“You’ve got to know what you want and you can then sort of plan a business around it.”
Patel used to work with clients in person but the coronavirus pandemic meant meetings had to go online. Now she does a bit of both and working online means she can work with clients across the country.
She added: “I spoke to a guy this week who said he had an opportunity to set up on his own and I said he'd never look back.”
Patel said freedom of choice and autonomy were the main benefits of running your own firm.
What can be done to promote the industry to future financial advisers?
As an Asian woman in financial advice, Patel said she is still in the minority and thinks there is more work to be done to promote the profession.
“Women are still a minority in the industry and particularly being a person of colour there are very few of us and we need to encourage more people to join,” she said.
“When I was growing up in Asian culture being a doctor, dentist or lawyer was always the go-to route. Financial planning wasn’t even mentioned.”
Patel said the industry still doesn't have the profile it deserves and thinks the perception of it can sometimes be wrong.
She recently spoke at a school about advice as a career and thinks this is the best way to reach the next generation.
“There's not enough known about the career so I try to get out and about to grow awareness of what a fulfilling role it can be,” said Patel.
“There can be a stereotypical view that it is just about selling products to get a commission and it's just not like that anymore.”
She said more trainee roles for people to get into the profession would encourage diversify the workforce.
If you own your own advice firm and would like to feature in the Coffee Corner interview series, get in touch at tara.o’connor@ft.com
