These future advisers will be able to look after more clients than is currently the average for advisers, as software improvements should make advising more efficient (I am looking at you; platform CEO).
Being able to look after more clients might not be the best approach to take though. If you are engaged in deep, financial coaching/wellbeing then you can’t put in this amount of time, energy and emotion into large numbers of people.
In fact, Dunbar’s number dictates that you can only have a relationship with 150 people (and advisers need to deduct the number of family and friends from this total).
This works if the future adviser is looking after wealthy, complex individuals and charging a good level of retainer fee for doing so. The mass market clients on the other hand may be left to the robots.
Matt Pitcher is managing partner at Altor Wealth Management
