Financial Planner Life Podcast
Welcome to The Financial Planner Life Podcast. We cover an intimate and honest account of what it’s really like to work in the financial planning profession.
Our guests share their stories of success, failures and learnings, as well as what to expect from a career in the financial planning profession! We host guests at various stages in their careers, as well as multiple roles to ensure that our audience has a variety each week.
Financial planners, business owners, paraplanners and back-office staff all have their own story to share, and The Financial Planner Life podcast is a platform for them to talk about their personal and professional journey. The podcast covers a multitude of topics, from mindset and motivation, health and wellbeing all the way to diversity and inclusion.
We approach each episode with the idea that it is going to educate and spark a conversation within the industry with topics that may not be openly discussed. So, if you are thinking of becoming a financial adviser, or you’re curious about learning more about this brilliant sector, we urge you to give the podcast a listen.
The Host: Sam Oakes is the host of The Financial Planner Life Podcast. since 2008 Sam has been supporting leading national and global financial planning firms in finding the best talent, he was the director of Recruit UK, a 7 figure turnover financial planning recruitment company that he successfully exited in 2024, Sam now works as the Head of Creative for Hoxton Capital Managment, building out podcasts, YouTube and social content for this fast growing fee based international financial planning firm.
Sam has always had a passion for financial services, starting out as a trainer for leading product provider in the UK, he has been in the industry for over 20 years.
He sees himself as a partner to the industry and wants to contribute useful resources such as this podcast to educate those further who are seeking advice and help about how to push their careers forward in this amazing profession.
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Financial Planner Life Podcast
From Graduate to Chartered Financial Planner & what I do in the paraplanner club - Matt Finch
From his humble beginnings as an administrator to his current role managing a client book as a financial planner in an investment Managment company , Matt's journey is nothing short of inspiring.
He offers invaluable insights into the importance of a holistic, personalised approach to financial planning, and shares his experiences working with a diverse array of clients, from high net worth individuals to the mass affluent. Learn how Matt balances the demands of investment management with comprehensive financial planning.
Ever wondered about the critical role of paraplanner in the financial planning profession?
Matt Finch sheds light on the multifaceted challenges these professionals face, from managing hefty workloads to tackling ongoing professional exams.
Discover the essential contributions paraplanners make to advisory businesses and why their value in the profession should be recognised and rewarded.
Hear about the supportive communities like the Paraplanner Club, which provide networking opportunities and foster professional growth among paraplanners and administrators.
If you're contemplating a career in financial planning or looking to advance within the field, this episode is a must-listen. Matt discusses career progression, from administrative roles to financial advice positions, and the significance of mentorship programs in facilitating these transitions.
Whether you're re-entering the workforce or navigating firm consolidations, Matt's advice on clear career pathways and development plans will guide you toward success.
Plus, learn about the role of academies in accelerating career advancement and how mentorship can be a game-changer in your professional journey.
Begin your financial planning career journey today
Whether you are looking to become a paraplanner, administrator, mortgage and protection adviser or financial planner, the Financial Planner Life Academy is for you.
With limited entry-level job roles, giving yourself the best financial planning career education, will not only kick start your financial planning journey with relevant qualifications and skills, but it’ll also help you achieve success much faster.&nbs
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Reach out to Sam@financialplannerlife.com in regards to sponsorship, partnerships, videography or career development.
And today's guest on the Financial Planner Live podcast is Matt Finch. Matt is a financial planner, but he didn't start out that way. He started as an administrator and spent about three years in a power planner role. So today he talks about his journey from administration through power planning, how he ended up getting a job in a financial planning firm as a financial advisor managing a client book. As a financial advisor managing a client book. We also talk about his role at the Power Planner Club, where he mentors administrators and power planners and helps them on their career journey, talking about culture, values, talking about career development and talking about salaries. It's a fantastic club to get involved in if you are an administrator or a power planner and you want to build that community within the financial planning profession. So I hope you enjoy this episode, matt.
Speaker 1:Thank you so much for joining me today on the Financial Planner Live podcast. How are you? I'm very good. Thanks. How are you? Very well. Thanks, very well. Obviously, we're super organized today. Yeah, I'm on time and haven't had a faff around with everything, have we?
Speaker 2:No, well, it's great to be here. Thanks for having me on, I look forward to it.
Speaker 1:You're welcome, absolutely welcome. Obviously, we've had a bit of a chinwag beforehand, okay, but let's just give our audience a bit of an insight into, uh, who you are, um, where you are in your career. What job is it you're doing in the moment?
Speaker 2:yeah. So it's been a. It's been a bit of a journey. I'm sure a lot of people will be be similar in my, in my position. Everybody in the industry has come through a different kind of kind of realm in a different journey. I'm currently a financial planner managing a book of clients at a um, predominantly investment management firm, with some financial planning and work plan capabilities. I've gone through the process, you know, of graduate. I've gone through admin power planning role in, you know, in a demanding setup, lots of different complexities, and at the point now where I'm happy to be having my own clients and looking at things like business development and client relationships, which a lot of people I speak to you know is a big job. So I'm happy to have finally been cutting my teeth in that industry and in that realm of client management Fantastic.
Speaker 1:Looking in an investment manager, then, yeah.
Speaker 2:Yeah, yeah, I mean, the roots of Affirm have come from that area. I think the industry is in a position now where we're starting to see the value of a better private client service, more holistic, more 360-degree service in other areas. So you used to have a stockbroker back in the day. Now it's more of a personal service. You're a bolt-on to the family. What's the situation down the line? How are the kids going to get involved? Things like that. Tax planning is a bigger picture now. It's not just about investment management. So, um, I think a lot of people in the industry probably you speak to them as well it's changing to that situation as well yeah, fantastic, just to give people a bit of an insight who might not work um within that environment.
Speaker 1:Do you work quite closely with an investment manager and you do the financial planning. How does it? How does it work?
Speaker 2:so I'm trying to double head both, both roles, which is which is a is a balance, and I think a lot of financial planners in the industry have that as well. They are responsible ultimately for the, for the investment management side and providing that advice on the investments themselves, but also the bigger picture. So, um, we've got a setup where sometimes you know you can bring in a specialist in the investment world bringing a specialist in the tax planning world. So I think some of the good firms nowadays have that capability for you to bring in an expert in a particular area. But to be able to double head the financial planning and the investment management capabilities sometimes can be a bit of a juggle, but it's good. I think clients value it as well when you've got somebody who's a one-stop shop that can provide good expertise in both.
Speaker 1:Do you predominantly give advice to high net worth, ultra high net worth? What's the typical type of investable assets that the clients you deal with?
Speaker 2:Yeah, it's a mixture really. Obviously, there's high net worth there as well, there's family groups and it's not really a typical client, but I do enjoy working with the mass affluent side as well. Obviously, everyday people they need access to an expert in this area, like you would a, you know, a gp for your health, um, so it's really a mixed bag at the moment.
Speaker 1:Yeah, okay, so not hanging out on the ultra high net worth just yet, then no no, absolutely not.
Speaker 2:Come back. In 10, 20 years maybe, who knows?
Speaker 2:yeah okay, you mentioned that you were on a journey from a graduate to now, then, so just tell us a little bit about that journey yeah, I, I think, um, most of the podcasts, of course, episodes in this series of lots of people kind of say they fell into the profession very much similar to me. Um, I didn't know what it was six months, three months, before I joined it. So, uh, I was doing a, you know, an economics degree, uh, initially set on a career in the military, so I was quite set on that. Um, that didn't go to plan, so I quickly needed to find something else to do. So I was coming across a jobs in finance, accountancy. I initially saw this a bit more and then I thought you know what else is there for me that's going to, a degree is going to be put to use, but also I'm going to be able to help people. So I came across a friend who started as an IFA and from uni I found a. I started a grad scheme kind of academy in London where, in a small firm where I could start the exams, I could learn the ropes um, not just make the teas and coffees on day one, but also start studying the exams, going through report writing, pre-meeting, most meeting, bits and pieces. So I just really like to find a scheme like that was going to take you through the motions.
Speaker 2:And how did you find that? Yeah, baptism of fire, I think probably be a good phrase to use. Uh, was very green, hadn't really had any exposure to finance beforehand. Um, probably the first generation of my family to work in in the industry as well. Um, you know, uh, you know from a, from a financial industry as a whole, not just financial advice. Um, with limited access to those kinds of professionals for my family going back. So it was a bunches and a fives, a learning curve. I think, particularly being in a smaller firm, it really does bring out lots of you know. You've got to dig deep, you're always in the spotlight, lots of responsibilities, and you get thrown into doing things that not always you get the chance to do in big firms. So, you know, particularly I was thrown into, you know, sustainability reports, quite complex ones, from an early start, which really you know, brought out the best of me, I think, and um, so, alongside the exam.
Speaker 1:So it was, it was tricky what do you think are some of the benefits of actually starting out, then, in a smaller firm as opposed to a bigger? You're in a big firm now. We won't mention who it is, but you're in a big firm right now. Um, you started in a smaller firm as opposed to a bigger. You're in a big firm now. We won't mention who it is, but you're in a big firm right now. Um, you started in a smaller firm. What do you think the benefits are starting in a smaller firm up against a bigger firm in the early stages of your career?
Speaker 2:yeah, I think, um, I think lots of people at the moment you know, coming out of uni, I think you're always attracted by the bright lights of you know city, the big names, um, which is which is good.
Speaker 2:And then you know you go get an exposure to a good brand is absolutely great. But, um, I think the benefits of you know smaller companies I touched on earlier. You get those opportunities which you don't tend to get in the big ones, you know. You get brought along to meetings, you get handed cases which if somebody so it's more senior than you is busy, busy, you can pick up those bits and you can kind of sit next to the people, the advisors in my instance, from a commercial aspect as well, not just client work, but more often than not advisors tend to be obviously have a say in the management of business strategy going forward and it's really it's opened up a lot in terms of the commercial aspect of the role, which I think is vital if you want to be a, an advisor, have a bit of business, business acumen and kind of be a business owner in a, in a sense, with your client back. It's um, it certainly helped me develop a lot being well, you know, coming from that background, sure well, you kind of see it.
Speaker 1:You see the business owner running the business, don't you? So you're a lot closer to every decision that's really being made, and in a smaller firm you can often get pulled into decision-making choices Instead of you know. A lot of the time in a smaller firm, some of these decisions are made over the table, aren't they? You know, like it depends how small it is. There's also the opportunity when you're in a smaller firm to be more involved in the strategic direction of the business from an early stage. So it could end up that you grow with the firm and you end up becoming a director quite quickly. That can happen very often in smaller firms.
Speaker 1:You know if you put in the graft and then you're working hard, you can become a director really quickly. I mean I went into a small recruitment firm and then a year and a half later I was 50 shareholder and 15 years later I sold the business. So it's kind of you know these things do happen and I think it's not to be sniffed at to get through the door in a smaller firm. It has its negatives, I think.
Speaker 1:Without a shadow of a doubt Bigger firms also have a bit more structure and a bit more process in place and they often not have a bit more opportunity than, say, smaller firms to be able to sidestep progress. You know there's a bit clearer career framework, whereas in smaller companies you don't tend to have a clear career framework. It's just get stuck in and you kind of make your own luck. So I do think being in that entrepreneurial smaller environment is good for you, but for some who really crave a bit of structure and process, it can be a bit overwhelming and a bit daunting, I think yeah, for sure, uh, definitely, they've both got the place.
Speaker 2:Um, I think, um, particularly now, you know, the market's getting in a way where lots of consolidation, lots of smaller players being, uh, you know, approached by bigger players, and that opens a whole load of other challenges for people in those smaller businesses. So, and um, you know, it's part of part of what I do a lot with, um power planners in the power plant, but which we touch on, um, you know, challenges that come with that, where the future and the career development plan likely put to the to the wayside, uh, so it's a it's a bit of a minefield for sure.
Speaker 1:So you just mentioned about the Power Planner Club there. So you were a power planner. Then were you? Yeah, that's right. Yeah, okay, how long were you a power planner for? Best part, three years, okay, interesting. Did you start in administration and then move into power planning or did you go straight into power planning?
Speaker 2:Yeah. So I think where I was and where I started was probably a very interchangeable, uh term administrator and power planner. I think it was a bit of a uh, a merger of all of them together, and I think I didn't see that really until I probably left. Where you know, I might have been doing the app inside of things, things like loas, um, you know, workflow management, things like that but I was also juggling. What we would say is that power planners are also preparing advisors for meetings, doing the reports afterwards, students of client management.
Speaker 2:So I was a power planner for three years and now, as you say, having a lot of involvement in the power planning, helping power planners with the journey, whatever it is, because everybody's on a different journey and it's a career in its own right, absolutely so. People's on a different journey and it's a career in its own right. Absolutely so. People are on every day different journeys. So, um, it's actually but that's that's the aim of the power plan club to help out people in that that side, the side of the industry so your involvement within the power planner club, then are you a bit of a mentor yeah, absolutely so.
Speaker 2:Um, power planner club in in essence is a is a base for our planners or administrators in in the industry even advisors as well to come either offer their experience as a mentor, like myself, or as a mentee. You want some guidance on career development. Any challenges you might be facing in your in your firm whether you're a small firm or a big firm each have have their challenges. As we touched on, it's just a chance to get a third party or an independent person just to bounce ideas off of and have a chat about where you're at, because, particularly in small firms, we cut back to it. It's very much your four walls around you and it's always good to get an impartial view of where you're at and, hopefully, some good ideas. So it's a really good place for people to go across the way.
Speaker 1:You mentioned about overcoming some of those challenges within power planning. I suppose you spent three years in that. Let's talk about some of those challenges that you've experienced within power planning and how the power planning club can help it. So kick things off. What are some of the challenges you've come up against when power planning or in power planning careers?
Speaker 2:yeah, yeah, I think um, for power planners a lot of the time, you know you come from university or school and there's usually for me anyway, it was a more of a guide way to being an advisor I'm happy to have become since departing my time as a power planner, but challenges are endless. It's a tough job. I look back now and I speak to the power planners I mentor and there's no limit to the challenges and the sheer difference in work that every day presents itself is is it's next level? One minute you can be doing a bit of doing a bit of work for us and meeting prep, and the next you know we've got to sign up because otherwise we're gonna. You know there's kind of relationships at play as well. So it's um, it's a big juggle. It's a big, big job and I think nowadays as well, the endless exams that have to be done as well, to juggle on the side. It's so challenging for people to juggle a very intense full-time job alongside a load of exams that you have to do.
Speaker 1:So there's no limit to the challenges.
Speaker 2:no-transcript with work.
Speaker 2:Yeah, it depends where you are.
Speaker 2:I think, um, yeah, I mean you can say, across any industry, you know you can, that you can have work done on you and you can respond however you like.
Speaker 2:But, um, I think a lot of the time power planners are the um, you know, vital in the operations of a vice business. You can have all the, all the business development and new leads coming into a, coming into a practice as an advisor, which is great, especially in the shoes I'm in now. But to have a back office, a reliable power planner in the back office is going to be able to help you focus on what you need to focus on as an advisor and a power planner that understands the commercial aspect as well, as well as all the technical stuff, as well as how to balance workload, which is, you know, another, another facet of of the job. And, yeah, I think a lot of time the gang it's done to work on and helps overlook to an extent. So it's about responding to that, maybe having a conversation with with the firm about how, how it's done really yeah, so sometimes I've come across power planners and um.
Speaker 1:I've known sean davies cole for quite some time, which is the power planner club founder right now. I know she set the power planner club up because it was there weren't many power planners talking to power planners and there might have been one or two in a company, and that was kind of it. So, creating a community where power planners can get together and talk about the culture, talk about the job, role, ways to improve it, uh, to ask for advice from each other and basically support each other, and I love the fact that it's open, then, also to administrators as well who want to progress and move into um formally. What is a power planner position, which often they're already doing it. They they just got the different job title, so it's good to be able to communicate and understand right. Well, what is it? What is the specific level of work that I should be doing to be deemed as a power planner? Is it beneficial for me to do my qualifications? Is it going to get you know? Is it going to pay me more money, for instance?
Speaker 1:I don't think power planners were the type that would often ask each other how much they were earning. You know I've worked in recruitment 15, 16 years I don't anymore but I know that power planner salaries have gone from 25k all the way up, in some cases to 80 000 pounds. I've seen power planner salaries out there for so um dependent upon the level of experience that somebody has and the demand for the power planner within a specific location where there might be a shortage determines how much a power planner can actually earn. And I think more often than not, power planners don't quite often know their true value and their true worth in the marketplace. Have you ever gone through that and what did you do? Do you guys check each other's salaries in the power planning club? Do you have a way of indicating whether someone's skill set is up against a relevant pay grade? Do you help people in that way?
Speaker 2:Yeah, absolutely, and personally my mentees haven't really got into the nitty-gritty on that side of things in terms of the remuneration. Being in London, I know pretty well what people are worth the nitty-gritty on that side things in terms of the remuneration being in london, I know, like paul brushley, you know what, what people are worth. Um for sure, just for conversations I have and over the years as well, I've spoke to you know recruiters such as yourself and others in the industry and have a good understanding. You know what's out there.
Speaker 2:Um, but, as you say, more often than not it's about knowing your worth and I think it's very easy in a small firm I'm a good example as to put to the wayside what you might be able to obtain from somewhere else because you don't realize you're actually doing more than what you thought you might be paid for.
Speaker 2:So, particularly, I saw we obviously have a group chat with mentors and there's calculators around for people to understand whether they're out on a journey or they're out on a journey to see you know what they might be, might be worth.
Speaker 2:But ultimately I think of course you've got to look out for yourself and find the best place you're going to be rewarded for, but also if there's something you're working towards which you think might be a good fit in the company for example, if they're going to help you through exams, get you to a point where you can be a senior or an operational manager, or even an advisor it could be worth holding out and, rather than drop ship, perhaps consider a conversation with the firm. So it's not always a case of oh wait, you can get some more elsewhere. How do you mentor? I invite the structure to go and speak to so and so it's all also about what else can companies do and how are they going to listen to you, because, um, to have a conversation is hard to judge, but, um, it's certainly a recurring conversation I think we're all having, it's just the mentors, yeah is that one of the biggest conversations you're having and one of the biggest sort of grumbles or challenges that power planners are experiencing at the moment?
Speaker 2:I think, particularly for my mentees on the go at the moment. One of them is a return to the industry, taking some time out, which is a challenge to get back in from where they were initially. Another is looking at implications that will come with a consolidation or that firm being bought out by somebody else, which obviously lots of people are facing at the moment. What's their future at risk? What's it look like? What's my development look like? So, yeah, as well as the pay discussion, and what am I worth in a booming market with parent planners? What's best for me long term? Where am I going to fit? And what's this consolidation going to look like in a booming market with power planners? What's best for me long term? Where am I going to fit? And what's this consultation going to look like? Mr Manager, if I stay around here, there doesn't tend to be many answers around.
Speaker 1:So those tend to be the recurring themes. Yeah, yeah, really vital service you're offering, I think, to power planners and administrators to be able to kind of go in there and have a sounding board and to share, without judgment, how they are getting on in their careers, because historically it's never been really one that's got a clear, structured career pathway. It's never been really broken down. It's more been like you know well, you're the administrator, you're the power planner. Down. It's more been like you know well, you're the administrator, you're the power planner. That's what you're going to be doing, and you can often get people who are going into those roles with admin to power planner and using it as a stepping stone to becoming a financial planner.
Speaker 1:That's another kind of rumble I come across and have done where I've been here for two years now and I was promised a financial planner role or I was hoping to become a financial planner but the opportunity just hasn't happened't happened. And what do you suggest for those types of people? Do you say, like, go back, have a conversation with the boss of your company and challenge them, or what's?
Speaker 1:your advice to people that are well one-off. What's your advice to people that are using the admin and power planner route to become a financial planner? Is it viable what's the typical timescales on that to be realistic? And is it viable what's the typical time scales on that to be realistic? Um, and is it a good route, should they go that way?
Speaker 2:yeah, yeah. So a few, a few questions there. I think, when it comes down to you know, assessing where you are, is it good for me, I think, the conversation with managers, always always handy, I think, um, holding yourself account and your and your company to account as to what is your development plan when you join, remembering what was given to you as a job description and as your career development plan. If there isn't one, that's probably a red flag. But always coming back to the one-to-ones with managers over the years to say, you know, we agreed on this, this is going to be my development. How's that looking? Because you can work as hard as you want and to get through that. But if it's not going to be remembered or reciprocated back from a manager or change of managers or a boss because we're going to get bought out by so and so, so and so, then perhaps that might have a sparring to work. So always be checking in with with the manager and whoever's in charge of your development plan could be HR, for example. So that's the first thing I'd say.
Speaker 2:I can't remember the second element of your question. I think timescales you mentioned, didn't you? I think, realistically, there's lots of places at the moment, I'm sure you're aware, in the partnerships you have with the academy side of the industry, which is great. I think sometimes people do frown upon them, but ultimately you're providing good service to to a client on their matters, whatever they might be. Then who's who's ever to uh step in the way of those. I think the academy opens up a lot of doors for time scales. If someone wants to be an advisor within a year or two and they've got a little bit of experience, I think some of the academies seem to cater for that and for more motivated, more motivated people, I think we're talking about power planners there.
Speaker 1:We're talking about, you know, power planners moving into those academies. You've seen that happen I think, yeah, definitely.
Speaker 2:I think if there's power planners which are finding they might be at dead end where they are, certainly the academy opens up doors. The academies will value the fact you might have done a little fourth diploma or the level six and you have that experience in that office and you've got some acumen to be able to translate that into a to be an advisor for sure. I think one of my mentees was a state agent for about 15 years and he's come into our planner in in our industry.
Speaker 2:So it's transferable skills. Although there might not be and this you know knowledge of pension rules or um. You know the government don't make it easy for us, but those are transferable skills. I think the academy's helped people with those um, those transferable skills. You know we see lots of sports people come into the industry um, who might get up to hop into a to an academy, for example, and get up to speed, start growing a client back. So it's really a depending on where you're at um, it's a different ball game step what about the career progression within power planning.
Speaker 1:Let's say somebody wants to be a career power planner. Where can they go?
Speaker 2:Where can they go? I think there's definitely firms which have a need for somebody to be set in a power planner role. People are at all different stages of life and preference of what they want from a career.
Speaker 1:I think, there's no.
Speaker 2:You know it won't discriminate from small to big firms If they want a power planner there for the longer term and don't want to be held accountable to a career in the firm that plan. Say, in five years you're going to be in an advisor role. I think it comes. As you know, you need to clarify as an employer that you are looking for a career power planner to stay where they are.
Speaker 2:I think there's all manner of places, certainly in the city of London and in regions as well, that advisors don't want somebody to move away. They want someone reliable who's done the job before. They want someone for the long term because they might have a big back of loyal clients. They want continuity with the back office. So it's absolutely places for people to go, I think, but want to stay in that role and it's a very tricky job and it's a career in itself. So it's go, I think, but once I stay in that role, it's a very tricky job, it's a career in itself. So there's certainly places I think that can go. Just look out for that. It's a long-term career power plan.
Speaker 1:You moved from power planning into financial advice, right, so how did you make that happen?
Speaker 2:Yeah.
Speaker 2:So to the side of academies and perhaps a trainee role, I came into my firm from a time where I had some exposure shadowing banners I had all the exams done and dusted so charts and banners and found a role that was looking for an entry-level advisor to take on a book of a book of clients and manage those clients.
Speaker 2:And granted in uh, in the company they were a smaller bank of clients, so initially, you know, nurturing those relationships, perhaps um, and perhaps be segmented to more, more clients from other advisors. So I think that route tends to be a little bit more rare than than the academy route for bad plans to opt into um. Or perhaps tends to be a little bit more rare than the academy route for powerplanters to hop into or perhaps internally to be introduced to clients from being in a powerplanter role, perhaps a hybrid role. So the fact that I found one, it's sad to say, but there are opportunities to do that. So there's places that I think will take a punt on you, so to speak, and more often than not it's a good jump, particularly if you're a power plant. You've got the technical know-how and you've got a keenness to start helping clients on a personal level, so it's been really good for me.
Speaker 1:Okay. Did you use a power plant? Did you use a recruitment consultant to help you, or did you go out and search for something yourself and apply directly? What was your strategy? Or was it an internal one?
Speaker 2:I think I found I think I found somebody on linkedin who maybe was a headhunter or recruiter, um, and sent the message um, what's what's around, anything going? I think by that time realized that, you know, my current place at the time wasn't right for me and so I was making worries around. I think we had a chat, actually, and a few other recruiters and didn't go direct. I think it's always good. I think when I was finishing uni, I also sent at least 100 emails to lots of firms and you know lots of different networks as well, to say you know what are the, the opportunities? I think now is a great time for grads to get into the industry. There's just an abundance of opportunity.
Speaker 1:Um, but uh, but yeah, I think whatever works send, send a message, send an email, approach companies directly it all works, I think that transition, then, from power planning into financial advice, because you've had power planning experience, was it worth going down the power planner route and then stepping into financial advice? Has it made the transition easier and are there challenges that you're experiencing that you weren't expecting?
Speaker 2:Yeah, I think there's lots of different ways you can come in.
Speaker 2:I think, personally, by what I've done, I think being a power planner was vital, um, to have the technical knowledge and how things work for, not just from a product point of view, but a process in a company, and to know know how that's going. If I, you know, have an admin or a power planner person helping me out, I know what they are probably thinking. Because I've been a power planner, I know what they're probably wanting. They're wanting clear communication, meeting notes from an advisor's meeting and how we want to compose a business case. So that isn't to say, though, that somebody who was a sports person or a state agent or from a from an industry where they might have been selling something and you know we're good at it they can't come in and understand, grow to understand the process of how the business works and how other employees and power planners work. So I think it's you know it's it's hard to compare the two. I think they both have the places how you come into an advisor role how do you tell it?
Speaker 2:tricky, tricky, I think, for me, going through my three years as an admin and a power planner. It is a lot of work churning through, it's a lot of technical bits, not always client relationship management. Some advisors are perhaps more reluctant to introduce power planners and admins to their clients for a variety of reasons. I think it's great when they do, but also sometimes, unfortunately, they want power plants to focus on the work that gets put to the wayside. So I probably had to add that um to an extent, which was hard for me once I came in. You know I had 50, 60 clients to manage.
Speaker 2:But soft skills were probably something I needed to develop because I was going through those examples and that was that work cadence in work um every day. The client side of things probably was the wayside. So it was was tricky to develop trust um for those clients initially from the outset. But you know you get there and you bounce off your colleagues and managers, people that might be able to help develop so soft skills vital. Obviously sales people from other industries come with that and that um. You know that gravitas and that gumption already. So it's uh, it's um. They're different routes, I think was that okay.
Speaker 1:So when you say like soft skills, we're talking about sort of, uh, your relationship building skills, the ability to open somebody up, maybe like traditional, what we call like traditional sales or relationship skills. They were the things that you felt that were the hardest to learn yeah, yeah, I think so.
Speaker 2:You know, I was, um, you know, always good to be able to shadow um my first boss, to being a very, you know, successful advisor. So I could learn from um osmosis in that respect. But in terms of when you're sat opposite a client and you know you're managing their money, or you're a bolt onto their family situation, it's a different ballgame, isn't it? When you've got ownership of that, of that relationship, you've got the responsibility on your head. So it's a different, it's a different level and it's um, you know you can't get away from it. You know you've inherited a client back. They are counting on you, um, but it's something that could definitely be learned, and it's learned from success to failures as well. Um, there's no, um, there's no. There's no way to put that to that politely. Sometimes people do have hiccups, um, and that's how you learn would you say it's a completely different role for power planning.
Speaker 2:I think there's definitely things that overlap. Obviously you need to know the product knowledge, regardless of what your role is in financial services. There's overlaps there, I think. Obviously a process point of view. But your head needs to be screwed on depending on what the role is.
Speaker 2:If you're on a technical power planner, earning the amount of money that you know you might have mentioned earlier at this rate, now it's you've got to be drilled, you've got to be, you've got to have a good work rate, you've got to be keeping up with the business that you're in. If it's a very successful business, so the shift. If you're a motivated person, it's probably you know there's probably more overlaps in that sense. But as an advisor you need to be empathetic, sympathetic and slow down and ask poignant questions. Parabellum is not always a need for that. You might need to say that to your advisor and say what are we actually doing here? What are we doing so I can document it properly and do a report? So there's certainly interchangeable qualities, but ultimately I do feel like soft skills come into their own with your advisor.
Speaker 1:Let's leave some advice for a power planner who wants to become a financial planner. Okay, and they are power planning for an advisor at the moment. How should they approach the financial planner to articulate that it would be a benefit for them to be in the client meeting and gain some client exposure?
Speaker 2:I think you have a great conversation. I think you can demonstrate to the advisor that as part of your development in their role as a power planner or whatever the future might look like if they're moving into advisor or moving into manager, it's essential that you have exposure to the client music. That is literally what everybody is working towards as a collective in the business. So I think you sit down and you say what is it that I can do to add value? I feel like if I sit with the advisor and the client, where you're actually sitting with clients as an advisor, all the business are working towards, regardless of what role you're in. I think you say we can demonstrate the value add for you in your career development that you could do your job better if you understood what's going on behind that. You know that ring door, that office door which you know the advisor having a meeting with demonstrates to the advisor that that's going to be valuable.
Speaker 2:I don't think any good advisor would say would say no, of course there's a time and a place. There's advisors. Some, I know some advisors prefer to um, you know, manage things themselves, for example. So it might be a question for another advisor that's happy to um contribute into uh development. So you've got to pick your big battles, pick the right person. But I think a really, really supportive advisors in the industry wouldn't have a problem and the problem with that if you can demonstrate what it might do for you and how you produce your work.
Speaker 1:Fantastic, great, well then, Matt, where can people join the Power of Planet Club?
Speaker 2:Yeah, so you can search. I've got a website so you can search parrybatteryclubcom or couk. It might be one of the two People can reach out to me on LinkedIn, obviously Sian Davis-Coles, obviously the front person of the club, so anybody. They're quite present on LinkedIn as well, so you can search Parry Battery Club on LinkedIn. Once you get to the website, obviously you can make an initial inquiry about how you might be able to get involved. Um, you've then essentially assigned a mentor, uh, after you know you've had an initial call with one of the guys, um, and that mentor assigned to you will be positioned um by deemed by the clerk to be able to help you, help, help you best. So I might have guys that go through similar journeys to me. Um, guys and girls, for example, want to break into advice um, like I did, or had similar challenges. So, um say, get involved. Yeah, just find the website and make a quick inquiry through a message.
Speaker 1:Fantastic really good talking to you today. Thanks for the insight into your career journey and um, I think it'd be inspiring for people listening who are administrators, power planners. They're keen also to progress into financial planner roles. I think you live in proof that that can actually happen and you can go out there and find a job role where you're also managing existing client base. That's something that's been really helpful for you, obviously in your transition from power planning into financial advice. So thanks so much for that. I appreciate it.
