In response to Julian Pruggmayer’s Letter of the Week (FA, 23 July) and his suggestion that IFAs should write to the prime minister if they want to earn the right to complain when we go under, my initial reaction to this was: “What are you still doing in this business?”
I have been in this industry since 1992, and one thing I have learned in this time is that, as in most industries, change is constant, whether it is the challenge of the internet or charging a fee, and you have to adapt.
How do you succeed when, as Mr Pruggmayer suggests, everyone shops online for their financial products and prefers not to pay fees to the IFA?
I will tell you how: be professional, be knowledgeable, provide an excellent service and be fair when charging for your services. If you can do this, then you will not go under. And be positive – this might help too. I have never spent a single penny on advertising my business, but some weeks I cannot cope with the amount of business coming through my door, purely from recommendations. And where applicable, I charge fees and my clients accept this.
People still need advice when arranging their mortgage or protecting their family or when planning for their future, and they always will. What we do is simple. We provide a service, and if we are good at it then we build a business because our clients rely on us to help them, and when we do this they tell their friends. You do not need to go out there and look for these people – if you do a good job they will come to you. It is not rocket science.
Bhavesh Chande
Director,
Chande Independent Financial Advisers,
Worsley,
Manchester
