similar to life planning guru George Kinder’s Evoke proposition.

Advisers will join SAM as a non-regulated ‘lifetime planner’ and will work alongside an authorised investment advice team.

Stewart said: ‘What we are doing is linking investment proposition and lifetime planning.’

He has teamed up with external consultants to design a lifetime planning service to be integrated with SAM’s investment advice.

‘There will be a large number of experienced advisers who have excellent client-relationship skills and they will be exiting the sector with no value for what they have built up,’ said Stewart.

Participants will continue to advise until 2013, moving their clients on to the Nucleus wrap.

The advisers will be paid a salary as lifetime planners plus an annuitised amount based on the total assets under management they bring to the firm.

Stewart (pictured) also envisages two further groups of advisers using the service; qualified individuals who want to join because they cannot transition their business and advisers with their own RDR-ready businesses who want the lifetime-planner accreditation.

The accreditation for the initiative will be provided by either the Association of Coaches, the Institute of Leadership Managers or the Institute of Coaches Federation.

‘I am developing this in partnership with a range of people from advice, psychology and coaching backgrounds,’ said Stewart.