At 10am we start our monthly office meeting. The whole company meets up once a month to discuss important matters for the business.
For CPD at this particular meeting we look at psychological character types and how various advisers may fit in differently with different clients. As a business we feel it is important that we match clients and advisers for the best potential outcome, as relationships last for a long time.
We then hold a management meeting to discuss the needs of the business going forward. We are very aware that the industry is changing on an almost weekly basis and we need to be ready for these changes, including looking at which markets we want to be involved in and which we do not.
Tuesday
Today is a paperwork day. There are letters to be written and telephone calls to be made to clients. At 4pm I go out to visit a client who has been referred to us. They are looking for some retirement advice and I had already seen them for an initial meeting. After gathering together the pension details, we arrange a second meeting to review the information that came to light and decide how to proceed. It is very likely that the client will not retire for another five years, but they understand the changes to legislation and want to try to plan within this to help reduce their mortgage and increase their retirement income.
Wednesday
Today I interview a new administrator in the morning. Due to the growth in adviser numbers in the office we constantly look out for new administrators.
Wednesday afternoon is an initial meeting with a new client who has been referred to us regarding their pension and divorce. I find with pension and divorce matters, quite often we get included after the decisions have been made and this is not always the best approach for the client, as they require information to be able to make decisions throughout the process.
Thursday
In the morning I meet with two of the advisers. We try to have a meeting every two weeks on an individual one-to-one basis to discuss any issues, matters or ongoing advice that need second or third opinions.
In the evening we meet another new client who has come to us through our online presence. It is a complex case where many pensions and investments need a strategic review, so will lead to another three-stage approach. This broadly means gathering information and then returning for a second no-obligation meeting to discuss the way forward.
Friday
Today is an administration day, the general accounts for the business needed to be put together. I needed to contact a few clients to take their instructions on outstanding advice matters. I have given them initial overviews, meeting notes and suggested some considerations and outcomes. I just need to see how they feel about those before taking final instructions.
In the evening I am very pleased my wife and I are going out for dinner with two of my best clients. I find informal meetings with clients invaluable.
Andy Brooks is director of Peterborough-based Brooks Wealth
