When we do pensions work, we tend to come in at 0.30 per cent, based on providers who use technology to reduce the cost for the client.
It was a lot of work, but now everything is cost efficient and automated and directly linked to a detailed financial plan, which we will keep reviewing against this and the wage increases with inflation.
There was a bit of back and forth in terms of getting accurate employer info for the tax calculations. But the client helped a lot getting this so we could achieve the end result.
What other obstacles did you overcome?
At the time we had a really large back-office back log, but it just shows you can't rush some things just because of other pressures. The key really is the right team working for the client, and not just me.
What was the outcome for the client?
The outcome was and earlier retirement, a contribution for childcare saving around £350 a month, and next year maybe, a new family car for around 50 per cent of its real/actual cost, all using salary sacrifice to the max.
More importantly, we now have a client who sees the value in financial planning.
Have clients ever referred friends/family to you?
Yes, we deal with a number of people in the IT industry who are all connected by referral. The power of word-of-mouth gets us dealing with clients all over the UK.
I think there are different kinds of friendships: you have school friends which are since you were a child; people you have met via work that accumulate through the years due to common ground; and you have clients.
It is a professional relationship that becomes a mutual interest. It is very personal and, in some cases, leads to friendship.
But amid all that we have to respect the fact that we have to perform and serve the client's interests and that ranks above all else.
What would be your top tip for someone starting out on their journey to become an adviser?
I wish I knew then what I know now! Based on that, I would say that someone should find the right influence. A good mentor truly could set you up for life.
Also, focus on building solid relationships with clients, as well as with other professionals - and don't take short cuts for money as they rarely pay off long term.
I would love to pass on what I know as I get to that stage. Who knows - maybe it will be to my two sons.
