Scott Stevens

Head of Recruitment & Acquisitions

29 September 2020

Happiness and subjective well-being involves having mastery over the things that you are required to do, autonomy and choice in your life and positive human relationships often driven by a strong sense of purpose.

Einstein said, ‘strive not to be a success, but to be of value’, and being valuable is a synonym of purposeful. Whilst not everyone may have defined goals, everyone can probably articulate their purpose.

That purpose may well involve the people in your life, your colleagues and friends, those you love and those that love you. It may well involve mastery over the things that you do. Being good at your work, your pursuits and your roles in life. It may well involve having autonomy and the freedom to make choices.

We have purpose as individuals and businesses need purpose. If I asked an adviser why they were in business I doubt any of them would say so that I can maintain a position on the hedonic treadmill of purchasing and materialism. To buy things I don’t need, maybe with money I don’t have to impress people I don’t like! We all ignore purpose at our peril.

With many advisers in their mid to late fifties, there is much talk about the advisory profession getting older and the need to attract younger talent. Indeed, I have been one of the biggest exponents of this problem. However, our recent research suggests that this is the age at which people can produce some of their most creative work.

A study of Nobel prize winners found that there were two peaks of creativity. The first between the ages of 25 and 29 and a second around the age of 57. The younger innovators, the researchers categorised as ‘conceptual.’ They challenge conventional wisdom with ‘out of the box’ thinking. They see very early how things can be done differently.

The older innovators were categorised as ‘experimental’. Having accumulated years of knowledge and experience throughout their careers they can now analyse that knowledge to then come up with new ways of thinking.

So, your mid to late fifties can be a purposeful time when you not only have high levels of mastery and autonomy, but you could also be producing some of your most creative work and enjoying the most fulfilling time in your career.

Retirement should be seen a series of transitions rather than an event and that advisers at coming up to retirement age should stop and think about how they can produce some of their most valuable and impactful work.

As well as attracting the young conceptual thinkers, the profession also needs to retain the older experimental innovators.

Scott Stevens is director of recruitment and acquisitions for Quilter Financial Planning.

This column first appeared on FT Adviser 5th August 2020.

Notes to Editors

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

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Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Registered number: 6404270.  Registered in England.