The Adviser: Since you returned, you’ ve been out and about a lot, meeting members at events. What have advisers been most keen to talk to you about?
Tom: I managed to attend 19 of our 20 Learning and Development Events, just missing Blackburn, which I’ ll make next time. At each event I shared a bit about myself and my experiences in financial services, and talked about my strategy for the business: our goal of delivering shareholder value, our purpose of elevating the value of financial advice, our mission to give member firms everything they need to deliver great outcomes to clients, and our vision to remain the leading trusted partner for directly authorised firms. But the most valuable part was engaging with advisers and listening.
I expected more blunt criticism, but the overwhelming feedback was positive. Where issues were raised, three themes stood out.
First, value. Our fees are significantly lower than those of networks – around 5 % of turnover compared with about 20 %. That includes licences, software, regulatory, and other support. Yet the breadth and quality of our support, I believe, exceeds what networks provide. The difference is that with us, members retain autonomy. We don’ t mandate or enforce compliance; we provide informed and expert guidance, which firms can choose to follow. That’ s a big distinction. But, whilst the value is clear to us, we need to articulate it more strongly, so members understand exactly what they are getting.
Second, succession and development. Members are concerned about the age profile of the adviser community. Only 254 authorised advisers in the UK are under 25 – a shockingly low number. Firms want structured training and development programmes so they can bring in new advisers. Many are also thinking about their own exits and need support with succession planning.
Third, the advice gap and polarisation of firms. Some advisers want to grow and expand, whilst others want support to sustain their current service. Both groups want tools to help them address their challenges, whether that’ s structured training, exit strategies, or growth support.
The Adviser: Given that feedback, how is Simplybiz responding?
Tom: The first priority is to sharpen our value proposition. We must make a clear link between the fees members pay and the value they receive. Beyond that, we are actively exploring strategic initiatives. Amongst them are a structured training and development programme for new advisers, resources and support for succession planning, growth, and exit strategies. These directly reflect what members told me they wanted when I spoke to them at the events. We know they want help with continuity, sustainability, and talent – and that’ s where we intend to act.
The Adviser: Let’ s talk about adviser technology, and AI in particular. Is it a threat or a help to advisers?
Tom: I see it as a huge help. I’ ve spent time at industry events hearing about AI, and I’ m convinced – both by expert views and consumer surveys – that it won’ t replace advisers. The strength of advisers lies in their ability to listen, empathise, and build trust. That human connection can’ t be replicated by AI, at least not in the short to medium term. Vulnerable clients especially require subtle interpersonal understanding that technology cannot match.
Where AI can transform things is in efficiency. Already, AI can record and transcribe meetings, summarise fact-finds, and even draft suitability reports. But it can only work with the information it’ s given. If an adviser doesn’ t ask the right questions, the output won’ t be adequate. And, crucially, responsibility to deliver great client outcomes rests with the adviser. However good an AI-generated draft looks, it must be sense-checked, because it’ s the adviser – not the technology – who is authorised and accountable for the advice.
AI will also help in back-office functions, scanning reports for inconsistencies and highlighting cases for review. It could support research, processes, and even training. The possibilities are significant. But the pace of change is extraordinary. A solution chosen today could be outdated in six months. That’ s why we are exploring widely but not locking into specific providers yet. Firms should experiment, but stay agile. AI will undoubtedly play a big role, but the human element remains at the centre of financial advice.
The Adviser: That’ s a really clear message – technology as an assistant, not a replacement.
Tom: Exactly. Used well, AI reduces admin and gives advisers more time for client relationships. It helps, but it doesn’ t take away the adviser’ s responsibility to deliver the best possible outcomes for their clients. At the end of the day, it’ s advisers who live by the advice they give, and they understand exactly why that’ s so important to clients.
Tom, and other members of the Senior Leadership Team, will be on hand at the next round of Investment Forums to provide an update on our strategy and support. We hope to see you there!
October 2025 | 5