Firing lineNov 2 2022

‘Young advisers reassure clients because we’re up-to-date’

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‘Young advisers reassure clients because we’re up-to-date’
Unique Financial Planning adviser Lois Furlong. [Photo by Carmen Reichman]

Lois Furlong, a 30-year-old adviser based in Unique Financial Planning’s Watford office, is in the process of building up her client book.

She said the fact she has recently qualified can not only put clients at ease, but also assure them that they are getting the right information.

“Clients don’t always expect to have a young female financial adviser, though in my experience the industry is very supportive as a whole,” said Furlong.

“Yes, I might not have as many years of experience as someone who has been in the industry a lot longer. But I am a lot more recently qualified, so clients feel reassured knowing what I’ve done is completely up-to-date."

DIY services are a worry but point to work we need to do on referrals.Lois Furlong, Unique Financial Planning

She said: “If I’m not sure of something, I’ll say to a client ‘I’m not 100 per cent sure, let me go away and find out for you’.

"It shows to them that they’re not getting the wrong information and that the information I’m providing - I know - is accurate. That gives them reassurance.”

From dentistry to law and then to advice 

When she was doing her A Levels, Furlong wanted to be a dentist. But she soon realised - despite patients’ mouths being open the majority of the time - it was a profession lacking in client interaction.

This led her to a law degree. But after joining a solicitor practice, she found herself knee-deep in administration and not enough client-facing experience.

So in 2016, she moved down south to London from her then-home, the Wirral, to become a paraplanner. For the past three years, she has been a qualified financial adviser.

Women of all ages, both advisers and paraplanners, have cited imposter syndrome as a key barrier to progressing in their advice careers.

Paraplanner Sarah Lees said the syndrome made her feel like she was failing and caused her sleepless night filled with dread she might get sacked.

For Furlong, this is just the start of her career. She said she has battled through imposter syndrome “quite easily”.

She added: “I’m not too worried about what people think. If I want to be a financial adviser, regardless of what people might expect, I’m just going to go for it.

“For me, it [imposter syndrome] hasn’t been an issue. But I can see how it potentially could be for some people.”

Finding young clients on a night out

Having just turned 30, many of Furlong’s friends don’t see the value in financial advice. Though she is trying to change that.

“They often say ‘well we can get that online for a lot cheaper’,” she said. “And so it’s not just about the products. There’s a lot more going on behind the scenes.”

Furlong said advisers need to make younger clients aware of the value they can provide which seemingly slick, easy-to-use online services cannot.

“It is very hard, even with my friends,” said Furlong, who has managed to bag the odd 30-something client on a night out.

“Sometimes it’s that odd bit of information. They say ‘oh, I didn’t know that’. And there, you’ve added value, and made them realise they don’t know everything.”

While DIY online services are advertised far and wide, Furlong reckons this will just push the industry to work harder for referrals.

And there, you’ve added value.Furlong

As an adviser, Furlong works with a variety of clients, young and old. “It’s all about intergenerational relationships. I have elderly clients where I’m trying to meet their family, and I’m trying to engage with younger clients.”

Currently, Furlong is trying to get her brother into advice. Not from a financial background herself, she’s keen to show her peers what finance can offer them as an industry.

For her, as for many advisers, sitting down with clients is her favourite part. “No day is the same,” said Furlong.

Asked whether she has many commitments outside work, Furlong said more people should feel comfortable with enjoying their free time.

“We are all only human. We need to enjoy ourselves, go out, and socialise. I actually find clients that way sometimes. We can help 30-somethings with protection.”

ruby.hinchliffe@ft.com