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The Key to Client Retention

by Brett Davidson on 04·05·2023

This is a guest blog from Brett Davidson of FP Advance as part of a series of blog posts in which we examine and unpack some of the common areas of practice management, which financial advisers, who are often also business owners, need to act upon on as they strive to build and run a world class financial advice practice and deliver a superior client experience. Brett Davidson is the Founder of FP Advance and the Uncover Your Business Potential programme. He helps great financial planners become great business people, so they can stay in love with their business and fulfil their potential.

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Telling a client how to spend their money might make them a better client for you

by Jill Chadburn on 06·04·2023

As a financial adviser it is your job to get to know your client and this is normally done via factfinding. Given that you must prove how your recommendations might impact the client’s financial situation, you need to know a lot about a client’s income and expenditure. A client’s income is very black and white, whereas how you categorise expenditure is a very grey area, as it is all down to people’s perspective.

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How to use annual review reports to enhance the client experience and give them peace of mind.

by Rory Brazil on 15·11·2022

As more and more advisers shift their focus away from products and more towards a broader and more holistic financial planning proposition, the profile of their income is also shifting from a reliance on initial commissions to a more valuable recurring income stream. To justify this recurring income stream, regular review meetings and how advisers engage with clients are becoming far more important events.

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The Importance of Processes and How to Create a Process Map

by Emma Bond on 04·11·2022

When I speak to firms who are joining The Timebank, one of the most frequent questions or areas they need help with is processes and procedures and how to document these. Ideally, we slot seamlessly into our client’s existing processes but the act of outsourcing part of their business brings the realisation there are no formal arrangements in place. For smaller firms or brokers used to working on their own, they may say they do not even have informal arrangements in place. Instead, they sort of know what each person is doing. At The Timebank we are in a unique position where we interact with many firms with a variety of sizes and structures, and we are lucky to come across many different examples of processes and procedures, what works well and what works not so well!

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Top Gear

by on 21·10·2022

Most people are familiar with the TV show Top Gear – aside from the silly pranks, this show reviews the inner-most workings, latest functionality and performance of the modern cars hitting the market. From a Lamborghini to a Lada, from a Porsche to a Peugeot, from a Bentley to a Beatle and from a Rolls Royce to a Robin Reliant, they all have their different attributes, styles, functions and capabilities, but essentially, they are all still a car – they all have wheels, a chassis, an engine, a steering wheel and brakes, etc, (although, not my Austin Metro that I bought for €50!) in order to perform a function of getting you from A to B.

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Some personal experiences that might be useful for you when dealing with bereaved clients.

by Ruth Matthews on 10·10·2022

Factfinding helps to understand what is motivating a client; their fears or their goals. Sometimes, however, you need to use fact finding skills to understand how something unexpected could impact a clients’ plans and how you can be more than just their adviser. In this article, Ruth shares some personal experiences that might be useful for you when dealing with bereaved clients.

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Let's Talk Protection.

by on 05·10·2022

We probably all know someone who has been affected by Covid-19 over the last few years. Whether that be a change to employment, ill health, or the loss of a loved one. All of which can affect one’s financial security leading to difficulties in meeting mortgage or rent payments, putting food on the table, or payment of bills.

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Climate Risk - Sustainable Finance Disclosure Regulation (‘SFDR’)

by Rory Brazil on 28·09·2022

The SFDR applies to all Financial Planners from the 10 March 2022 who are: • Insurance Brokers who provide insurance advice with regard to IBIPs. • Investment Brokers who provide investment advice (through providers) to both retail and professional investors. The rules apply to all financial products, including IBIPs, portfolio management, pension products and pan-European Personal Pension Products (‘PEPPs’), regardless of whether they are designed as “green” products with an ESG profile. Financial Planners who provide advice on IBIPs, and investment firms that provide investment advice, are required to consider and factor in sustainability risks in their advice process, and to provide information in accordance with the SFDR, both at entity level (on their website) and at product level (at pre-contractual stage).

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