Who You Gonna Call?

Some years ago, my wife and I were finally able to take our first overseas holiday without our children. Although they were old enough to be trusted to take care of themselves, the cat, and the house for a week, the question my wife asked just as we were about to take off got me thinking: “What happens if the plane crashes and we don't make it back?” she said.  “Don’t worry,” I replied, “we have all the right things in place – wills, life insurance, investments – if we die, they’re well provided for.”

But then it hit me – how would they sort any of it out? Did they even know who our executors were, or where to find the most basic information? Who could they rely on to help them? And where would they access money to feed themselves and pay the bills? It was at that moment that I realised my family – indeed any family – needed more than just investments and insurance policies. We needed a clear plan for what to do should the worst happen and someone, a trusted adviser, who would make sure the plan could be implemented. So, along with the 24hour plumber and the local pizza delivery, it was clear that we needed a number on our fridge door which would connect to our family’s financial emergency service.

It is in moments of crisis that we truly understand that the real value of a financial adviser lies not in the cash flow forecasts, asset allocation advice, and investment selection but in the intangibles such as a relationship built on a solid foundation of mutual trust and understanding. Imagine how valuable it is to have a trusted family adviser whose phone number represents a gateway to peace of mind, practical advice, and sage counsel. And, of course, those moments of crisis can come in many guises: the death of a breadwinner, the loss of a job, the breakdown of a relationship or, sometimes, a stock market crash which throws retirement plans into disarray. 

When clients choose an adviser, it's not just for the menu of services they provide but how they feel about them. It’s a decision based more on emotion than on logic. The perception of value is intricate and multifaceted. However, if you are going to be the trusted adviser at the end of that phone call, what has to be true of you and your business? How can you live up to the peace of mind promise that comes with being the 'One Number' on the fridge? Whilst by no means an exhaustive list, here are some questions you might want to ask of yourself and your business: 

• Do we have a complete understanding of our clients’ financial landscape, from wills to insurances to investments. Do we have a comprehensive, integrated practice supported by a solid network of professionals that can ensure that, no matter the issue, we either have the answer or we can put the client in touch with someone who does?
• Have we taken the time to build relationships between the client and the broader team so there is always a continuity of service, even if the primary adviser is unavailable?
• A clients' trust is founded on more than just technical expertise, so are our advisers emotionally intelligent individuals who genuinely understand and care for our clients? Are they prepared to have open and candid conversations to address even the most delicate financial concerns, so that clients feel heard, understood, and respected?
• Are we prepared to demonstrate that we walk our talk? Can we confidently advise our clients knowing that we have our own financial affairs in order? After all, integrity isn’t just about honesty, but also about living in congruence with the principles and strategies you recommend.
  
  

In a world where financial services are becoming increasingly commoditised and digital tools challenge the essence of the human touch, let's not forget the unparalleled comfort that a trusted adviser can bring to a family at their time of greatest need. After all, in a crisis, who are you going to call?