Janet Hugo CFP®, Sterling Wealth
My journey into the world of financial planning began from a personal need. I witnessed firsthand the impact of a lack of proper financial advice within my own family, which sparked my passion to become a financial advisor.
This experience has shaped the way I approach my work at Sterling Wealth, where our primary focus is on providing tailored, individualised financial advice that truly resonates with each client’s unique story and circumstances.
Understanding Clients Beyond the Numbers
One of the most significant aspects of financial planning is the need to connect with clients on a deeper, more personal level. At Sterling Wealth, we don’t see clients as mere portfolios or figures on a balance sheet; instead, we recognise them as individuals with unique goals, fears, and aspirations. This client intimacy allows us to offer advice that is not only financially sound but also emotionally supportive, especially during challenging times.
In my experience, financial planning often goes beyond the boardroom and the spreadsheets. For instance, we frequently encounter families dealing with situations such as a diminishing breadwinner’s mental capacity or children vying for control over their parents’ finances. These scenarios require a gentle touch, empathy, and a gradual approach to transitioning control over financial matters. It’s not just about the numbers; it’s about guiding families through these emotionally charged moments with compassion and understanding.
It’s essential to remember that financial planning is as much about understanding what’s inside a client’s fridge as it is about managing their investments. As clients age, they often need someone who cares about their overall well-being, and sometimes, something as simple as bringing flowers to a client can mean the world to them.
Developing Skills for Client Intimacy – Many financial advisors struggle with balancing professionalism with empathy. I believe this skill is something that develops over time through experience and a genuine desire to connect with clients. In my practice, I emphasise teaching principles rather than just tasks. For instance, I encourage my team to focus on how we show we care about our clients. This could be something as simple as being attuned to a client’s emotions during a conversation or advocating for them when dealing with administrative processes within financial institutions.
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When clients feel that their advisor genuinely cares about them as individuals, it creates a foundation of trust that goes beyond any financial transaction. It’s about making clients feel comfortable, understood, and confident in the financial decisions they make.
Nurturing and Growing New Financial Advisors – As the industry evolves, it’s crucial to bring new talent into the field and ensure they’re adequately prepared to serve clients with the same level of care and dedication. At Sterling Wealth, I’ve had the privilege of nurturing junior advisors and helping them grow into competent and empathetic professionals. The key to this is patience, guidance, and allowing them to develop at their own pace.
For instance, one of my junior advisors initially expressed interest in becoming a compliance officer. However, through mentorship and guidance, she grew to understand that financial planning is about helping clients and facilitating solutions to their problems rather than just selling products. By allowing her to learn and apply principles of care and due diligence, she gradually took over client relationships and became a trusted first responder for her clients.
It’s essential for advisors to be given the freedom to develop their skills without the pressure of selling. This approach fosters a deeper understanding of what it means to truly serve clients, ensuring that their focus remains on delivering the best possible advice and solutions.
Building a Sustainable Financial Practice – For those looking to grow their financial planning practice into a successful business, it’s vital to create a career path for team members that aligns with the overall business model. At Sterling Wealth, we emphasise a salary-based approach rather than a commission-driven one. This helps maintain the focus on doing what’s right for the client, rather than chasing quick profits.
A successful financial planning practice should be built on loyalty, trust, and genuine care for clients. This means being selective about the clients you take on and ensuring that you can truly add value to their lives. Our growth has been the result of building long-term relationships with clients who value our approach and refer others to us because they trust in the quality of our service.
Embracing Technology and Addressing Industry Shortcomings – One of the areas where the financial planning industry can improve is by fully embracing technology, particularly artificial intelligence (AI). Currently, there is a disconnect between investment institutions and the software used by financial advisors. This gap results in inefficiencies and makes it harder to provide clients with accurate, up-to-date reports and projections.
Incorporating technology can help advisors not only streamline their processes but also protect clients from fraud, schemes, and scams. We need to leverage technology to help clients understand concepts like two-factor authentication, while also being vigilant about identifying potentially fraudulent investments.
However, technology should not replace the human element of financial planning. Clients still need a trusted advisor who can guide them through the complexities of managing their wealth and provide a sense of security and confidence in their financial decisions.
The Role of a Financial Advisor as a Trusted Guide – The role of a financial advisor goes far beyond providing investment advice or managing portfolios. It’s about being a trusted guide, a financial executive director for a family, who is there to help navigate the complexities of wealth management while ensuring that clients feel understood, valued, and cared for.
At Sterling Wealth, we strive to be the trusted voice that clients turn to when they need advice or guidance. By staying true to our principles of care, empathy, and professionalism, we build relationships that last a lifetime, and this is what makes the journey in financial planning so fulfilling.
As financial advisors, our greatest reward is not just in the numbers but in knowing that we have made a positive impact on our clients’ lives, helping them achieve peace of mind and financial security. It’s a privilege to be part of their journey, and I wouldn’t have it any other way.