Leading consultant Roderic Rennison talks through his keys to winning new clients and learning to listen ahead of his appearance at the flagship Money Marketing Interactive Conference.
What are the keys to winning over more consumers to start seeking advice?
Relevance, clarity and accessibility. Financial planners need to demonstrate the relevance of financial planning to their chosen consumer segment(s). They also need to ensure that what they say and write is simple to understand and stripped of jargon. They then need to ensure that they provide access to advice in ways that consumers want, not how they as advisers want; this means offering a variety of access routes – via the phone and online, not just face to face.
What do we need to do to improve financial literacy in the UK?
Work better and more effectively with schools, colleges and universities to engage with students in a both structured and engaging ways to build interest and knowledge of financial planning as an activity that everyone should engage in.
How can advisers best show their fees are worth it?
Clearly articulate what they do and how they do it; this starts with having a well-designed website and, in particular, being open and forthcoming about their charges.
What should we be doing to get more new advisers into the profession?
More of what has started to happen – promoting financial planning to both school leavers and graduates as an exciting and fulfilling profession. To succeed, more intermediaries need to set up suitable training schemes with thought through contracts and with appropriate levels of resources.
What is the one key skill all aspiring advisers should learn?
Listening. If aspiring advisers learn this skill and develop their capability, they will have better and deeper client relationships – and also better ones with their colleagues too.