The Future Of Financial Advice - Ian McKenna

In this first episode of our Sense Of Identity Video Podcast, we chatted to Ian McKenna, founder of the Financial Technology Research Centre (FTRC) and Winner of UK Life Insurance Leader of the Year 2022.

Ian discussed his illustrious past in the music industry, why technology is key to the future of financial advice, and the increasing importance of cyber security for financial advisers and providers.

Key Takeaways

• Deepen your understanding of the key differences and similarities between the UK and US markets.
• Learn the importance of a customer-centric approach and how it benefits financial services.
• Discover the crucial role of cybersecurity in financial services and strategies to protect against emerging threats.

Interview Summary

Paul: Welcome Ian, it's a pleasure to have you here. Your transition from the music industry to financial services is quite intriguing. Could you share more about your background in music?

Ian: Certainly, I began as a roadie and then progressed to personal management for various bands and artists. I've witnessed some historic moments in music, such as being involved in the recording of Joan Jett's first solo album and the song "Video Killed The Radio Star."

Paul: That's remarkable! How did you move into financial services?

Ian: It was a deliberate choice. I remember going to a gig of a band I previously worked with and realising that my interest was more in enjoying the music than in the technicalities. My passion is for helping people, so I decided to start what's now known as an IFA.

Paul: What drives your outspoken and resilient character in the financial industry?

Ian: I think it stems from my journalistic nature. I'm driven by a passion for helping people and ensuring that our industry operates as it should, especially regarding claim settlements.

Paul: You often compare the financial markets of the UK and the US. What insights have you gathered?

Ian: While there are some differences, the fundamental needs of clients around the world are the same – protecting their families and planning for the future. The UK is gradually catching up with the US, but there's still some gap.

Paul: What should the financial services sector focus on in the next 12 months to better serve customers?

Ian: Understanding and empathising with customers is crucial. We're seeing a new generation of advisers who prioritise family protection over sales, which is a positive development.

Paul: Your thoughts on cybersecurity in the industry?

Ian: Cybersecurity is of utmost importance. It involves both digital and physical security measures. The key is continuous vigilance and education across the firm. The industry must constantly evolve to effectively combat cyber threats.

Paul: Any advice for your younger self?

Ian: Concentrate on what you can change and don't worry about what you can't. Commitment and enthusiasm can create a substantial impact.

Paul: And a little-known fact about you?

Ian: I have a fascination with transport history, particularly exploring disused tube stations!

Paul: How unique! And your favourite West End show?

Ian: "Rent." I've seen it across three continents and always seize the opportunity to watch it.

Paul: Thank you for sharing your insights, Ian. It's been most enlightening.

Ian: Thank you, Paul. It's been a pleasure.

Reviewed by

Sam Kendall, 07.06.24

Sabrina McClune, 07.06.24