Care is a critical element for financial planners to help differentiate, to scale up, to meet regulation, yet it is not a named factor when talking about the skill sets or soft skills of the advisory profession itself.
Even as I write this I am convinced many planners would have associated the word ‘care’ with long-term elderly care.
At the CISI Accredited Firm Conference, Sarah and Andrew Elson, co-founders of Berry & Oak Chartered Financial Planners, presented care as one of their firm's central propositions – it was so simple and clever.
Their business is based on care for their team, each other, the community, the profession, their clients – in no particular order but as a basis for ensuring quality in their processes.
From their 'fit to fly' policy in ensuring simple things are ready for the client meeting – fresh water on the table, pens and pads in the room – to gaining client feedback and their own internal measures. Andrew went on to explain that if you care, you have passion, and then you can improve and grow.
Again, a simple concept but think how much better businesses and services would be, and therefore happier teams, if care was the core word of the business.
Marketing differentiators are undoubtedly when businesses listen to their clients’ feedback, constructive criticism, as well as praise.
I wonder how many businesses speak to their clients to understand their experience with their firm.
Planners and advisers talk to their clients every day of the week.
It is listening to what those clients say, and caring what you mean to them, that should translate into your marketing material, so that you are in different category.
A recent speech from Sheldon Mills, executive director – consumers and competition at the FCA, reinforced their view that firms should be putting clients front and centre and in May 2022, Mills paid tribute to the ‘consumer care’ that the sector demonstrated throughout the pandemic.
The new consumer duty again reinforces firms need to evidence this approach.
How to evidence ‘care’
Lamb Financial has a simple 10-question test on their website for clients to examine their understanding of their financial position.
Using this at the beginning of their client process and then after the plan enables their clients to easily demonstrate the firm’s value, encouraging this transparent assessment of planning because they care.
RQ has launched their ecosystem to enable different professions (accountants, lawyers, planners) to seamlessly put the client to the central proposition, to share information and meetings so that the client can have the best advice.
If ‘care’ is at the forefront of your business, how can joint servicing not be a good idea?
Why would an accountant not want to find their client the best planning advice?
Some clients will already have relationships with other professionals they won’t wish to change, but actively demonstrating a willingness to work with other professionals again evidences how the clients needs are central to your service. Not difficult but again, just a bit more care.
