October 19, 2023

5 Books Financial Advisers Should Read in 2023

By Patrick Boughton

Financial advisers of all ages and experience levels will benefit from learning about the latest trends, regulations, and best practices. You can expand your knowledge with a mix of courses, events, podcasts, webinars, industry media, and books.

Of course, the best books for UK financial advisers and wealth planners will change from year to year as the industry evolves, but there are some which continue to be held as essential reading as time goes on. You’ll spot some of these stalwarts in our list of the top five books you’ll benefit from reading in 2023.

The Financial Times Guide to Investing by Glen Arnold

Published in 2020, this book is positioned as ‘the definitive companion to investment and the markets’. The author, Glen Arnold, provides a comprehensive overview of the principles of investing, making this a valuable resource for financial advisers looking to enhance their investment knowledge. The updated (fourth edition) version of the bestselling original includes newer insights into the inner workings of stock markets, updated accounting rules and dangers to look out for, more recent FT articles, updated tax rules and rates, and refreshed statistics to illustrate and expand on case studies and examples throughout the book.

 

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

The Psychology of Money looks at the behaviour surrounding financial decision making and helps to make sense of the sometimes-baffling choices people make with their money. Through a collection of short stories and anecdotes, Morgan Housel outlines personal biases, flaws, and attitudes that can impact financial outcomes and (sometimes) work against us. This is a great read for anyone with an interest in finance and/or psychology. It’s especially helpful for financial advisers looking to better understand the decisions they and their clients make.

 

Wealth Management: The Financial Advisor’s Guide to Investing and Managing Your Client’s Assets by Harold Evensky

This book offers practical insights into asset management, portfolio construction, and client relationship management for financial advisers. The author, Harold Evensky, outlines the core tools and knowledge required for running a successful firm, including:

  • identifying the different approaches to portfolio management;
  • establishing effective investment policies and processes;
  • attracting new clients;
  • collecting client data including their goals and attitudes to risk;
  • measuring and managing client expectations.

 

The Rules of Wealth: A Personal Code for Prosperity and Plenty (The Rules Series) by Richard Templar

While not specific to financial advising, this book offers personal finance and wealth building tips that will be useful to both advisers and their clients. We particularly liked the shout-out to a UK financial adviser, Dan Clayden, in the acknowledgments of this one. Richard Templar’s ‘Rules of Wealth’ are the guiding principles that he believes will help anyone to generate more money, handle it wisely, and grow it more effectively. The rules include ‘know the difference between price and value’, ‘decide your attitude to risk’, ‘if you’re going to get financial advice, pay for it’ and ‘think long-term’. In the latest edition of the worldwide bestseller (published in February 2023), the author added ten new rules to ‘make your life even more rewarding’.

 

Advice That Sticks: How to Give Financial Advice That People Will Follow by Moira Somers

Written by a neuropsychologist and financial change expert, Dr Moira Somers, this book examines the five main factors that determine whether a client will follow through with your financial advice. Somers expertly explains the reasons for non-adherence (including the preventable mistakes your team might be making) and offers practical advice that you can use to help your clients to make lasting behavioural changes regarding their finances. The founder of Sudden Money Institute, Susan Bradley, summed it up with her review: “This book brilliantly weaves the science of adherent behaviour into the fabric of advice with a wonderful combination of wisdom, knowledge, and humour”.

What next? The financial industry is constantly evolving, and its essential to stay up to date with the latest trends and regulations. In addition to the books we’ve mentioned here, you’ll also benefit from reading industry-specific publications, attending relevant seminars and events, and engaging in continued education to stay at the forefront of your profession.


Important Information: This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from Clever to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only.

This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. You should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine – together with your own professional advisers if appropriate – if any investment mentioned herein is believed to be suitable. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice.

All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. Issued by Clever Adviser Technology Ltd (Clever), a company registered in England and Wales (company number: 2910523) with registered office at Watergate House, 85 Watergate Street, Chester, Cheshire CH1 2LF.

 

Meet the Author

Patrick Boughton

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