Where do you turn for complex queries? How SJP’s 121 consultancy support is transforming the way advisers service clients

If you’re an adviser operating in the UK in 2024, it’s likely that you’ve felt the recent effects of Consumer Duty, which sent waves throughout the profession in July 2023.

Whilst this new regulation puts a refreshed emphasis on client welfare – leading to better outcomes in the long-term – Consumer Duty also placed a heightened responsibility on advisers to ensure that their advice is not only suitable from a regulatory standpoint, but also aligns with clients’ overall financial wellbeing. The short-term repercussions of these changes – namely more time spent on due diligence, administration, and technical enquiries – came into play for many business owners last year.

So, how can financial advisers maximise their time spent with clients whilst juggling industry requirements?

We spoke to Edward Grant, Director of business consultancy Technical Connection at St. James’s Place, about how advisers can access all the support they need to thrive. 

What is Technical Connection?

Technical Connection is a business consultancy for financial advisers. It’s a standalone business available to any financial adviser in the UK marketplace, charging annual fees for their services. It’s also a key support function at St. James’s Place, available to SJP advisers at no extra cost to their business.

With a team of over 130 professionals, including chartered individuals and diploma-qualified experts, Technical Connection offers a breadth of expertise covering various aspects of financial planning:

‘It's not just taxes, trusts, and pensions. We support advisers with a huge spectrum of challenges, from professional development to industry news.’

Technical Connection supports advisers through a variety of means: helplines, 121 mezzanine services (structured time with an expert), email consultancy and knowledge management tools. It’s a round-the-clock service, with 2,400 mezzanines and over 200,000 calls and emails completed last year. And with a mezzanine Net Promoter Score of 96, it’s the market-leader for technical support and knowledge.

Bespoke support tailored to your needs

No two client challenges are the same, and what sets Technical Connection apart is its bespoke management of the queries they receive. The mezzanine service, which Technical Connection offers to SJP advisers, is a chance to book structured, 121 time with an expert.

“Advisers send us a file note upfront. We then have a chance to do our research and come prepared. On a helpline, we're learning everything about your query for the first time. But in a mezzanine, we have time to reflect, and ask a colleague if we need to.”

Technical Connection employs experts in over 15 key areas relating to advice, so there’s always guidance available, no matter how specific your case is: “Having a specific thought-leader available for your conversation makes it a much more fulfilling and productive consultation.”

Staying ahead of the curve

A huge part of advisers’ time is spent not only staying up to date with regulatory changes, but also with wider societal and geopolitical issues. A key element of Technical Connection's proposition is the TECHLINK platform, which delivers daily bulletins and updates, keeping advisers abreast of the latest developments.

“We cover all the hot topics. We're continually drip-feeding the knowledge into the profession and providing follow-up guidance on how to apply that knowledge in client scenarios.”

Essentially, TECHLINK gives advisers confidence to have conversations with clients on emerging topics that might affect their financial situation. When it comes to Spring and Autumn Budget Statements, the Technical Connection team stays up round-the-clock to collate a Planner’s Guide to the Budget, which is released within 24 hours of the Chancellor’s announcement.

“We’re up all night – takes me back to my student days! – but we make sure that the analysis is complete so advisers can have conversations with their clients quickly and ensure that all the implications are assessed for their part.”

Driving success through collaboration and innovation

The breadth of Technical Connection spans far wider than just tax, trusts, and pensions. Edward also emphasises a focus on professional development within the financial advice profession:

“We foster a culture of continuous professional development within SJP and the wider marketplace, supporting people to deliver great outcomes for their clients. 25% of our Partners and advisers at SJP are Chartered, and we've also developed an MBA, MSc and PhD with the University of Gloucestershire.”

Beyond this is Technical Connection’s commitment to embracing new technologies and skill sets – such as AI and digital legacy planning – ensuring that advisers are equipped to meet the evolving needs of their clients in a rapidly changing world.

“With developments in AI, people will need new skills to thrive in the financial advice profession. We aim to help people develop those skills. It’s vital that people develop the right skills and knowledge not only for the role they have today, but also the role they’re looking for in the future.”

SJP’s 121 consultancy support is not just a service; it's a catalyst for transformation within the financial advice profession. By offering personalised guidance, staying ahead of regulatory changes, and fostering a culture of professional development, Technical Connection empowers advisers to deliver unparalleled service and value to their clients, shaping the future of financial advice in the UK.