Wence and Scott began their business journey in 2017 with the creation of a Financial Planning business to provide services to ‘younger generations’. By keeping costs low and building a strong relationship early in each client’s career, we believe that customer loyalty will be high and profits will increase annually. Loyalty should be high particularly with university graduates, helping us to improve customer lifetime value.
This demonstrates a clear difference between Fin15 and typical financial advisers – Fin15 is looking to maximise the value of the relationship we have with each client over the long term. We believe this has positive effects on how we work with our clients, the products we offer, how we think about the effort we put into each client early, and the long term rewards that should deliver.
Another difference is our background in paraplanning. Wence and Scott knew compliance issues would increase costs (and business risk) and result in a lack of understanding among younger clients due to the financial jargon used that these clients wouldn’t accept. So Fin15 broadened their team to include John Evans as a consultant, Alice as a communication specialist, and Michelle as a marketing specialist. Each of them is an integral part of how we communicate with our clients and build a system that means clients enjoy a more informative and convenient advice process.
A qualified adviser will seek to find out what clients care about, their goals, and how a good financial adviser can help them get there. The technology has been designed to make providing information simple and convenient for our clients. The process is more compliant and means that meetings with the adviser are no longer about answering monotonous questions such as date of birth and address. Instead, it becomes a discussion about what is important to them. At Fin15, the adviser builds a relationship with our clients, finds out how we can work with them to help meet their goals and provide them with advice that will improve their economic situation. This builds long term trust and, we believe, is the foundation from which we will work with each client as they move through life.
Our competitive advantage is that we have built our process so that compliance is integrated, instead of being a secondary step. We make it impossible for advisers to change the information in the system without the client been notified. The result is a more streamlined process for the client, whilst for the adviser, there are automated checks throughout the process. We conduct an overall quality check by another member of the team. The result is a significant reduction in errors, but more importantly, the client experiences a process that is centered around them and their meeting with the adviser. The client can enter their information, a few days later meet with the adviser and discuss what they want to achieve and how we, as financial advisers, can help them get there. Our process, however, is not about speed.
Our goal is that when the client receives the recommendations, each client better understands what these recommendations are trying to achieve, and how the advice puts them in a better financial position. This means it’s important for us to understand the client and for us to show the client how we can help them.