Ahead of speaking at Money Marketing Interactive in May, First Wealth partner Claire Phillips talks financial planning tech tools and the importance of advisers sharing best practice
On a scale of one to 10, how optimistic are you about the advice market for 2018?
Ten, based on the number of referrals we’ve received so far this year at First Wealth.
Five, based on the new rules and regulations coming out, for example Mifid II and GDPR, because it just makes things that bit more time consuming. For example, explaining to someone why they need a legal entity identifier and why we can’t apply for it for them.
How important is it for the advice community to share best practice?
Vital. We can’t call ourselves a profession if we don’t share best practice. After all, who wouldn’t want to improve and offer the best they can to clients? We do it internally at First Wealth and externally I see a lot being shared on Twitter and at conferences.
What’s your favourite tech tool?
It has to be planning platform Voyant – it is so powerful. It allows me to sense check my thinking and gives me confidence when presenting to clients. Clients are often blown away by what we show them. For many it’s the first time they have understood the value of their assets in terms of what it means to them – can they live the lifestyle they want without the fear of running out of money and if not, what can be done to help them get there. It provides much needed clarity and you get stronger relationships because clients can see clearly why we ask them to do something, for example, save more into a pension.
Who would be your perfect client, and who would be a nightmare one?
Perfect: Someone who is willing to listen, be open and collaborate, will ask intelligent questions about their position and are in for the journey. Someone who sees the benefits of lifestyle financial planning and the longer-term nature of many investments and pensions.
Nightmare: Someone who says they get the process and the long-term nature of things but then is on the phone every time there is the smallest drop in value, or asking us to look into every idea put forward by the financial press, even though they are patently high-risk and unsuitable. Also, those that sadly won’t face up to reality – they aren’t going to achieve what they want unless they make some serious changes to their investments or pensions and financial habits.
Phillips is speaking at the session on winning the next generation of clients at 16:10. To register your interest for Money Marketing Interactive, click here.