Your IndustryOct 9 2013

Diary of Adviser: Flora Maudsley-Barton

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Monday

One topic is recruitment. We need another adviser, someone (at least) on the way to chartered, who wants to offer our proposition to their own clients and wants to continue to develop.

I have only four client meetings this week because it will be a heavy week with other work. Even though I planned it that way, I still get a pang of empty-diary angst that used to worry me as a rookie adviser. I am reminded of when it took a conscious effort to line up good first meetings, second meetings, professional connections and good learning events (avoiding ‘that-could-be-interesting’-type seminars).

Ian (an adviser) asks me for a short meeting regarding a case he is working on. He is reviewing a client’s old PPP and is puzzled by the projection; the fund value’s is £46,000 but the projection is £6.4m. After counting the zeros a few times we conclude that, yes, this projection really is more than four times the lifetime allowance. If Ian was hoping for more insight from me than laughter and my agreeing with his suggestion ‘typo?’, he does not show it. I am no stranger to insurance company error but that was a good one.

I have to prepare a short bio to go on to our new investment committee website that we are building with our analyst, Steve Williams of Cormorant Capital Strategies. I really must get that done but this task seems to spend its time near the top of the list without ever making it into pole position. It does not happen on Monday.

Tuesday

I review the PowerPoint slides for the Chartered Connections event I am chairing on Thursday morning. Weightmans is very kindly hosting it for us in Manchester.

I follow up on a referral received this morning. The client is based in the same village I am already visiting this afternoon. Once in a lifetime diary management gets this easy, so I agree to call in to his office at 5pm.

I play telephone-tennis with a family solicitor. We are working on a pension share together but have spent the day missing each other.

I also speak to our solicitor, who is drafting a contract for us – a local adviser we know well wants us to offer our proposition to his clients, to allow him to retire.

I head out for the scheduled review meeting with a long-standing client, followed by the unexpected meeting afterwards.

I am having dinner with a friend this evening, she is cooking so I stop off for Prosecco and cake.

My 50-word bio still does not get done.

Wednesday

Team meeting number two as Anne starts her ‘week’ today.

I have a meeting with a new client, in the office this time. She needs help with a settlement she has been offered.

Next is a telephone review with a client whose life has changed quite a bit since our last review. She has changed her business model (doing very nicely), moved out of the area and is living ‘in sin’ (her words, not mine), so there is quite a bit to get through.

I phone our network – Sense Network – because I need an extra licence for Intelligent Office and get great help about the best way to set it up to get the best use.

I have to leave early today to get the children because my in-laws are on a hard-earned holiday. I take with me the file to prepare for the review meeting on Friday. That will get done this evening.

The 50-word bio obviously does not happen.

Thursday

An early start and the Chartered Connections breakfast event has gone really well. There was deservedly good feedback for Tina Dunn and an engaging presentation about methods for dividing the finances when couples separate.

I and our commercial director have a meeting about auto-enrolment.

The rest of the day is spent on client work – proofing suitability reports and co-ordinating pipeline.

I really plan to write the bio for Steve Williams, and ring to check if it is supposed to be in the first or third person. His voicemail tells me he is on holiday until the 30th. Yes, a two-day reprieve. I will do it on Sunday.

Friday

A good client review meeting as we use our cash-flow model to decide how to spend her money and make it last as long as possible.

Back to the office to consider next week’s diary and get on with more client work. I check out the IFACentre email about outsourcing investments and take a call from Radio 4 Moneybox about the Royal Mail share offer.

And now it is the weekend.

Flora Maudsley-Barton is managing director of Cheshire-based Parsonage Financial Planning