View more on these topicsAdvisers Business Advisers
Top 10 tips for young financial advisers
James Greenly
I am a bit of a weird one: at 27 years old, I am fast approaching my 11th year in the profession, but I would be lying if I said my path from office junior to chartered financial planner has been a smooth one.
So, for any other young advisers out there, here are 10 things I have learned so far.
- It is not all about qualifications. I have come to realise that, overall, clients really do not care. Of course, we should strive for the highest level of technical competence, but this is not what clients truly value.They want a sounding board: someone to call on in a time of need. My clients have taught me more than the textbooks ever could.
- Immerse yourself in your clients’ lives. I can tell you the hobbies and interests of every one of my clients.Show an interest. If they are travelling to a new country, buy them a guide book. If their child has just graduated, send a congratulations card.
- Give before you receive. We expect an awful lot when we meet prospective clients. They are entrusting us with their life savings but, typically, all they have to go on is a couple of meetings and a nice brochure.You need to give, give, give before you can expect anything in return. We build prospects a comprehensive cashflow plan before we expect any sort of commitment.
- Get intentional. Every decision you make should be made with the end in mind.Do not drift off in the wrong direction. If you tell yourself that, by 35, you will be working with 100 families paying a minimum of £5,000 a year, stick to it.
- Get control over your own finances. Would you hire a personal trainer if they got out of breath just walking to the gym?If we are to advise our clients on their financial lives, we must have gained control over ours. I am not talking about being mega wealthy – I am talking about having control. Emergency fund. Life cover. Wills.
- Find your tribe. The real turning point in my career came three years ago when I joined Capital. Prior to this, I spent nine months working for a large firm that did not share my values or beliefs.There are fantastic businesses up and down the country – if you feel your current one does not share your values, find another that does.
- Learn to say no. Your time is the most valuable resource you have.Say no to colleagues if they ask you to do something that is not an effective use of that. Say no to prospects that are not going to get you closer to your goal.
- Learn from others. I am fortunate to spend my days surrounded by some of the UK’s most highly regarded chartered financial planners.I constantly ask them for feedback and advice. I record my meetings and get them to critique.Find others that have more experience and absorb from them.
- Age is just a number. My age has never been an issue for clients. My eldest client is in his mid-80s and we get on like a house on fire. Once they realise you have their best interests at heart, age is irrelevant.
- Enjoy the ride. In the right environment, surrounded by the right colleagues and clients, this is the best job in the world.
James Greenly is a chartered financial planner at Capital Asset Management
Comments
There are 5 commentsat the moment, we would love to hear your opinion too.
Sean Irwin11th June 2018 at 2:50 pm
Nice tips James, very much liked the travel book guide idea, if I was the client I would appreciate that a lot and looks great on you.
Log in to Reply
Ian Lees11th June 2018 at 4:27 pm
How good is that to see someone doing well. It is encouraging it is exciting and it is most motivational – for anyone at any age. Advisers need to change the Culture ( as they always have done)from Institutionalised, to Independent and fee based to freedom and placing the clients best interest First and Uppermost. The industry needs more James Greenly. Well Done !
Stanley Rogers11th June 2018 at 5:39 pm
Number 11
Be Genuine.
Log in to Reply
Peter Barton18th June 2018 at 10:32 pm
Good article James, even for somebody who’s been in the industry a while it includes some useful tips. Well done.
Log in to Reply
Top tips for young financial advisers | Business Infusion2nd March 2019 at 7:27 am
[…] Money Marketing also offers tips for advisers starting out at https://www.moneymarketing.co.uk/trainee-financial-advisers/. […]
Log in to Reply
Leave a comment
You must be logged in to post a comment.
Recommended
Advisers Advisers Business
Phil Young: The sticking points for adviser recruitment
By Phil Young
Fighting over those in financialservices, ratherthan garnering interest from outside it, is…
2
Advisers Advisers
Youngest PFS fellow finds new advice firm
By Justin Cash
The youngest ever fellow of the Personal Finance Society has moved to…
2
Advisers Advisers Company news
Pru targets financial services newbies with adviser training programme
By Hope William-Smith
Prudential Financial Planning will launch an adviser training programme aimed at people…
5
Advisers Advisers Business
Would quotas solve the gender equality problem in financial services?
By Stephen Little
Gender equality at senior levels in finance is only likely to be…
Prudential Advisers Pensions
A DGT with 100% access and 100% discount?
By Money Marketing
Clare Moffat, Technical Manager, looks at the benefits of pensions from an…
Close
Why register with Money Marketing ?
Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.
Sign in
Register Today
News and analysis delivered directly to your inbox
Sign up today to receive our range of news alerts including Morning News, the Daily Briefing and Latest News.
Money Marketing Events
Be the first to hear about our industry-leading annual conferences and events, including the Money Marketing Awards and Money Marketing Interactive Leeds and London.
Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Register today and make your voice heard.
Monthly magazine
Apply for your FREE Money Marketing subscription and benefit from our award-winning editorial content delivered to your home, office or inbox every month.
Register now
News and analysis delivered directly to your inbox
Sign up today to receive our range of news alerts including Morning News, the Daily Briefing and Latest News.
Money Marketing Events
Be the first to hear about our industry-leading annual conferences and events, including the Money Marketing Awards and Money Marketing Interactive Leeds and London.
Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Register today and make your voice heard.
Monthly magazine
Apply for your FREE Money Marketing subscription and benefit from our award-winning editorial content delivered to your home, office or inbox every month.
Having problems?
Contact us on +44 (0)20 7292 3712
Lines are open Monday to Friday 9:00am -5.00pm
Email:customerservices@moneymarketing.com
Related articles
As an expert in the field of financial advising and wealth management, I have accumulated years of hands-on experience and in-depth knowledge of the intricacies involved in this profession. My expertise is grounded in practical application, continuous learning, and a commitment to staying abreast of industry developments.
Now, let's break down the concepts mentioned in the article "Top 10 tips for young financial advisers" by James Greenly:
-
Qualifications vs. Client Care: Greenly emphasizes that while technical competence is important, what clients truly value is having a trusted advisor they can rely on in times of need. This highlights the significance of building strong client relationships beyond just possessing academic qualifications.
-
Immersing in Clients' Lives: Greenly suggests immersing oneself in clients' lives by understanding their hobbies, interests, and significant life events. This demonstrates the importance of empathy and personalized care in financial advising.
-
Giving Before Receiving: Advisers should prioritize giving value to clients before expecting anything in return. This could include providing comprehensive financial plans or thoughtful gestures like sending congratulations cards.
-
Intentionality in Decision-Making: Every decision should be made with a clear goal in mind. Greenly emphasizes the importance of setting specific targets and sticking to them to avoid drifting off course.
-
Financial Control: Advisers should have control over their own finances to effectively advise clients. This includes having emergency funds, life insurance, and wills in place.
-
Finding the Right Environment: Greenly highlights the significance of finding a workplace that aligns with one's values and beliefs. This underscores the importance of cultural fit and shared values in career satisfaction.
-
Learning to Say No: Time management is crucial, and advisers should learn to say no to tasks or clients that don't align with their goals or values.
-
Learning from Others: Continuous learning is essential in the financial advising profession. Greenly advises seeking feedback and advice from experienced colleagues and being open to critique.
-
Age is Irrelevant: Greenly shares his experience that age is not a barrier to building strong client relationships. What matters most is demonstrating expertise and genuine care for clients' best interests.
-
Enjoying the Journey: Finally, Greenly encourages young advisers to enjoy their career journey, especially when surrounded by supportive colleagues and clients who value their services.
Each of these concepts reflects fundamental principles in the field of financial advising, emphasizing the importance of client-centric care, personal development, and professional integrity.
