“Cashflow is another big one for sure as we're in an industry where you meet a client and you might not get or receive any fees from that client for three months after meeting them initially,” he said.
“So from day one, there's a risk that you're not going to have any fees for a while and that's assuming that you meet a client on day one and you convert them and you can help them.”
In terms of diversity and inclusion, what are your thoughts on that in the industry?
Cunningham said in his career so far, he has met some fantastic people from all walks of life, and from all types of backgrounds.
“That can only be a fantastic thing, the more people we have from different backgrounds, the more new ideas, different perspectives, the better,” he said.
“That's going to lead to innovation and that can only be good for client outcomes.”
He said there are some really good kinds of initiatives and companies doing things to help make financial planning more accessible for people so it's going in the right direction.
What is the one book you'd recommend to anyone considering a career as a financial adviser?
As more of a listener than a reader, Cunningham recommended a podcast called The Real Adviser Podcast (Trap).
“The guy that introduced it to me said it's cheat codes for a new adviser and I completely agree,” he said.
“It's really good with four established advisers from different backgrounds and different size businesses.
“They've all got different opinions and it leads to some really healthy debates.”
If you own your own advice firm and would like to get involved with the Coffee Corner interview series, contact Tara O'Connor via email at tara.o'connor@ft.com
