NEED A CONFIDENCE BOOST?
From time to time, we hear from planners who are stumped about how to fully integrate cashflow modelling into their businesses. Maybe there is a lack of confidence when presenting in front of clients in case they ask a question not prepared for. Maybe they think clients are simply not engaged.
Here, Terry Hopkinson tells us about his journey with Truth® and how it gave him back his self-esteem as an adviser.
Over to Terry:
Testimonial by Terry Hopkinson, IFA
I had known of and respected Truth’s founder Paul Etheridge for a long time and been to more than one of his seminars but had never felt persuaded to take it on for some reason. Until I read a testimonial from a recent customer which said something like, “At last, my self-esteem as an adviser has returned”.
As an adviser in my late 50’s, this comment really struck me. Most of my days at that time, as with the previous 20 odd years, had been spent traipsing out to clients’ offices or homes hoping to sell them some product or twist their arm to increase their pension or ISA contributions in order for me to make a living.
Naturally, I convinced myself that I was doing an important job for them, but there was definitely something missing not just in the client-adviser relationship but also in my desire to convince clients that I was providing a service they would perceive as compelling and good value.
So, I decided to attend a Truth seminar after which I took the plunge and took it on. I firmly believe that that action was the most important one of my advisory career since I turned independent 25 years earlier.
Within a year of using Truth the following happened: –
Client meetings changed virtually 100%, from travelling to their premises to them coming into my office. I simply explained that I had some new software which would give greater clarity in helping them achieve their financial planning goals and that I needed to show them on the large screen in my office. I said it with genuine conviction and managed to convey that it would be worth the trouble for them to travel to me. Surprisingly even those I thought might baulk at this were willing to travel over at least once to see what I had to offer (and they came in for every annual review thereafter).- Having client reviews in my office immediately changed the dynamic of the meetings – and therefore the relationship. Clients were now doing what they did with other professional advisers: they took time out of their day to visit my office. They had no distractions and seemed happier too. More than a few said how much they now looked forward to their reviews.
- My working day changed dramatically. Because clients were travelling to me I had so much more time to prepare for meetings and write follow up notes afterwards. My car mileage was reduced by 90%. No more getting stuck in rush hour traffic!
- All of the above though were really just by-products, albeit very valuable ones, of the main value of using Truth. Being able to do a full, precise, and meaningful cash flow plan for the client and demonstrating it to them in real-time was the best prize. Clients now became fully engaged with the concept of having an annual meeting at my office to go through the annually updated cash flow financial plan, with a follow-up report, making their retirement goals look real and tangible.
- Client relationships improved markedly. I was able to demonstrate real value that clients were happy to pay for. The main topic of conversation had moved on from investment performance to financial planning goals. This was especially useful during market downturns such as 2008. Once clients realised that despite the short term market falls that their plans would still be followed through, it provided them with great relief and therefore improved quality of life through peace of mind.
- Now, we are experiencing a cost-of-living crisis and the threat of another recession. Planners using Truth with their clients should have full confidence that they have the tools to deal with all client concerns. Truth helps you demonstrate that it is not what is happening now that will help your clients reach their goals, it is long-term financial planning.
I have sold my business now. I can confidently say the Truth software paid for itself many, many times over. I would wholeheartedly recommend it to any adviser who is serious about Financial Planning and wants to improve client relationships, give themself more time and, of course, more profit.
