Guest speaker Andrew Brook- Dobson CFPCM, also chairman of Leeds branch, opened the meeting by sharing his deep passion for Lifestyle Financial Planning, as he illustrated the importance of working in a niche market.
One of the most important factors highlighted was the way in which his firm, Brook Dobson Brear, markets its services. It became very evident from feedback in the room that, as a concept, the public still do not understand the difference between Financial Planning and product advice.
This makes it extremely difficult for Financial Planners to effectively market their service. Case studies were presented whereby clients had received significant value in engaging with a lifestyle planner. However, they still find it difficult to see how this can help others, mainly because the service is unique to them as individuals.
Andrew was able to share with delegates how he communicates his core message through the firm’s website as well as highlighting the importance of having a structured “Discovery Meeting Process” designed to get clients thinking differently. At the end of the meeting they either buy into it or walk away.
As Andrew stated: “There is no point in working with a partially committed client”. One interesting aspect is the techniques used to prospect for new clients.
“By working within a niche circle of friends/colleagues, prospective clients are identified and a strategy of approaching them is developed with the aid of his existing clients."
Andrew Hall of Sound Financial commented: “Knowing that referrals are always the best source of new clients, members found this to be an interesting concept to observe.
“Yes, it’s a straightforward approach, but that doesn’t mean it’s easy. The important thing is that the firm has a system and it appears to work well.”
The second part of the meeting was presented by accountant Mark Rose on the subject of VAT in Financial Services. This developed into an interesting debate and it soon became evident that the VAT position is largely dependent on the business model adopted.
As RDR fast approaches this hot topic will come to the forefront.
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