When I started RTS Financial Planning I wanted to deliver next generation financial advice. I don’t mean providing financial advice to the next generation in your family but next generation in terms of the way financial advice is delivered.
So I was delighted to find out that a few weeks ago I had made it into New Model Advisers Top 35 Next Generation Advisers!
This list is compiled to celebrate those in our profession who are taking a leadership role in the business, helping improve the advice profession, close involvement with clients, financial planning and investment expertise.
So how do we provide next generation financial advice
#1 – An absolute focus on client service
How, when and where we meet is completely up to you. We appreciate that it can be daunting the first time you meet a financial planner to discuss your finances, especially if you enter an unknown office and feel like the door is being locked behind you! So we want to make sure you are as comfortable as possible for what will actually be a very enjoyable experience.
Enjoyable because I guarantee after that first meeting you will have clarity on the next steps, will really start thinking what you want out of life and where you currently stand.
You can meet with us anytime, 24 hours a day, 7 days a week at a time and place that is most convenient for you whether that be your home, your office, a hired meeting room close by or your favourite local coffee shop.
We will NOT ask you to prepare and send lots of personal financial information in advance to someone you have never met. All we will ask is that you get thinking about the lifestyle you want now and in the future as everything we do will be focused around that.
#2 – Making the best use of technology
This really goes hand in hand with providing next generation financial advice.
By using the latest technology in the most efficient way, the overall cost of providing you with advice can be lowered and you will benefit from reduced costs.
For example you don’t even need to meet us face to face, you can meet us via web video calling. We are able to present to you on screen just like in a face to face meeting. This means you can be anywhere in the world and as long as you have an internet connection you can meet with us online.
Want to have all your financial information at your fingertips? Well every client of RTS Financial Planning has access to personal finance application Moneyhub.
This application allows you to set up direct feeds with all your bank accounts, credit cards, property, pensions and investments and collate that data into a very visual format. It will categorise your spending and allow you to set budgets. At any point in time you can see your net worth on your smartphone or online.
#3 – Much more than just an investment manager
If you are already working with a financial planner/adviser and the core part of their service is investment management stop right now and take a look at what you are paying for.
The old fashioned model of advice is to transfer your pensions and investments to a platform managed by the adviser and then charge you a percentage fee (usually around 1% per year) for ‘managing’ that money. These advisers will want as much money under management as possible as this is how they are paid.
If you believe that all you are paying for is ‘investment management’ then quite frankly you are being ripped off! I feel so strongly about not seeing you ripped off that I would be prepared to provide a simple review of your portfolio and the costs you are paying. I will do this for free.
No adviser can promise you better returns and actually Investment management is now the most simplest part of the financial planning process. It can actually be done at much lower cost.
Whilst we do recommend appropriate investment solutions for our clients we are quite happy for you to do this yourself if you wish.
We can help you identify the lifestyle you desire, what you have now and what you need to do to achieve it. You will have a financial plan built telling you all you need to do and will benefit from ongoing professional servicing and coaching so you make better investment decisions.
#4 – Fantastic advice at a fair price
Percentage based fees for financial advice are out of date and feel very similar to a time financial advisers were paid by commission.
There are 3 major problems with percentage based fees:
- It can lead to bias in the recommendation. An adviser will be paid more the more money that is transferred.
- Those people with larger sums of money to invest compensate for the people with lower sums even though they both get the same level of service.
- The more your money grows the higher your fee becomes for the same service.
For a truly professional service I believe you should only pay fixed fees at a level that is appropriate for you.
Why pay chunky upfront initial fees?
We do not charge initial fees and instead have 3 simple ongoing advice packages. More details can be found here.
Wouldn’t you rather have next generation financial advice?
Hopefully I have opened your eyes a little as to what is different with next generation financial advice.
If you would like a chat about how a next generation financial adviser can help you then please give us a call and subscribe to the Financial Freedom email below.