Financial Planner interviews the next IFP President Rebecca Taylor from Dunham Financial on how it feels to be chosen for her new role and her plans for the future of the IFP into 2013.
Financial Planner: How long have you been involved with the IFP and Financial Planning and when did you first enter the profession?
Rebecca Taylor: I first joined the IFP in 2004 so I guess that's also when I really entered the Financial Planning profession! I started as a bank adviser in 1999 and then worked as an IFA from 2000 to 2004. Joining the IFP fundamentally changed the way I worked and the way Dunham Financial operated.

FP: What inspired you to join the IFP and how do you think the organisation and profession have evolved over the years?
RT: Initially it was interest in the Certified Financial Planner certification. At the time I had no idea how much of an impact it would have. I joined at a pivotal time for the IFP, just as it was starting to become more visible so it is a different organisation now, but still with the same core principles. When I joined my perception was that everyone within the IFP was 'doing' Financial Planning whereas now there is far more help and encouragement for non- Financial Planners to join and evolve their way of working and/or their businesses.

FP: When you were elected as Vice President, to become President of the IFP from October, what were your thoughts and what are you most looking forward to achieving during your presidency?
RT: To me it is a great honour to be President of the IFP. The decision on who becomes the next IFP President is made by the board of directors so if they have faith in you then we should trust that decision. As to what I am looking forward to most, I think that is a difficult one! There are so many aspects to the role. I am just looking forward to being able to do my bit. The President is in a unique position to be able to reach many people, whether that is advisers or clients, so it is all about furthering the development and awareness of Financial Planning to as many people as possible.

FP: How do you see the role of IFP President and do you plan any changes from your predecessor Marlene Shalton FIFP CFP^CM who steps down at the AGM on 1 October?
RT: The IFP President is someone elected to communicate views and decisions made by the Board. But of course, it is also so much more than that as well. It is the President's role to be as visible as possible and promote the benefits of being a Certified Financial Planner^CM professional or the services of using one.



FP: What do you think Marlene and the IFP have achieved since she became President two years ago?
RT: Marlene has given a lot of time to the IFP over the past two years. It seems as though there is not an event that goes by where she is not actively involved in some way, either through speaking or being a panel expert. This is of course her own time given freely for the benefit of Financial Planning. Marlene has had some tough decisions to make over the past two years and has handled these well. Of course the main achievement and what her President's term will be remembered for is all the hard work in the lead up to RDR. RDR may be implemented in my term as President but all the preparation has already been done.

FP: What do you see as the main challenges facing the IFP and the profession as a whole?
RT: Our main challenge has been consumer education and I suspect that this will continue for a significant time. There is so much mistrust in the financial world. To improve trust will take hard work from a lot of parties, as the financial world includes the banks, insurance companies, advisers and IFAs as well as Financial Planners. While this will be a long and hard process, we can work on our own area to get the message out there that there are a lot of honest people in our profession that can make a significant difference to people's lives.
We have already started work on this with the Accredited Financial Planning Firms which are robustly tested for their business practice. This gives us a trusted message to send out to the public and the wider world generally about the quality of these firms. The Question of Trust campaign founded by Shane Mullins and Nick Cann is a fantastic idea and I am looking forward to helping in any way I can as President of the IFP.

FP: What will your priorities be over the next year as President and what do you hope to achieve overall during your two year Presidency?
RT: We have touched on some of this above but we mostly need to get the message out to people about Financial Planning and the professionalism of the people in our profession. We have Financial Planning Week, The Question of Trust campaign, Accredited Financial Planning Firms and of course the Certified Financial Planner^CM certification. All of these areas combined give us a great message to take out there to consumers and the UK generally. Behind the scenes we will still be supporting individuals and companies the way the IFP always has done. The focus will no longer be on minimum qualifications as these will already be completed, but there will always be support required for those wanting to make changes to their business.

FP: The period of your Presidency will encompass the implementation of the Retail Distribution Review? How do you think the RDR will affect Financial Planning and what changes do you believe the profession will see?
RT: Financial Planning in itself will be largely unchanged as Financial Planners and their way of working sits very well within RDR. There will likely be some changes but a lot of these are likely to be documentation and compliance with the new way of working as opposed to any fundamental change. I am hopeful that we will see more people joining us as Financial Planners as it is one of the easiest ways to demonstrate a service that is being provided is worth paying for!


FP: The IFP's Financial Planning Week is coming up at the end of November. Do you think advisers will be able to support it as it is so close to the deadline for RDR preparation?
RT: I don't think it will make any difference. The majority of supporters for Financial Planning Week are already compliant with RDR, or just making small tweaks, so I would be surprised if we do not get advisers supporting Financial Planning Week this year because of this. It's a great initiative which we all benefit from.

FP: Financial Planning remains one of the UK's 'best kept secrets' – how can that be changed in future and what can the IFP and planners do to improve access to Financial Planning advice? Is there a government role too?
RT: This is what Financial Planning Week is all about, educating the public on basic Financial Planning so they have the tools and knowledge to start things themselves and then come to a planner for help when there are more complex areas. Journalists have a huge influence so we will continue to build n the support that we already have to encourage a holistic Financial Planning approach to consumer finances instead of single product details.

FP: What do you enjoy most about being a Financial Planner yourself?
RT: Financial Planning is one of the most rewarding careers that you can have as you can see the difference that you can make to people's lives, as well as their children's futures. To have a client meeting for the first time and see them change from cautious people that are uncertain about the future to confident people enjoying their life is an amazing reward.

FP: What are the three best benefits that Financial Planning offers to consumers?
RT: Peace of mind x 3! You can break it down; offer investment returns, reduced tax bills and so on but it always comes down to the confidence you can give to someone for their future.

FP: How will you juggle your day job with your IFP Presidency commitments?
RT: I am very fortunate in my day job that I have a support team in the office who can keep things running without my input. It pains me to say it but I'm not convinced that I am needed except for my client face-to-face meetings and the odd client discussion. The IFP has a dedicated team that has strengthened considerably since the time I have been involved so have no doubt I will be supported well throughout.

FP: Away from work, how do you like to relax?
RT: I have lots to keep me occupied outside of work. My partner and I both cycle so we spend a lot of time out on our bikes and generally keeping active. I also have horses which I love to be around, they are my therapeutic time.