Nicola’s Speech
GOOD EVENING
Good evening everybody and thank you for giving up some of your valuable time to come along tonight.
This is a great opportunity for me as I rarely get so many of my clients in the same place at the same time to be able to talk to you as one.
The first thing I want to say - and this is the principal purpose of this evening’s event - is
“Thank you all for your historical and ongoing support and trust in Trentham Invest”.
Thanks to you, I can enjoy the feeling of being surrounded by people I like and respect, to celebrate this 5 year milestone.
In just a few minutes, I’m going to share with you some timely comments entitled…‘Investment Illusions’.
Heart-stopping as that may be, I’m satisfied that they’ll mean far more to you when you appreciate exactly what we stand for - here at Trentham Invest.
And what we believe the future holds for all of us, as we work together for your benefit.
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Allow me to explain.
During the last 18 years, I have met possibly over a thousand people, whose stories reflect painful experiences and consistent disappointment when engaging with the world of financial services.
- From mis-sold products unfit for purpose…
- To policies that are entirely surplus to requirements.
- From sloppy handling of people’s hard won wealth….
- To lack of appreciation of client’s real needs and wishes.
For some time I felt that this was not an environment to be proud of!
Then the day came when I realised that I had the power to rise above it!!
That realisation prompted me to start Trentham Invest in April 2003.
Those early days were bleak. Very bleak:
- We had no clients,
- We had no professional alliances or sources of introductions
- What’s worse, we didn’t even have an office pet!
But from Day One – during those darkest moments – I started to forge a business philosophy which has now taken root and shape.
I forced myself to face this frightening, but simple question:
“Is this business just about the money…or is there something deeper and more meaningful that drives me?”
Regularly returning to this question, we’ve built our business upon a singular purpose. And it is this:
‘The foundation of all Financial Planning activity at Trentham Invest is to excel in doing what is right for you – our client.
Rising above products, policies and promotions…
Our purpose is to use our professional expertise, business experience and life wisdom to help you meet those objectives that have the deepest meaning to you.’
That’s what we stand for here!!
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How have we achieved that?
Well, first, we decided that our priority was to centre every activity around our clients…not our clients’ money.
What do I mean by that?
What I mean is that we have developed a process of getting behind the public face of each client, and developing a meaningful relationship…
By so doing we have come to understand the values, dreams and objectives which very few of your other advisers, colleagues and acquaintances have ever appreciated.
Largely, because they’ve never asked you!
This understanding then guides all that we do as we work with you to shape your future.
So, you see, our advice is driven by what is really important to you…and money is simply one of the tools we use to help you get there.
Next, we have taken great pains to build and invest in a sustainable, robust financial planning business - not merely a revenue-driven financial planning practice.
Those who have led a business will testify that there is a significant difference!
Meanwhile, we have carefully nurtured relationships, resulting in a business growing entirely by personal recommendation. Invariably, you confirm that personal recommendation has influenced your engaging us as your Financial Planners.
On the other hand we are just as clear about who we wish NOT to engage with. Life is too short to spend time with anybody other than absolutely ideal clients!
As a result, we have now grown our client base to approximately 130 clients, whom we like, respect and trust.
So far, we’re happy to report…you’re all absolutely ideal!
In fact this is the perfect juncture at which to thank all of the local business leaders who continue to support the growth of Trentham Invest with introductions to new clients.
Since we intend to maintain quality of personalised service – and my time is finite and precious
- you’re absolutely correct in thinking that the day must come when I - as the principal Financial Planner - will close the doors to new clients.
But don’t worry, we are some way off that day yet.
So that is the purpose that drives us at Trentham Invest
“To use our professional expertise, business experience and life wisdom to help you meet those objectives that have the deepest meaning to you.’
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Let’s Now Turn To Our Vision of The Future…
We have a detailed and robust plan to ensure that whatever we promise to our clients can be delivered by our business as our client base grows.
Influenced by my business mentor, David Scarlett, our mantra is
‘To Deliver On Time, Every Time, Exactly As Promised’.
Outside of our immediate influence, even bigger wheels are turning towards a better future for you – the client.
I’d better explain…
In spite of a history of less than effective regulation, the Financial Services Authority is nevertheless there for the protection of the consumer. Until recently, this has been hard to believe!
However, in the middle of last year a long awaited report written by the Financial Services Authority emerged, which has shaken the industry to its very core!
At long last the Authority have proposed changes which are frightening the pants off every short sighted IFA in the UK.
Those who do not wake up and sit up will be put to sleep, permanently. And this time they’ve shown that they mean it.
They have decided that the best way to achieve this is for firms to have principles driven into the fabric of their daily activity. Principles such as:
- the fair treatment of customers as a top priority, and
- the ability of the business to deliver skilled, sustainable, consistent and relevant service…no matter what the circumstances.
Part of that legislation is called ‘Treating Customers Fairly’.
We have anticipated ‘Treating Customers Fairly’ by building a cohesive series of systems and processes around the Client Experience that we are delivering.
Amongst other things, these systems allow us to provide
- clarity of information, and
- regular communication before, during and after each financial instrument is put in place.
In our view, this clear consistent communication is part of our Life Long Relationship with each of you!
Now, You’ll appreciate that none of this happens by accident!
In any business, the creation of systems and processes to help deliver World Class Service “On Time, Every Time, Exactly As Promised” is a supremely difficult task.
And frankly, most businesses never achieve it.
So, this is the perfect point at which to thank you, Vicki, as the prime mover in the development and implementation of all our systems. You have been the backbone to this crucial business need. I am sure you will all agree what a valuable asset Vicki is to the business and what a world class service she provides to us all.
If you want a system building, a process installing, a performance monitoring – get yourself a Vicki!
Cos you certainly aren’t having mine!!!!
Now, let’s examine how YOU have helped in creating our vision for the future.
Last year I said that I observe too often that businesses forget the reason clients came to them in the first place, and then wonder why clients leave.
I am determined that Trentham Invest will not fall into this trap.
So, we decided to find out what you, our clients, really value about our service – and we sent you a questionnaire.
Thank you to all who responded in such detail.
When we asked why you appointed us, you said
- personal recommendation
- knowledge and expertise, and
- personal service.
When we asked what you really value in the relationship, you said,
- our thoroughness (in your language that means that I can be a right pain),
- professionalism,
- promises being kept
And when we asked why you remain with Trentham Invest, you said
- You’re treated as an individual
- Friendliness and quality of service, and
- We keep your best interests at heart
I’m convinced that every business that ploughs along, without asking clients what they really want, is selling itself (and its clients) short. So please work with us as we seek your values by way of similar surveys in the future.
Now we come to a rather intriguing subject…
‘Investment Illusions, And What The Future Holds For All Of Us’.
Another example of the Treating Customers Fairly initiative is that ‘customers receive the product performance they have been led to expect’
Yes, we believe that fulfilling the product performance that you anticipate is important.
As a result, we have:
- A 4 step investment process
- A clear well researched asset allocation strategy
- And we understand and practice the science of risk profiling.
However…however…
- We’re not day traders,
- We’re not stockbrokers, and
- We’re not expert fund managers.
- We don’t try to second-guess complex global economies, and
- We don’t believe in knee-jerk, panic-driven investment tactics.
What we excel at is the provision of Expert Financial Guidance.
For our relationship to make sense, it’s important to keep in mind that you have appointed us to bring to bear that particular skill.
As you think back on our various discussions, you’ll realise
– as I’ve already mentioned - that, the foundation of our relationship has been built on helping you to reach deeply important objectives within your life.
Put very simply, helping you to sleep at night.
Knowing that your plans are on track is what we’re about.
What we’re NOT about is outperforming an index, or predicting the future of the planet.
Recognising this fact is particularly important at this point in history.
I am sure that everyone in this room (Herman are you listening??) is aware how turbulent the market has been and still is. But despite these ups and downs, we now manage approximately £20m for our clients.
And because clients are happy, that figure grows relentlessly.
A large part of being able to successfully manage client assets is the use of appropriate research, tools and technology.
The proposition offered by Skandia makes this a simplified, comprehensive and robust process for us. These benefits are in turn passed onto you.
I would like to take this opportunity to thank the managers and teams from the investment groups who have helped manage our clients assets. I am pleased to say that some of them have been able to join us this evening and can be identified by their red name badges.
Before I conclude, I’ll make this bold statement.
I believe that professional Financial Planners are in a uniquely privileged position.
Think about it…
The misunderstanding and misuse of money is central to many, many personal and business failures
…and a great deal of individual and family misery.
Consequently, Skilled, Professional Financial Planners have the power to change the lives of many hundreds of thousands of people in this country.
This then, is our mission. To help you to shape a better future
And here’s something I’ve discovered…
When you have a deeply felt mission driving you, people are attracted by that force of purpose.
As an example of that, I am both flattered and proud to say that our colleagues at Skandia, wish to use Trentham Invest as a role model to other IFA’s who are currently changing their practices to meet the FSA requirements.
Going forward, there is a group of advisers who will take the future of this industry with them.
Right now that group represents only about 20% of the adviser population.
That 20% I believe have the characteristics of
- superb relevant qualifications
- they know who their ideal clients are
- their revenue is independent of products
- they have sustainable revenue streams
- they have designed their service by asking their clients what they really want and value
- that service is independent of personalities and moods. It’s consistent, repeatable and robust
Very soon, the 80% will be firmly on the FSA’s radar, and will suffer increased regulatory pressure. Many are likely to crumble, and opt to leave the industry.
But more important than all this, those that manage to scrape through will be left with relationships which minimise profits, are unfulfilling and far less enjoyable
I believe my life and my time devoted to business is worth far more than that!
And I believe yours is too!
So we’ll stay in the vanguard of the 20%, if that’s OK with you!
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