Increasing regulatory compliance and rising back-office costs have prompted many financial advisers to take a greater look at the way in which they run their advisory business. As a result of these increases, we have seen a dramatic surge in advice firms of all sizes approaching and joining the ASHL Group networks.
How long have you been in the financial services industry, and what initially drew you to this profession?
In 1994, I secured a position as a trainee financial adviser with Co-operative Insurance making a significant career shift from a local butcher! Over 30 years later, I am still working within financial planning. I was drawn to the financial services industry as I wanted a challenging career within a dynamic and ever developing sector.
Reflecting on your experience, what significant changes have you observed in the industry since you began your career?
Over the past 30 years in finance, I have seen the industry’s landscape change several times, and this is what makes this career a rewarding one, you must keep up or you’ll get left behind. Compliance and process have always been king, so ensuring your client file is robust and that they fully understand the pros and cons of the advice provided is essential.
If you could go back and advise your younger self when starting out in this field, what key piece of advice would you offer?
Keep yourself organised (Organisation is key when it comes to managing your diary and client expectations) and don’t bite off more than you can chew (It is not a race, pace yourself).
Also, do your charted exams earlier, these exams really boosted my career and gave me more confidence when dealing with clients and complex cases.
What strategies or approaches do you find most effective in building strong, long-term relationships with clients?
First impressions matter…You are providing a professional service. It is not only important to know exactly what you are talking about but also to look professional. I find a strong introduction is key to building a lasting relationship. In this introduction, you should fully explain what financial planning is and how it can benefit the client, while also allowing the client to introduce themselves, their ambitions, and their needs. Needs and wants can often be confused, so it is important to help the client determine what they need from financial planning and what they want.
To maintain a lasting relationship with a client, I find that being present really helps. It is important that the client receives regular updates throughout their financial journey and that they feel comfortable dropping in or sending an email if they have questions or if something has changed.
In your opinion, what are the most pressing challenges facing financial advisers today, and how do you navigate them in your practice?
An aging financial planner population. The average age of a financial planner in the United Kingdom is 58!! This is shocking considering the average UK resident retires around 64/65. Becoming a financial planner does not happen overnight and it can be hard to find trainees that are willing to put in the time to not only understand the complex and dynamic field, but also learn how to deal with clients as being a financial planner means you will spend considerable amounts of time in client facing meetings!
Can you share a particularly memorable success story or client interaction that reaffirmed your commitment to this profession?
Many jump to mind, but any retirement case when the client can achieve their ambition to retire early with sufficient sustainable income to live well always makes me smile.
With the rise of digital tools and platforms, how do you integrate technology into your advisory services?
When I started it was all paper, and over the years I have watched the industry become digitalised, which has greatly improved the ability to provide robust advice. Remote facilities have been available for years but were rarely used. In 2020, COVID made us rethink how we give advice and how we could complete annual reviews and that is when technologies like Zoom and Teams were really embraced.
We also use many digital tools to help visualise and forecast client recommendations and portfolios. Technology has greatly improved security, files and paperwork no longer rest for an eternity in a filing cabinet, but now instead be stored digitally where they can be accessed and shared securely.
What do you see as the key issue on the horizon for the industry?
Consumer duty will no doubt evolve, but the regulators need to engage with key stakeholders such as the client, the planner, and admin staff in the process. Regulation is great and important to protect but can be frustrating when the client doesn’t see the benefit.
How will you leave your mark? (Either professionally or personally)
I would love my business to continue in the hand of those I trained. All the staff that work at Scott Fyffe Wealth Management have worked and trained with me to develop their careers to where they are now. I would love them to continue the brand I have developed and expand it!
And we end on perhaps the most important question…
What's your go-to Karaoke song?
“White Wedding” by Billy Idol.
#BuildingValue
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