Citywealth Leaders List, 60 seconds interview – Liz Field
This week’s 60 seconds Citywealth Leaders List interview is dedicated to Liz Field, CEO of the Trade Association for wealth management, financial advice and planning – PIMFA.
Tell Citywealth readers a bit about your role.
I am CEO of the Trade Association for wealth management, financial advice and planning – PIMFA. This basically means we horizon scan for challenges for the industry, whether that is regulation, policy or otherwise and go into bat for them with the FCA, HMT, HMRC along with other government departments and other stakeholders such as Financial Ombudsman and Financial Services Compensation Scheme. We also look at other challenges such as technology, operations and people challenges e.g. talent shortages in the profession.
What does a typical day look like for you?
I do not have a typical day. As CEO, that means I am also a player manager on occasions, especially where advocacy is concerned. My day will consist of meetings with my team, with key stakeholders, roundtables with the Financial Regulator or a trip into Whitehall. I carve out time to do strategic thinking as I am also running a business and preparing Board papers is also part of the norm. And crucially, I meet with members either collectively or 1:1 to manage relationships and hear their concerns.
Tell us about some recent, interesting client instructions/requests you have received.
We have an annual cohort that forms a committee called the Leading Lights committee, which consists of rising talent in the industry, who work together to do primary and secondary research on industry challenges. I play an active role in this committee, now in its 9th year. One of the topics this year is the psychological barriers to investing and I need to think of a subject matter expert to come and talk to them as part of their work. Another recent request was convening a meeting of firms with the regulator to look at how firms are using AI in their businesses. It’s fascinating to see the future developments in this space.
What challenges do your clients face and how are you helping your clients to overcome them?
There are many regulatory challenges including embedding a huge piece of Regulatory Change legislation called Consumer Duty, with an increasing focus on Client Vulnerability, costs and charges, and involving several data requests. This increases costs for firms. Increasing the use of technology, digitisation and AI is also a challenge. Our core work involves regulatory and policy analysis, influence and advocacy, guidance, learning, roundtables, create connections, which ultimately safeguards the industry. It is an eco-system of activity where one feeds into the other and vice versa. Ultimately, our firms are small businesses compared to the major institutions in the broader financial services sector, so our support and work is focused and timely.
What is your proudest professional achievement?
A couple – early in my career I was establishing the first apprenticeships accredited in the sector – providing non-traditional pathways into the profession that gave options and access to younger people. These are still important today to foster inclusion in our industry. Also, our first women’s symposium a couple of years ago when I realised we were on to something – we have just completed our third – 50 sessions, 95 speakers and 600 delegates. This is a forum to bring predominantly women and male allies together to learn, connect, share experiences and drive change into organisations based on mutual understanding. The ripple effect has been astounding in terms of motivation, confidence, and initiatives which will impact culture positively. The more inclusive we are as an industry reflecting our client base (70% of wealth will transfer to women), the more relevant we will remain. Ultimately both promotes the sector as a career of choice and a place to do business.
What do you consider to be the most important attributes for a leader?
Emotional intelligence, listening, collaboration, ability to make tough decisions and coaching.
Who do you most admire and why?
I have come across many people in my career, who have supported me, who are great thinkers, mentor and business people. If I was to choose one; it’s my Mum. She was a working mother, supported my father through his army career, and taught me to be true to myself. Unfortunately, she now has vascular dementia, but I still occasionally see that grit and determination that I grew up with and which she passed to me.
Where was the last place you travelled to for work or pleasure?
I went to Thailand. What an amazing place. Culture, people, food. I loved every bit of it.
If you weren’t in this industry, what else might you be doing?
I’ve been in this industry for over 30 years now and still believe in its ability to do good; building resilience in individuals and families, educating people about their finances and options. If I wasn’t doing this, I would be running a leadership coaching practice, enabling future and existing leaders to navigate an increasingly complex working world.
How do you relax after a long day?
I go for a walk and I get into my garden. Basically, fresh air, wind, rain or shine.
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