The LDF explained
This month marks a year since the introduction of the Liechtenstein Disclosure Facility (LDF), an agreement between the UK and the tiny principality of Liechtenstein offering a partial tax amnesty to UK residents with offshore assets and a connection to Liechtenstein.
Asset Allocator's Soapbox: David Hambidge
Premier investment director David Hambidge on why equities hold the key to superior long-term returns.
Tech review: Prestwood
AT8’s Mark Loosmore continues his reviews of practice management systems with a company that knows all about operating in a fee-based world.
Top tips on attracting clients of the future
Chris Baigent-Reed, head of client engagement of 1st - Exchange, looks at what advisers must look to do to attract the customer of tomorrow.
A look to the East, the Far East
Julian Chillingworth, CIO at Rathbone Unit Trust Management, on why investors should take another look at Japan.
Comments
Client Phobia
Paraplanning:for those who can't open doors. the future will be full of 'Chartered planners'or back office advisers who have the time to study, whilst we develop and get to know clients to provide specific sdvice. To all those who create clients and provide tailored advice, I salute you.
Posted by: Peter Taylor
Strange comment by Peter Taylor...
Why would anyone object to having a group of people dedicated to improving their skills and abilities to allow Financial Planners to concentrate on the 'get to know clients part' to which he refers. I do the client facing part and the involvement of a Chartered and Certfied paraplanner in my business allows me to do more of that and do it better. That is surely the definition of win win. Steve
Posted by: Steven Martin
Each to their own but.....
Steven has said what I am thinking. I guess Peter does all his own research, report writing, analysis, administration, compliance then which does leave me wondering how he finds any time to 'create clients'. There does appear in some circles to be a view that paraplanners are second class when compared with planners. In most of the successful businesses I have seen, there is a team approach to ensure that each person maximises their own skills to provide a better service to the client. That often involves a planner, paraplanner and administration team all of whom are happy and able to work with clients and have no phobias about doing so. Just for the record Peter, I have my own business which involved me opening doors, 'creating' clients and providing tailored solutions for them. My clients happen to be financial planners and IFAs and I do not have a phobia about dealing with them.
Posted by: Richard Allum
Each to his own, eh (or her own!)!)
Congratulations to Cathi on a great article, and good for her - posing a question about the future. Personally, I got the qualifications long before I really learned to sell. (Of course, I didn't see it that way at the time...) Peter Taylor's right - that we're no use to our clients without the sales skills, but we can ALL learn them. We're also no use to our clients if we don't keep abreast of new tax/markets/laws/opportunities. I'm one of Cathi's customers... and Richard's, in fact! They both do a marvelous job. I'm not sure that the, er, 'failed' advisers will make good paraplanners, though Cathi; they'll be too bossy, trying to advise by proxy. I know this because I was one of those, once! Perhaps
Posted by: Flora Maudsley-Barton
Client Phobia - far from it!
I also find Peter's comment strange, I have been a Paraplanner for 2 years now and a large part of my job is dealing with clients face to face/ on the telephone each day. I dont offer advice to these clients as I am not qualified to do so however I spend a large amount of time going over products etc with them, whether the adviser is with me or not. However I have to add that I have no intention of 'selling' to clients in the future, this is not my forte nor would I expect the advisers I work for to expect me to do this. The 'back office' support I provide enables them to spend longer dealing with clients and providing them with the advice, as after all thats what they aim to do!
Posted by: Heather Allison
Centre of the world
No surprise really with Peters comments advisers have always thought themselves centre of the world. Surely the whole approach is team based,as an ex adviser who can create clients, i'm actually making one now. I have always appreciated the efforts of the admin teams or paraplanners who I see as essential in getting the job completed and crucial in organising the business so that time is created to service and see new clients. As a paraplanner I speak to clients constantly, in fact they generally prefer to speak to me as i'm more likely to be in the office rather than playing golf, or eating some grannies biscuits :)
Posted by: Mungkey Magic
client phobia!
Seems to me that Peter is typical of the 'old style' adviser that all of the changes wit RDR is trying to get rid of. I bet he takes maximum commissions and thinks his clients are lucky to have him! He needs to enter the 21st century and bring his business model up to date - or - better still just leave the industry!
Posted by: Sue Holmes
client phobia!
Seems to me that Peter is typical of the 'old style' adviser that all of the changes with RDR is trying to get rid of. I bet he takes maximum commissions and thinks his clients are lucky to have him! He needs to enter the 21st century and bring his business model up to date - or - better still just leave the industry!
Posted by: Sue Holmes