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STRATEGY FIRST, PRODUCT SECOND

As Managing Director of My Adviser and an experienced financial adviser, I’m often asked for my views about the financial planning process.

 

Sometimes it’s a conversation with a fellow planning professional; other times it’s a chat with one of my own clients.

 

Because financial planning is something I’m passionate about, I’m always happy to oblige.

 

Sometimes I don’t need to be asked, I just like to tell anyone who cares to listen!

 

In any case, what I say to people is that financial planning is not a complicated process.

 

To me, it all starts with a simple question to a client: What are your goals?

 

Of course the answer isn’t necessarily as simple as the question. Sometimes a client doesn’t have an answer, or can only express some vague ideas, because they hadn’t realised they were going to be asked for this.

 

Once we’ve been able to flesh out their goals, I then ask myself: What’s the strategy that meets those goals?

 

The strategy could include a whole range of tactics - from a simple savings scheme, to a debt management scenario, or an investment plan. (Remembering that financial advice needs to be holistic, taking account of someone’s complete personal and financial position).

 

Financial products become incidental in this process. They’re part of the plan, but they’re not the plan itself.

 

Looking at it another way, the WHAT always comes before the HOW.

 

So it’s WHAT do I need to do to help this client achieve their goals, i.e. WHAT is the best strategy?

 

Followed by HOW can I give life to the strategy, i.e. is there a product that works for this client, or do I need some other solution?

 

To be a successful adviser you must look at your clients in a broader sense, offering value-based advice for a fee, not relying on commissions from product sales.

 

And not to forget your broader responsibility to clients, such as ensuring the strategy is implemented and constantly monitored and you’re ready to review or rethink strategies when a client’s circumstances change or their longer term lifestyle goals alter.

 

Always remember: strategy first, product second.

 

PHILIPPA SHEEHAN

Managing Director

 
 

 

 

When it comes to financial matters, current day pressures are making it increasingly difficult to focus on what’s truly important – knowing what you want to achieve and putting a plan in place to achieve it.

 

Whether you're searching for financial solutions for your personal affairs, or you're a financial adviser focusing on the needs of your clients while juggling the overall management of your business amid legislative changes, My Adviser is a solution for you.

 

For our financial planning solutions for personal investors, visit our Financial Planning Page for more information about how we can help you achieve your long-term financial and lifestyle objectives.

 

For our business solutions for financial planners, visit the About Us Page for more information about how we can assist you establish and grow long-term relationships while growing your business.