“There needs to be more of a focus on how we can help young people build a financial plan.
“With the cost of living crisis and asset prices rising there has never been a more important time for robust financial planning.
“It is about trying to see where they are at in ways they are used to, this could be with subscription models rather than fee charging models.
“They could pick and choose the type of content they want. It could get people engaged at a younger age without the traditional products.”
He said this is something he would consider doing but the idea is still in its early stages.
Is there anything from your sports career which helps with your work now?
When setting up a business, Reed said the ability of quick thinking honed in by cricket has been useful.
Also, when he was forced to unexpectedly change career he learnt how important it was to have a form of salary protection.
He said: “The Professional Cricketers Association have in place a group income protection policy so I was fortunate enough to have kick started my career in financial advice with 75 per cent of my £25,000 a year junior county cricketer salary.
“I have used my experience with having that level of financial support to have conversations with people about their protection needs.”
What would you say to someone thinking of setting up their own advice firm?
“I would say they need to have a clear two, five and 10-year plan,” said Reed.
“In the first two years you have to get comfortable with your own ways of working.
“In five years you should know what you want it to look like long-term so you can identify and segment the types of client you want to build the business for.
“You need a 10-year mindset or moving target in terms of knowing what you want the succession of the business to be.”
When asked about the 10 year plan for his business, Reed said he still wants to be advising clients himself.
“While it is important for me being the master of my own destiny I enjoy time with clients more than working on the business,” he said.
“I want to grow to have a 10 person business with two or three advisers but my goal isn’t to stop advising clients myself.”
If you own your own advice firm and would like to feature in the Coffee Corner interview series, get in touch at tara.o’connor@ft.com.
