From an advice perspective it was not complicated, but she did not know how to organise or structure her finances.
We use cashflow planning tools, so I could show her what she needed to live on and present a picture of her finances in the years ahead.
The Post Office exercised her request to retire very quickly and it is one of those rare cases where every provider in the chain acted promptly and efficiently.
It took no more than six to eight weeks to put everything together.
FTA: What were the challenges?
Clearly, her vulnerability and lack of financial knowledge - as well as a lot of paperwork that had built up so that it became overwhelming.
Also this was very emotionally raw for her - she had lost her first husband to cancer, too, so we were there to support her as a person through this traumatic time.
FTA: What was the outcome?
She is still my client, although she lives so far away from our office. She is an advocate of our company and I have a six-monthly meeting with her, either face-to-face or on Zoom.
She’s so happy that she has the financial freedom to travel and spend time with friends, and she has more than enough income to cover her outgoings.
FTA: An adviser once told me he doesn't have 100 clients; he has 100 friends. Is that how you feel?
Yes, I do feel this. We do have really close working relationships with everyone.
The degree of closeness differs, depending on what the client is looking for. We have a good informal as well as business relationship with people - and we don't lose clients.
FTA: What would be your top tip for someone starting out on their journey to become an adviser?
Advice is currently an old man's game and it needs to pivot to be directed at a younger, diverse generation.
I would encourage people to look at companies which have training academies - this is a great route for people to get into the industry. We offer mentoring and take people on board as paraplanners, but not many advice companies can offer that route.
I attended a Personal Finance Society webinar the other week where they said approximately one in two advice firms have just one adviser. So not every business will be able to take on trainees.
