Blue Chip Issue 89

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BLUE CHIP PRACTICE MANAGEMENT | Business development “We prioritised developing a comprehensive understanding of each client’s unique situation, enabling us to tailor our advice and recommendations to their specific needs,” says Campbell. Today, our financial plan is our product and comprises four parts: a life plan, scenario plan, investment plan and estate plan. We did not charge for this plan at first but realised that clients don’t see much value in something offered for free. Today, we charge a standard fee for a financial plan. #7 Collaborative planning meetings – teams of two We have implemented a simple yet profound concept of having two planners present during planning meetings, bringing diversity and using planners to their best strengths. Each planner brings a unique worldview, influenced by their age, gender and experience and by pairing different planners, clients receive a blend of fresh, innovative ideas and wisdom. We mostly see couples and found it hugely beneficial to have both a male and female planner in the room. It allows for a broader understanding and a more rounded approach. In addition, our articled programme for young Certified Financial Planner® professionals to join Chartered and gain mentorship and experience without having to acquire their own clients has been a game changer. It challenges our thinking all the time! Insight. When we deal with clients, their lives and their money, it is difficult not to get emotionally involved. Feeling the pain of clients during tough times is difficult, and when clients face loss, illness or heartbreak, we feel those things with them. #10 Upholding professional standards As an FPI-approved practice and active member of the FPI, we strive to promote the financial planning industry as a profession. We regularly share our learnings and insights at conferences and use every opportunity to promote financial planning as a profession. Conclusion We are extremely grateful to our wonderful clients who have allowed us into their lives and shared their dreams with us. We have learnt that there is a story, as well as dreams and fears behind every financial decision. We are equally grateful to our team at Chartered, our suppliers and planning practices who sold their businesses and entrusted their clients to us. #8 In-house specialist services As the business grew and more and more clients asked for additional financial services, we expanded our offering across investment solutions, will and estate services as well as tax planning, ensuring that the same company manages every part of the client’s portfolio, with the planner involved in every aspect. Recently, due to changes in the financial landscape, we recognised the need for strategic investment management and created WealthStrat. Our Cat II licence also allows for more control in changing investment consultants if necessary and minimises fees for our clients. #9 A relationship business Financial planning is managing your client’s relationship with money and guiding them to put money in its proper place – as an enabler of their goals and dreams. Money is not an easy topic to discuss, and very often, life-planning conversations are deeply traumatic, unveiling a host of underlying emotions such as fear, anxiety, worry and shame. Yes, planners do need exceptional financial and technical skills, but these three skills in building and nurturing relationships are equally important: curiosity, coaching and self-awareness. We have learnt a great deal from life planning with clients and invested in interpersonal skills and self-development training for all our team members. We teach planners to be curious, ask probing questions, respond with empathy, have non-judgemental listening skills, authenticity as well as the ability to coach, mentor and inspire. Kim Potgieter CFP®, Director, Chartered Wealth Solutions, ICF Professional Certified Coach, New Money Story® Mentor Coach, Certified Dare to Lead Facilitator 88 www.bluechipdigital.co.za
YOU SHOULD THINK CAREFULLY ABOUT THE PROS AND CONS OF MOVING TO FAIRBAIRN CONSULT Pros • You continue to own your business • You no longer need to be an accountable institution or the KI • You don’t need to worry about the additional compliance from CoFI • You have real succession options • You have access to over 100 product providers, but you don’t need to stand surety on contracts • You can leverage our scale to afford great tech like automated client portfolio statements Cons • While you can give unbiased advice, you can’t describe yourself as independent ombds 08.2023 C8469 To find out more, visit www.fairbairnconsult.co.za or scan these QR codes. Fairbairn Consult is a firm of Registered Financial Advisers. We are a licensed FSP and a member of the Old Mutual Group.
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BLUE CHIP 0.5 CONTINUOUS PROFESSION
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CONTENTS ISSUE 89 NOV/DEC/JAN 2024
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CONTENTS ISSUE 89 NOV/DEC/JAN 2024
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BLUE CHIP FPI UPDATES | CEO message
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BLUE CHIP On the money Making waves
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BLUE CHIP On the money Making waves
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RCA-BCJ-23-2 Our tailored platform
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BEHAVIOURAL FINANCE | Books BLUE CH
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COLUMN BLUE CHIP Consider paying of
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FPI | Financial Planner of the Year
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BLUE CHIP FPI | Research The power
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BLUE CHIP FPI | Research • 84% ag
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BLUE CHIP CLIENT ENGAGEMENT | Behav
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INVESTMENT | Offshore BLUE CHIP The
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INVESTMENT | Economy BLUE CHIP 1% o
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Page 41 and 42: Partner with us, become an FPI Appr
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Blue Chip Issue 89

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