Our second Client Focus Group was great. Nine clients with different backgrounds joined us and we discussed the following questions:
To what extent is TCFP “just” Jeremy? How far can the business be grown without it losing the personal touch?
This easily took up most time. The thoughts were fast-flowing and voluminous. I may not have captured every last one of them, but the sentiments seemed clear.
Our working together is all about the relationship. It’s a very human experience, it’s your life and it’s important you work with someone who cares as much about your outcomes as you do.
Our website doesn’t capture this in the way it could; it’s a bit corporate. Therefore, I’ll be asking a few of you to write your own stories, your experiences of us working together. To help others get a real feeling of what it’s like working together – what it means for you, what you really value about it. Nothing captures the essence of what we really do as well as a simple story, well-written.
Knowing that you can access me is very important; it’s where our relationship was first founded, you expect and would want this to continue and it will. You’re also completely relaxed about others doing the work, or being in touch with you, etc. But more clarity on who does what and who makes decisions is needed.
Getting to know the rest of the team is something we should address sooner rather than later. I’m thinking of a variety of low-key events that will appeal to you in different ways. “Alcohol and intellect” in a nice venue was one suggestion. In addition I’m thinking about a Summer picnic in the park, somewhere nice and relaxed and natural. Both with a “bring a friend” offer. Watch this space as I fully gather my thoughts.
In terms of growing TCFP, I’m happy with the team and having two other regulated financial planners. Taking on more financial planners increases risks exponentially. Unless an outstanding candidate comes along, expansion will only happen organically. On the other hand, at some stage we will need a graduate / apprentice or two to train up and mould. They and Ian should be the future of TCFP and see us through the next 30+ years.
Currently there are 215 clients (a client being a family, however large), you all have different needs and take up different amounts of time. And the time and attention you need varies from year to year – you might be ticking along quite nicely, not needing much plan maintenance, but then the offer of redundancy (or other life-changing, course-altering event) comes along and we end up spending a lot of time together discussing variations of your financial plan and plotting and agreeing a new route.
By becoming more efficient we can expand to 300 clients between the three advisers and be sure of having enough time and resources to be able to give you the care and attention you deserve. At that level we don’t have to work crazy hours, we get proper time with our families and we have time to read, think and study.
Finally, there’s no intention or desire to sell TCFP. It’s worth more to me emotionally and financially than words can describe, or a large cheque can compensate for. I will review my recent “The future of TCFP” article and see if that would benefit from some additions to make it more succession plan-like.
Are there any additional services you would like TCFP to offer?
We need to do some work on this. It’s clear in my mind that, if it has a £ sign attached to it, we ought to be your first port of call. But that’s not clear to you. I’m hoping the organisational chart will help with this. I’m going to include on it all the specialists we use and what they can help with.
Separate to this, we discussed your younger relations; none of whom have the least interest in paying attention to any wisdom you might be happy to impart! I’m acutely aware of the potential pitfalls for those in their 20s and 30s – I fell into a good number of them myself. The perils of being a degree or two off-course early on in the piece can’t be underestimated.
If we can help and guide them now, your young relatives could become excellent clients in time. It helps give you peace of mind too, making it a doubly good strategy.
There a mass of tips and experiences I can easily share and would willingly do so. It’s a matter of the format and the impact. I could write endlessly on various topics but that’s available on the internet already and is too passive. I’m therefore leaning towards a webinar with a simple Q&A session, like a surgery, with me having a couple of questions to throw out there to get things going. Maybe they’ll listen to me?
And finally on this point is the “legacy folder” – an idea I was very much taken with. Using our new client portal (which you haven’t seen) this could be easily organised. Coupled with this is the idea of a digital will – who inherits your iTunes, how to close your PayPal account etc.
To what extent do you engage with the weekly updates we send out?
The weekly mailouts are well-received and often read. Their variety is appreciated, and they are a helpful way of reminding you that we are here and thinking about the things that might be important to you.
There were a couple of helpful technical points raised which could well lead to a subtle tweaking of our missives. And we need to check which clients are missing from the mailing list.
What would encourage you to refer TCFP to friends and family?
We asked the first focus group this question too and got the same response both times. The short answer is nothing.
The longer answer is that clients will and do recommend friends, family and colleagues to TCFP as and when they deem it appropriate. They know we’re happy to talk to and help anyone they feel might benefit from talking to us. And no amount of cajoling is going to change that.
This is a great relief to be honest – it means I can stop reading blogs and articles about “how to win more referrals”; that’s a few hours each year that I’ve got back!
In summary
Both Client Focus Groups have been the best use of my time imaginable. A massive thank you to you all for coming along and sharing openly with us.
It was heart-warming to hear great feedback about what we do and how we go about it. Better yet to get the sort of insights that can significantly improve both those areas. The “value add” will be immense.
And that’s excellent news for you. The more comfortable and informed you feel, the less chance there is of you going off the rails and blowing up your financial plan.
If you are reading this and would like to come to the next CFG, planned for October, please let me know.
future proofing your finances
advice@townclosefp.co.uk
Town Close are expert financial planners. Our goal is the same as yours – to help you do the things that are important to you in the time you have remaining.