These are the best contributions the Bank of England can make to the good of the people of the United Kingdom. **************************** Ultimately, the prosperity of the UK will reflect not just the final Brexit arrangements but also the government’s fiscal and structural policies. The first speaker at this conference is the best placed to address these topics. It could, however, have been very different. As some of you may know, the Prime Minister began her career as a new graduate at the Bank before leaving after six years to pursue other interests – ultimately politics. Whilst at the Bank, the Prime Minister worked in the Economic Intelligence Department – then the cutting edge of our activities. During her time she accomplished great things and was destined for much more. Just imagine what could have become of your career, Prime Minister, if you had stayed at the Bank: you could have been in Fishmongers Hall…  5  All speeches are available online at www.bankofengland.co.uk/speeches  5  Instead you came here by a road less travelled. Theresa May was elected as MP for Maidenhead in 1997, just as the Bank was getting to grips with its newfound monetary policy independence. She held a number of positions in the shadow cabinets of a string of opposition leaders and served as the Chair of the Conservative Party. After the formation of the coalition government in 2010, she would become the longestserving Home Secretary in over 60 years.
The final destination of these transformative efforts, however, will always remain the same – the building, preserving and strengthening of trust between adviser and consumer. That said, I would next like to share and elaborate on what I believe are three core features of a trusted adviser – professionalism, independence and adaptability. Elevating professionalism Professionalism is first and foremost about being customer-centric. Nurturing strong relationships with customers is key. Technology can be leveraged. Digital interfaces can help provide a more seamless customer experience. Big data may yield insights for anticipating customer needs. However, technology is ultimately only an enabler. It should seek to amplify the human touch, not diminish it. In the business of trust, no algorithm can replace a smile, a handshake or a chat over coffee. Professionalism is also about competence. Being qualified is a starting point. But to remain relevant, it is important that financial advisers continuously strive to keep up with the latest developments. In this regard, continuous professional development is critical. Learning events such as today’s conference are certainly useful and I would like to congratulate the Association for organizing these learning events. In addition, professionalism is about character – it embodies the highest standards of integrity, ethics and responsible conduct. This is what I believe differentiates a trusted adviser from a merely reliable one. One way of achieving this is by holding financial advisers accountable to a strong code of ethics.