How has the industry changed since you entered?
“I entered just as they were moving across from commission based into fees for advice and so it's been drummed into me pretty much the whole time that you've got to demonstrate your value,” he said.
Cable explained transparency is really good as it makes for better outcomes for clients, as well as becoming more of a profession while before it was just purely sales based.
In the early stages of becoming an adviser, Cable explained that one thing to note is to ask the right questions.
“The right questions are really key because there's too much jumping to a solution and that's where you'll see most junior advisers - they've already got in their head, this is going to be the solution before they've really heard what the issues are that they're facing.”
Is there a book you’d recommend to someone in this profession?
“How to win friends and influence people,” he said. “Really being able to get your head around what it is that they're thinking about, what's their concerns, what are their worries, and taking a step back and actually listening.”
And lastly, if the industry could improve on one thing, what do you think it should be?
“Building its reputation as a profession and having a lot more soft skills, as opposed to just purely technical knowledge,” he said.
Cable explained that it's about really understanding people and going back to the grassroots to understand what they want as opposed to ‘what solution am I gonna sell them?’.
“Even if they walk out the door without necessarily buying something from you, they've seen value and now admire you and respect you and if they do have a need, they'll come back to you,” he said.
Additionally, Cable said people are fearful of things like robo-advice, but it does have a place where there's some people whose hours might not be compatible with seeking advice face to face.
“It is good being able to have something that covers that particular space. Until they reach a certain threshold, they can get away with having that level of interaction and then after that, there's a lot more options, and that's when they probably need to transition face to face,” he said.
If you own your own advice firm and would like to get involved with the Coffee Corner interview series, contact deputy news editor Sonia Rach via email at sonia.rach@ft.com
