Snapshot of your Profession

Insights from the Latest ‘State of the Nation’ Report from the Langcat

In the fast-moving world of financial planning, staying ahead of change is essential. Steve Nelson, Insight Director at the Langcat, recently shared some thought-provoking findings from his latest ‘State of the Nation’ report. Here are a few of the key takeaways and trends that stood out.

Paraplanners: More Than a Stepping Stone

One of the most striking insights was the sense of commitment among paraplanners. Nearly half of those surveyed said they’d prefer to remain in their current roles rather than move into adviser positions. This represents a real shift in mindset—challenging the old assumption that paraplanning is simply a route to becoming an adviser. It’s clear that many now view it as a fulfilling, long-term career in its own right.

AI on the Rise — With a Word of Caution

Unsurprisingly, artificial intelligence continues to generate buzz. Around 30% of advice firms are already using AI or plan to do so within the next year. While there’s plenty of enthusiasm around its potential, Steve was careful to add a word of caution. It’s crucial, he said, that firms understand the tools they’re adopting and take data security seriously before embedding AI too deeply into their processes.

Client Satisfaction Is Strong — But Friction Remains

The report found that satisfaction levels among clients are high when it comes to working with financial advisers. That’s great news. However, the wider industry still has some work to do—particularly when it comes to the slow and sometimes clunky flow of client information. This is where even excellent client service can be undermined by inefficient systems.

Industry Growing Pains

Despite many positive signs, advisers continue to wrestle with longstanding frustrations. Top of the list? Provider inefficiencies—especially when it comes to processing transfers. Steve flagged this as a major pain point that can seriously disrupt the client experience and eat into adviser productivity.

From Product-Led to People-Led Advice

One of the most encouraging trends has been the shift towards a more behaviourally focused approach to advice. Increasingly, firms are moving away from simply recommending products and instead focusing on helping clients change their financial behaviours over time. Steve believes this evolution will continue, with technology playing a bigger part in delivering more tailored and engaging advice.

Final Thought: A Sector Full of Possibility

There’s no doubt the profession is at an interesting crossroads. The challenges are real—but so are the opportunities. As new technology continues to develop and client expectations evolve, financial planners are in a strong position to deliver more meaningful, human advice. For those willing to adapt and innovate, the future looks bright.