They can cover a range of topics and it is a good idea to invite guest speakers including fund managers, tax and other technical experts who can explain fund performance, for example and be accountable to clients at the same time.
Such seminars work very well and encouraging clients to introduce friends and relatives, who may also be in need of financial advice presents the IFAs with an opportunity to showcase their wares to a “warm” audience.
Many advisers swear by local networking events and directories, social media, SEO and signing-up to the likes of Unbiased or Vouched For. Although the seasoned adviser may be baffled by the thought of someone seeking complex pension and tax planning advice on the back of a Facebook “like”, you would be surprised what comes through the door.
We all have anecdotes of how we first met our major clients, and it is true. An out-of-the-blue request for some mortgage advice might lead to a mandate to look after a large investment portfolio, or a company pension scheme. Curiously, the news that the high street banks are re-entering the advice market is good.
Some of member firms have attracted significant business on the recommendation of local branch managers with whom they have built up relationships. Then there are the challenger banks and others that have quietly carried on backing businesses that the high street lenders have abandoned during the credit crunch. They will have customers that they have supported that may very well need financial planning advice, however basic or sophisticated.
The days of commission driven salesmen are fortunately far behind us and the industry has come through RDR and other regulatory and economic seismic events relatively well. The constant tinkering with pensions law, retirement ages, tax and other legislative hurdles really has kept advisers on their toes and earning their corn.
In general, and barring the occasional fraud, which is no more or less prevalent amongst crooked accountants and solicitors, the image of today’s wealth manager type financial adviser is pretty good. The overtly sales-led era has given way to any even pastoral way of providing support and advice in an almost altruistic way.
Many advisers build up trust and friendships with their clients, often giving wise counsel on a whole range of vexing corporate or private family matters. Some are invited on to the boards of their corporate clients, while others are invited to family weddings or asked to become godparents.
These bonds are often inter-generational and, quite frankly provide advisers with a great deal of personal and professional satisfaction – and new clients in the form of children, grandchildren and other relatives of existing clients.
