In this exclusive Q&A with Financial Planning Today, Don MacIntyre, the new interim CEO of the Personal Finance Society (PFS), talks to editor Kevin O’Donnell about the recent Festival of Financial Planning, his plans to restore confidence in the body and the road ahead.
FP Today: Don, can you tell me a bit more about your background and how you came to join the PFS? What attracted you to the role?
Don MacIntyre: When approached, I was completing my last role as interim CEO with the UK Cyber Security Council. In initial discussions, the role seemed an exciting task and uniquely had a “startup” feel to the initial project requirements. As the process progressed it struck me as the type of challenge where my experience of working in national and global membership organisations would be well suited. Ultimately, many of the challenges of membership organisations are similar and with the right effort and engagement, I felt able to deliver needed support to a strong and growing profession. In short, it was an opportunity I could not pass up. The thoroughness of the search reflected the importance the PFS board placed on the role in driving the future of the business and the profession.
FPT: The Festival of Financial Planning – held recently at the NEC, Birmingham – attracted nearly 2,500 attendees and was hailed as a success although numbers were a little down on last time’s event which saw 3,300 attend in 2017. Were you pleased with the attendance figures and what were the high points of the event for you?
DM: Very pleased, considering it has been a number of years since the 2017 event. It was a great opportunity for PFS members to move on from the recent years of limited face to face engagement and get together once again at the Festival. The numbers were a clear indication of how an event like this provided a much missed opportunity to network, share good practice and learn from colleagues, exhibitors and speakers. On a personal level, it was an excellent opportunity to speak with practitioners, helping me better understand the importance of the profession, particularly in today’s economic markets. I had many very interesting conversations about the past and future of the PFS, which have been invaluable in helping me form my thoughts.
FPT: Are there plans for another Festival and when might it happen?
DM: I think the success of the Festival in both 2017 and this year is encouraging. Of course, we want to continue hosting many successful events in the future which present the Financial Planning profession in the best possible light, such as the Festival. As with any large scale event, we will need to review and collect feedback before deciding next steps for the Festival. I would expect a large scale event will play an important part in the development of the profession and the Festival should play a role in that.
FPT: How are you settling into the new role, as PFS employee number 1 I believe? (the PFS has previously only shared CII employed staff). How have you found the experience so far and what have you learnt?
DM: It is important to the PFS board that the CEO directly reports to them and is responsible for the development and needs of 40,000+ members. I am proud to be the first official PFS employee and will be building a strong team around me to support that mission. The experience has been positive and challenging in equal measure. Like many of my previous leadership roles, it has required a steep learning curve to understand the task, issues requiring immediate attention and planning for the future. Part of that future is building the profile of the PFS and the professionals it represents alongside a stronger working relationship with the regulator to ensure the profession is supported, trusted and an essential part of a strong economy. There is still much to address but I feel progress is being made with the PFS stabilising and better able to focus on members and their needs.
FPT: It’s no secret that the Personal Finance Society, and its parent body the Chartered Insurance Institute, have had a difficult relationship over the past 24 months, with a number of PFS members in particular unhappy with the way the PFS has been run, specifically its finances. Do you believe the issues have been resolved and, if not, how are you trying to resolve them?
DM: I am aware of the concerns, and they are being addressed. I would say the concerns that I am aware of do not relate to the finances but to our working relationship with the CII. Like the PFS, the CII has also had new leadership, and this has given me and the new CII CEO, Alan Vallance, the opportunity to look at the issues with fresh eyes. Both Alan and I are focused on finding the best way forward and the ongoing discussions with the CII about the nature of our relationship is one of my, and the PFS board’s, top priorities. They are a work in progress, and I am cautiously optimistic about those discussions delivering a solution that works in the best interests of both PFS and CII members. It is important to move on from these challenges. It is essential we move into 2023 building a strong foundation for the PFS and focus on delivering for our members. A healthy and collegiate relationship with the CII will be key in that goal.
FPT: How is the PFS doing in terms of membership numbers? Are numbers up or down compared to 12 month ago and do you plan for membership growth? If so, how will you achieve this? And how are the finances doing?
DM: It is a strength of the PFS that membership numbers are holding steady, to be specific 40,046. Although numbers are stable, growth is not my immediate concern. My focus and priority for 2023 is delivery and stability. The PFS finances are healthy and will be a continued focus for me and the PFS board. Growth will be achieved once we are able to address existing member needs. It is essential the PFS core membership services are stronger. The board and I are focused on building a stable, growing professional body in which members and their clients have confidence. This is not to say that we are not looking at growth. I would expect to begin working and encouraging new entrants to the profession as a priority in 2023 but after we have built a stronger membership delivery platform.
FPT: What are your immediate priorities for the coming months?
DM: At the PFS AGM in September, I promised to get out there and engage with the PFS members in order to better understand their work and priorities. I have already attended a number of regional events and will continue to do so, as well as create other opportunities for members to engage with me directly. Following this, producing a new strategy is one of my main priorities as the interim CEO, covering both how the PFS should be structured and better able to deliver its day-to-day operational functions. In a bigger picture sense, this will also review what the PFS’ core mission should be and how this is delivered.
FPT: How do you view the Financial Planning profession, particularly the Chartered Financial Planners? How many Chartered Planners are there and do you expect this to grow?
DM: Financial Planning has never been as necessary as it is right now, given the current economic and political climate. With so much uncertainty and instability, having a Financial Planner can ensure the level of security and confidence needed when navigating the day-to-day stresses of this cost-of-living crisis. Chartership is an excellent way to reflect the expertise of the Financial Planning profession. We currently have 7,782 Chartered professionals and it is an important qualification that consumers should be more aware of. The PFS has an excellent opportunity to promote and reflect this importance to the consumer when seeking qualified advice and planning. On recruitment, it is no secret that the profession is getting older and that the pipeline of new recruits to replace those retiring is not where it needs to be. I view this as one of the vital challenges facing the Financial Planning profession.
FPT: How would you like the Financial Planning profession to develop and what challenges does it face?
DM: My hope for the future of the profession is to adopt a more proactive approach in promoting itself and the great work of our members to a wider audience. The profession is entering a period where many planners are retiring or about to, so there is a real need to ensure that more people are entering the workforce. Longer-term this is an existential priority for the profession. Elsewhere, the PFS can play a key role in broadening and expanding the client base for Financial Planners by demonstrating how it is a service that can help many more people with life’s big financial challenges.
FPT: What do you like to do in your spare time and do you have a skill or talent few other people know about?
DM: When I was younger, and unusually for an American, I was a passionate rugby player, a sport I have loved. However, after years of abusing my body, I decided to move into coaching with Marlow Rugby Club. More recently, I have gone back to my roots and over the last 5 years I have been coaching American Football, where I have coached various specialties and at U19 and Senior levels and am now head coach for the Hertfordshire Cheetahs Senior Team in the BAFA National Leagues. With a coaching and administrative staff of 12 and more than 60+ players it is not dissimilar to running a small business. We were just one game away from promotion to the Premiership but we were sadly beaten in the final. Besides coaching, I am lucky enough to live by the Thames, in Marlow, and enjoy walking my energetic 2 year old Border Collie, Bertie and my less energetic 10 year old Pug Cross, Maggie.
