I have known for years that it’s fair to say Financial Services may, generally speaking, be a dull subject to many and that is exactly why I embarked on Paul Armson’s Inspired Advisers lifestyle financial planning journey.
It was an absolute game changer when I began being an adviser and helped me shift the focus to being client goal orientated rather than provider product orientated. I have joked regularly with clients, that a financial planning experience won’t reach the heights of going on an around the world trip of a lifetime however, a conversation this week reminded me that we’ve got to make the experience as engaging as is possible.
A FRIENDLY FRIEND’S ADVICE
This particular point came up in discussion recently with a friend who told me that if indeed he had a financial adviser who spoke to him about tax wrappers, saving more, tax this, tax that and hoping for some kind of excited reaction then he explained he would be completely dis-engaged – from the off! My friend expressed this another way however we’ll keep the blog safe for children’s eyes. He then went on to tell me what he would be engaged in and it’s a well timed reminder of what I know already – all if his points were aims/objectives and goal based and if we are ever going to capture a client’s imagination and perhaps more importantly, their attention, then the whole experience must be centred around them.
WHAT ARE OUR CLIENT’S GOALS?
We are taught to complete fact-finds and they are required documents, in fact crucial however, it’s skilled conversation of “soft facts” that are the key and this then gives us the chance to really get “under the skin” as it were and then get the important and engaging matters, such as: I want to buy a home in the south of France, I want to retire earlier than I planned, how do I fund protection through my business? how do I buy my company premises? I want to change the car every 3 years and go on two holidays a year….
You get the point, these objectives are all goal based, yes some of these goals may then be achieved by utilising financial wrappers but they are just tools to get the job done and let’s just say it, they are unexciting tools however, changing people’s financial lives and understanding what makes them tick – sexy wealth management……. I’ll leave that for you to decide but it beats the hell out of talking about products and funds and as my friend admitted – losing his attention from the off.