In the dynamic world of financial planning, the ability to convert client meetings into lasting, fee paying relationships is a skill that sets successful planners apart. Beyond merely offering services, financial planners have the opportunity to inspire and guide individuals towards financial well-being, upholding relationships which can last for generations!!
So, what is the secret to their success? Are you born with the gift of the gab, the innate ability to get people to trust in you and make a lasting impression? Or is it something that is learnt, developed, and perfected over many months, or years of experience?
Last week, I caught up with Calum Scott BA(Hons) DipPFS , IFA and co-founder of Libertas Financial Management Ltd. Calum is a shining example of a brilliant financial planner. Based in Scotland, he shared how he can confidently convert between 80-90% of his first initial meetings to fee paying and long-lasting clients.
His secret?
Really getting to know the individual in front of you, without trying to fact find and get all their information at the beginning. Asking them the simple question of what it is they want to achieve? Yes, you can make some notes here and there but generally, making them feel heard is really what matters here. Being able to understand what they want out of life and giving them realistic expectations of what that is going to look like for them.
Once he has a clear understanding of what his clients wants and needs are, he then creates a proposal with all their targets, timelines and objectives, making it really clear for the client. This proposal will include an X, Y and Z of how Calum plans to help them reach their goals. It’s also about giving them advice on any extra recommendations the adviser can give at this stage to build that personalised rapport and trust with the client.
“This process has worked really well for us, because we are not doing all the work for the client to then turn around and say no, we don’t want to go ahead with that… because our time is precious at the end of the day! But equally, this process allows us to give something tangible to our clients, to show them that we have done the work! To be able to say, this is our proposal and this is our fee agreement.”
Once they have signed, that is when he can take things to full advice and actually implement everything.
Tech – Keep up!
Another string to Calum’s bow is keeping up with the times when it comes to tech. He explains why going mostly paperless is best, not just for him and his company, but for his clients as well.
“Where possible, we try to implement these areas for us to be more efficient, but also for it to be slicker at the clients end too.”
So what is this tech? Well, like many others, Calum and his business partners did a lot of research into app development, but the upkeep and cost of it turned out to be far more comprehensive than they first expected. It wasn’t until they came across a company called Moneyinfo that they found a solution to their fintech needs.
The app allows Calum’s clients to be able to easily access their online portal, not just to have an overview of what is happening with their investments, but for personal use as well. For someone with more than one mortgage for example, it’s a great way for them to upload all the paperwork and to have it all in one place. The clients have found this to be extremely beneficial since implementing it in 2022.
We really enjoyed having Calum on the podcast. His passion for clarity and transparency really shone through when it came to his clients. Its clear to see why he has become so successful in just the three years his firm has been open.
Catch his full episode below and keep your eyes peeled for this week’s guest – a powerhouse of energy – she’s one not to miss!
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