Each month Financial Planner interviews a leading Financial Planner to ask them to share their best practice secrets from their business. This month we talk to Keri Carter CFPCM of Broadway Financial Planning in the Cotswolds.

Financial Planner: Did you enjoy the IFP Annual Conference and who was your favourite speaker?
Keri Carter: The conference was, as always, a huge success. There are always so many great speakers that it's difficult to pinpoint just one. However, because as a firm we are concentrating on increasing our marketing activity, I thought some of the "how to" sessions on Day One were particularly useful. I also thought Tish Hanifan's session on advising the older client was really topical as this is an area we are getting more involved in. I think the conference differs to others I've attended mainly because of the generosity extended by those attending in sharing their ideas.

FP: How did you first get into Financial Planning and what attracted you to the profession?
KC: I have to admit that I wasn't 'attracted to the profession' as such but, like most people in this sector, fell into it in reality! I had spent 10 years working as a commercial insurance broker in Cheltenham and knew Simon Williamson CFP^CM, my co-director, through my employer. I had become disillusioned with the broker role and was working for a local firm in an administrative role. It was definitely serendipity when Simon's administrator sent me an invite to her leaving do. I didn't go to the party but contacted Simon and persuaded him to employ me! I was quickly initiated into Financial Planning and the IFP and recognised that this was a job that could be my future career - one that fulfilled my wish to be technically competent and valued as an adviser. I haven't looked back since.

FP: You have worked with the IFP for over 10 years as branch chairman, conference chairman, board member, what is it about the IFP that encourages you to continually support it?
KC: Being involved in the IFP has helped me to develop my career enormously. By taking on these additional roles, I have met a huge number of people who have influenced the way in which I work and inspired me to pursue Financial Planning as a career. I also think that taking these roles and committing to the work required has been very rewarding. I now feel very proud that I have a network of peers (and some friends) who will provide a sounding board if I need some help on technical issues, or just lend an ear if I'm feeling 'commercially lonely', a common factor for many small business practitioners.

FP: How has your team/company changed since the launch of the company and what has the journey been like? How many clients do you have and what's the annual turnover?
KC: The company was launched in 1994 by my co- director, Simon Williamson. Although in terms of staffing numbers, there has not been much change until recently, in terms of the way in which the company is run, it has changed quite substantially. All of the staff feel part of one team and are fully engaged in what we are trying to achieve for the benefits of clients. Simon is now working less hours and enjoying time spent on external activities and we've recently appointed a new Financial Planner, Keith MacDonald CFP^CM, to help us develop the marketing initiatives that we have planned. We have approximately 120 clients and our turnover (and profits) have increased by approximately 10 per cent per year for the last three years.
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FP: What type of Financial Planning service do you offer to clients and what are your fees/charges?
KC: We offer a comprehensive Financial Planning service to all of our clients and believe that without providing a full lifetime cashflow and following the six-step process, we cannot truly provide our clients with the service they need. Our initial planning fees are divided into different stage charges to allow the clients the opportunity to recognise the value of the planning as they go through the planning stages. These generally range from £2,000 to £7,500 in total. Our annual fees are based on a percentage of funds under our advice and start at 0.75 per cent per annum scaled down depending to the size of the case. This annual fee covers a defined number of services and should the clients have more specific requirements, we will charge an additional fee subject to our hourly rates.

FP: How do you find new clients and what have been some of your most successful initiatives to find new business?
KC: New clients tend to come to us from a number of sources and it's difficult to pinpoint one that has been more successful than the others. We do, of course, have referrals from existing clients which is always nice. We also have a number of solicitors that refer clients to us which again is fantastic. It works very well having a mutual relationship with professionals as we've found it gives the clients peace of mind that their financial affairs are looked after by a team of professionals. Being involved in the IFP has opened up opportunities for editorial articles in the national press which provides a broader approach to our marketing initiatives. Completing regular 'Money Makeovers' in the Times, Guardian and so on has helped to successfully raise our profile to a wider market too.

FP: Why did you decide to apply for the register of Accredited Financial Planning Firms and what benefits have you seen since?
KC: We applied to join because we wanted our potential clients to be able to distinguish the merits of using a 'true' Financial Planner. In recent years, the wide use of the term Financial Planner has become frustrating as we were finding that many professing to be Financial Planners were, in fact, financial advisers. By being able to refer potential clients to the register, and showing that there is still a relatively small amount of firms that have met the required criteria provides us with the USP. It's also been beneficial to be able to refer clients who perhaps are not geographically suitable for us to other Accredited Firms, knowing that they will be offering a similar high level of service. I'm not sure that we've seen any direct benefit yet as it's still in the early stage, but like all of these initiatives, I am convinced that in the not so distant future, this will be the 'go-to' standard our clients look for.

FP: What has been your greatest source of achievement in running your business and what are you proudest of?
KC: I think the greatest source of achievement in running the business is demonstrated when reviewing the regular feedback we receive. To see that clients appreciate our work and don't feel they could have managed matters without our help is hugely rewarding. It is always nice at the end of each financial year to see that we've progressed financially despite major obstacles! I think my proudest personal moment, to date, was achieving my CFP^CM certification. Having set my sights to become a Certified Financial Planner professional as quickly as possible, I progressed from an administrator role to become one of a relatively small number of female CFP^CM professionals which in fact still remains the case today.

FP: You worked as a branch chairman for eight years, what do you like about the IFP branch network and what did you learn during your time?
KC: The IFP branch network is a great place to improve your technical knowledge but also extend an invaluable network of like-minded people. I think all branch chairmen will agree, by undertaking the role it provides a greater understanding of how a professional body works. More importantly, it can open up opportunities for you to develop your own career through involvement with the media, the Financial Services Authority and other such entities.
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FP: Are you ready for the RDR and what effect do you think it will have on the industry?
KC: We are ready for RDR but are just finalising some internal processes to give us greater peace of mind! Although we were fee-based and held the required qualifications, it has been an interesting exercise to review the requirements for RDR and note that certain processes could be improved even further. From my discussions with those that had a substantial amount of work to do before they were ready, it seems that most have embraced the requirements and see the advantages of change. I think it's likely there will be a reduction in the number of advisers but hope that those who are not prepared to embrace the change will provide little loss to the consumer.

FP: Many planners are concerned about the rising cost of regulation and other threats to their businesses. What do you see as the main threats to your business?
KC: We have found that finding new clients remains an ongoing challenge to us although not necessarily a threat. The rising cost of regulation is a concern but, to a certain extent, one that can be budgeted for. The main current threat to our business is that I'm about to go off on maternity leave for six months! Joking aside, while there are many ongoing challenges presented to us, such as finding new clients, maintaining suitable team members and dealing with regulatory requirements, we remain confident that if you can plan for all these factors (as well as contingencies) they should not be insurmountable.

FP: While on the IFP Board you spent time developing the Paraplanner qualification. How important do you think Paraplanners are to the Financial Planning profession? Do you have any at your own firm?
KC: Having been a Paraplanner myself before becoming a Financial Planner, I can see the benefit they bring to any business. I think this role is fundamental to any well-run business. Not only can the Paraplanner be a useful technical resource, but for smaller firms they can be an invaluable contact for clients. We have always had a Paraplanner within the firm and now find that having developed this role using ideas and suggestions from other firms, the Financial Planner is able to devote most of their time to planning rather than writing reports and suchlike.

FP: If you could change anything about the Financial Planning profession what would you choose?
KC: I would stop advisers who don't use Lifetime Cashflows and the six-step Financial Planning process from hijacking the term 'Financial Planner'!

FP: What do you like doing in your spare time outside of work?
KC: When not pregnant, I enjoy skiing, especially with the friends I've made through the ski trips for IFP members. I'm also a great socialiser although there has been less of that recently!

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