Albany Finance founder Rakesh Sharma believes face-to-face meetings are the best way to pick up on clients' body language which is especially important when understanding their needs.
Starting life in the family business running convenience stores, Rakesh Sharma entered financial services as a mortgage introducer after seeing an advert in the paper.
This led to him doing his qualification to become a mortgage adviser and set up his own brokerage.
In this job he worked through the 2008 financial crash and decided to have some time out to focus on other business pursuits in 2013.
However, Sharma was drawn back to financial services in 2017 when he did his financial advice qualifications and set up Albany Finance, which is part of the New Leaf Distribution network and now has more than 100 clients.
Did you always want to work in finance?
Sharma said: “Ironically, when I was a kid we had careers advisers and one of the metrics they came up with was a financial adviser.
“Having been in business I always found it quite interesting.
“The reason I first drifted into mortgages was because when we were in business we bought some properties and we used to get my uncle who was a financial adviser to help us.”
Sharma was in the family retail business with his father and uncles before he moved into mortgages.
“I got an understanding that you had to work hard if you wanted to achieve,” he added.
What made you want to re-enter the advice space?
Sharma said he could see how the industry had grown over time and found his work in mortgages rewarding.
He said: “You're doing something very tangible for your clients, it's something important and you're putting them in a good space.
“When I came back into the industry I requalified, I did my exams and then also did my diploma in financial advice. I thought that was the way to go so that I could offer full financial planning and wealth management.
“But also, it means you can offer holistic advice to your clients.”
Sharma thinks financial skills should be taught in schools and said much of the work of a financial adviser is educating clients.
He said: “From what statistics say, the average person has the financial understanding of a 13-year-old, which is quite sad. It's not something that's openly discussed at school.
“It is all about educating clients and working with them.
“I say to my clients, I work for myself, it's my own business. I'm not target driven, my target is your outcome.
“We work together from day one and that's what I am passionate about.”
Why did you decide to join a network?
Sharma said he was attracted to New Leaf Distribution after looking into other networks but finding them too corporate.
He said: “One of the things that put me off the industry slightly was a lot of the networks were very corporate.
“I came across my current network by chance when I was looking for a training resource to help with my diploma.
“They look after compliance and your training.
“New Leaf matches my thinking - I've been involved with family businesses and they're a family-run business, they're not corporate.”
How important do you think is it to still see clients in person?
Sharma’s clients are mostly based around Kent and in South East London and said he does around 60 per cent of his business online but still prefers face-to-face for some aspects of the job.
“The wealth side of the business I prefer face-to-face, especially initial meetings because a person has to buy into you and you’ve got to buy into that client” he said.
“With equity release clients I prefer to do those face-to-face because it's the empathetic approach and making sure everything is correct for that client. I'd rather walk away than do something wrong.”
Though Sharma sees the value in some online working, he thinks it is harder to pick up on body language and engage with clients in a natural way.
He said: “Just to speak to somebody and pick up on body language is something we've lost online.
“It is easier to be personable when you’re in front of somebody, when you can look someone in the eye it makes a lot of difference.”
What do you think makes you a good adviser?
Having a personal approach is key to being a good adviser, said Sharma.
“It can be very personal work, especially when you're finding the right solution for clients,” he said.
“I just think how would I feel if I was in that position?
“I'm a great believer in just being part of a person's life.”
Sharma said the work of a financial adviser isn’t transactional and the profession is not ‘reactive’.
“I believe that financial advice is a proactive profession,” he said.
“You might not see the results straight away. A mortgage might be more transactional but it is still part of your future.”
What would be your advice to somebody entering the industry now?
“I would say look to continuously learn - we're in an ever changing environment,” said Sharma.
“Some clients, especially younger clients, feel they can learn everything through the internet but bespoke advice is very important.”
Sharma also said being a good listener is key to the job.
He added: “You have to understand that you're taking your clients on a journey, and you're going to be with them through a lot of their life journey.
“They're going to go through lots of different changes, so you’ve got to be adaptable. It’s all about that human touch.”
If you own your own advice firm and would like to feature in the Coffee Corner interview series, get in touch at tara.o’connor@ft.com
