The first clients are delightful. I can see that the relationship with the retiring adviser was a good one and this really helps me as he is effectively recommending me to them.
We move on to High Street Kensington where we meet a client the retiring IFA has looked after for 15 years. Again the relationship is strong. It was actually quite moving when the client pointed her finger at me said: “You have a lot to live up to.” I clearly do.
Tuesday
First call of the day is with my home-based paraplanner. This is a vital relationship in any adviser’s life and paraplanning support at Bellpenny is excellent.
I had meetings with several long-standing clients today. One of the joys of this job is the longevity of relationships, looking after clients and putting into place plans and actions that you can then watch unfold and come to fruition. My partner and I decided to sell our business to Bellpenny back in October 2012. We had a small IFA practice and wanted to move into the post-RDR world with the comfort and support of a bigger ‘umbrella’ over us and our clients.
Wednesday
I am looking forward to today as I am meeting with the ‘boss’ – Karen Wright, my Bellpenny regional manager. Bellpenny supports all financial planners with membership of the Institute of Financial Planning and we are going to the first local branch meeting: two hours which counts as structured continuing professional development. The meeting takes place in the local M&G offices and is well attended with about 25 advisers.
We then head for a local coffee shop to discuss what we have learnt and catch up on business. I have a couple of complex client cases that I need to talk through and Ms Wright’s support and advice proves invaluable. I have an elderly client, in care, with a large lump-sum on deposit with her bank. It needs investing but the client’s age and health issues make financial decisions especially sensitive. Ethical and moral principles come into play. There is a power of attorney, beneficiaries of the client’s estate and a solicitor to involve in the financial planning decision-making process.
I head home. It is parents’ evening at my daughter’s school this evening. She is in her GCSE year and has just sat her mocks and it is result night. All the pressure is on her tonight, for a change.
Thursday
I am up early and out with the dogs for a quick walk. Miserable weather again but having already booked a summer holiday this helps me get through these dark winter months. Today’s first meeting is with the partner of an existing client, someone I have not been able to ‘capture’ up to now. The meeting is focused on investment advice, mainly Isas. Bellpenny offers a ‘focused advice’ option to clients as it is a good way of meeting transactional client needs and slowly building a financial relationship. Of course the ideal is a full financial review, especially for a new client, but having flexibility within the advice process proves invaluable in this particular situation.
I need to spend some time later this evening planning my CPD for the year ahead. As a member of the IFP I can access its website and use its planning tools.
Friday
On the road again today, heading to Peterborough for a meeting with my terms and conditions consultant. We meet once a quarter but the T&C support is a constant within Bellpenny. We talk through all my key performance indicators and review cases both past and present. It is another opportunity to get a view on complex cases. We also review the CPD planning I completed the night before.
Back to the office for a late afternoon phone meeting with another long-standing client. He is a banker who works in Brussels during the week and comes back to London for the weekend. He is paid a bonus in December and likes to make an Isa investment and consider other investment options at this time. I will need to see him again in a couple of weeks, probably on a Saturday. A Eurostar trip to Brussels, all expenses paid, would be nice, mind you.
Penny Spellar is a financial planner of Berkshire-based Bellpenny
