After nearly four decades in financial services, Sesame Network distribution director Toni Smith still believes technology should make advisers stronger, not replace them.
When Toni Smith joined Allied Dunbar in August 1987, financial services looked very different.
Mortgage sourcing systems did not exist. Advisers relied on rate books the size of telephone directories. Customer files were stored in cabinets. Compliance was a fraction of what it is today and the idea of artificial intelligence helping advisers serve clients would have sounded like science fiction.
Smith had not even planned a career in financial services. Having studied French, German and English at A-level, university seemed the natural next step. Instead, a temporary role at Allied Dunbar’s vast Swindon headquarters changed everything.
“My cousin worked there and told me it was a fantastic employer,” she recalls. “I did some temporary work during the Easter holidays, applied for a role and joined on 10 August 1987.
“I’ve never regretted it.”
Nearly four decades later, Smith has become one of the most respected figures in mortgage and protection distribution, holding senior leadership positions at First Complete, PRIMIS Mortgage Network and now Sesame Network, where she now serves as network distribution director.
It has been a career that has spanned virtually every major shift in the intermediary market, from the rise of mortgage sourcing technology and network distribution through to Consumer Duty and now artificial intelligence.
Yet despite the transformation around her, Smith remains convinced that one thing has not changed.
People still need advice. And they need advisers.
THE ACCIDENTAL CAREER
Looking back, Smith laughs at how little her education pointed towards financial services. Foreign languages and literature are not the obvious foundations for a career spent leading some of the UK’s largest intermediary businesses, but she quickly found something that would define her professional life.
“Not at all,” she says when asked if she regrets bypassing university. “I feel like I found my niche.
“My currency in life is people. I’ve met some incredible people throughout my career and that’s what I’ve always enjoyed most.”
That emphasis on people remains central to how she views the advice profession today.
Indeed, Smith goes further than many industry leaders and describes advisers as the “fourth emergency service”.
At first glance that might sound like an exaggeration but to Smith it is simply reality.
“I genuinely see advisers as the fourth emergency service,” she says. “They help people through some of the most important and stressful moments of their lives.
“Whether it’s buying a first home, protecting their family, dealing with illness, separation or financial uncertainty, advisers are often there when people need help most.”
That belief also explains her biggest concern about the future. Not regulation. Not interest rates. Not technology. But people.
TALENT CHALLENGE
For all the discussion about artificial intelligence, Consumer Duty and market consolidation, Smith believes the greatest long-term threat facing the intermediary profession is attracting the next generation.
“The biggest concern I have is that not enough younger people are choosing intermediary advice as a career path,” she says.
“We’ve got a huge job to do to attract younger people and qualified people into this industry. What advisers do for society is fantastic and I don’t think we talk about that enough.”
It is a theme she returns to repeatedly. While financial services has become increasingly professionalised, the sector still struggles to present itself as an attractive career destination for younger workers. And that’s a challenge that becomes even more significant as experienced advisers approach retirement.
“We need new people entering the profession,” Smith says. “Whenever I meet young people I’m probably quite boring because I’m always talking about this industry and encouraging people to consider it as a career.”
Her enthusiasm is genuine and understandable. Few sectors allow people to build long-term relationships with clients while helping them navigate major life decisions. Yet Smith believes the industry itself often fails to tell that story effectively.
THE BURDEN AND BENEFIT OF REGULATION
The intermediary sector has spent much of the past two decades adapting to an increasingly demanding regulatory environment.
Consumer Duty represents the latest evolution of that journey. Has it improved customer outcomes? Or simply increased costs?
Smith’s answer is straightforward. Both.
“I don’t think there’s an either-or answer,” she says. “I genuinely believe the increased focus from the regulator has improved customer outcomes and I’m fully supportive of that. But we also can’t ignore the fact that regulation has increased costs.”
For networks, clubs and directly authorised firms alike, compliance has become a major operational consideration.
Yet Smith believes the industry must resist the temptation to view regulation solely through the lens of cost.
“The focus has to remain on the consumer,” she says. “If firms choose to work with you, that’s a significant decision. You need to be offering the right support, the right service and the right outcomes rather than simply competing on price.”
TECH TRANSFORMATION
Few people have witnessed the industry’s technological transformation as closely as Smith.
Indeed, she remembers a time before sourcing systems, before customer relationship management platforms and before digital applications.
“Thank goodness those days are behind us,” she laughs. “We had filing cabinets, microfiche records and mortgage rate books that were literally like the Yellow Pages. Brokers had to sit there and manually work through them.”
Technology has undoubtedly improved efficiency. But it has also created a new debate.
If artificial intelligence can automate administrative tasks, analyse data and even draft communications, what role remains for advisers?
Smith believes the answer is simple. The human role.
“I see technology as making advisers bionic, not robotic,” she says. “Technology should enhance capability. I don’t believe in a future of robotic advice.”
While AI can improve efficiency, she argues there are aspects of advice that should never be automated. And chief among them is customer interaction.
“I still believe that most customers don’t know what the best whole-of-market solution is for them,” she says. “There are intermediary-only lenders that consumers can’t access directly. There are protection needs that often aren’t identified. The conversation with the customer remains critical.”
For Smith, the real opportunity lies in removing administrative burdens so advisers can spend more time doing what they do best: helping people.
PROTECTION MATTERS
Few subjects generate more frustration for Smith than the UK’s persistent protection gap.
Despite decades of industry discussion, millions of households remain underinsured. The reasons, she believes, are surprisingly simple. Not enough people are talking about it.
“We don’t discuss the protection gap in wider society nearly enough,” she says. “There are thousands of advisers out there having those conversations every day. But when you compare that to the size of the UK population, the reach isn’t nearly enough.”
She believes providers, distributors and trade bodies all have a role to play. After all, protection remains one of the few financial products where the consequences of inaction can be devastating.
“People don’t like talking about it because it’s uncomfortable,” she says. “But the reality is that people become ill, people lose income and people die. The worst stories in our industry aren’t when somebody buys protection. The worst stories are when somebody doesn’t.”
Her conviction reflects a broader philosophy. Advice is not simply about arranging products but about helping customers understand risks they may otherwise ignore.
DISTRIBUTION LANDSCAPE
The intermediary landscape has changed dramatically during Smith’s career and one of the biggest shifts has been the growth of network distribution.
Today, increasing numbers of firms are choosing network support rather than operating directly authorised businesses and Smith believes there remains a misunderstanding about what networks actually provide.
“I think networks are sometimes underestimated,” she says. “We’re seeing more firms choosing network models because they recognise the value of support, guidance and expertise.”
That support extends far beyond compliance. It includes technical expertise, lender relationships, product support, training and business development.
And most importantly, she argues, it provides reassurance.
“Sometimes running a directly authorised firm can be quite lonely,” she says. Networks help firms navigate change and complexity.”
The trend appears to be continuing. Sesame has already welcomed 169 advisers during 2026 and while growth remains important, it’s certainly not at any cost.
“Success looks different for every firm,” she says. “Some want rapid growth. Others want stability and a good quality of life. Our role is helping firms achieve whatever success looks like for them.”
CRISIS, WHAT CRISIS?
Over the course of her career, Smith has experienced almost every major disruption the financial services industry has faced. The endowment crisis; the dot-com crash; the global financial crisis; the Mortgage Market Review; Brexit and of course Covid.
And now a market grappling with inflationary pressures, geopolitical uncertainty and technological disruption.
So is today’s environment the most challenging she has encountered?
Not quite.
“I think Covid was genuinely unprecedented,” she says. “The housing market effectively stopped. None of us had experienced anything like that before.”
The credit crunch runs a close second. Watching lenders disappear almost overnight remains one of the most extraordinary periods of her career.
Yet despite current challenges, Smith remains optimistic.
“I think we’ve got great businesses. I think we’ve got great leadership. And I think we’ve got strong trade bodies helping guide the industry.”
Smith’s experience is telling. Indeed, in her view every crisis eventually passes; every disruption eventually becomes normal and every technological revolution ultimately serves people rather than replacing them.
Which brings Smith back to the lesson she has learned over nearly four decades. Technology will continue to evolve. Regulation will continue to change. Markets will continue to rise and fall. But the need for trusted human advice remains remarkably constant.
After 39 years in financial services, Toni Smith is more convinced of that than ever.
And in an industry increasingly focused on automation, that belief may prove more valuable than any technology.
