'Diary of an IFA' - by Adam McCallion
Monday
Bank Holidays. Wonderful aren't they?
It seems bizarre that banks not opening equates to the entire industry grinding to a halt for the day. We should be careful: on this basis we could soon be on very short weeks indeed if the current fallout continues.
Tuesday
After four straight days off, the Blackberry starts flashing red a little earlier than normal. It's 7.30am. There's nothing better than a weekend, especially a long one, to get clients pondering on their financial future. One of my clients, a property developer, wants to begin a convoluted process of buying his parents house and renting it back to them (with other complications!). Whilst my synaptics struggle to fire up after the break, analysing the hurdles and potential solutions to his poser, I recall a golden rule - forget the possible solution and understand the motive. Why would you want to do that Mr? What are you hoping to achieve? An inquisitive email gets volleyed back and I'm not even out of bed yet. I could kiss Mr Blackberry - he makes lazy late risers look like better business people than they have the right to appear.
The day is spent on emails and catching up with the paperwork delayed from last week and the fact I ended it in London by 5pm. Cocktail-o'clock came early last week and I paid for it today.
Wednesday
The morning is spent in tutorage for J06 - Investment Principles, Markets and Environments. Of the diploma papers, it is probably the only one that truly interests me, and I felt it was a morning well spent.
In the afternoon another trustee investment case approaches fruition. I never thought I would say that. If someone told me 3 years ago that I would confidently advise a set of trustees, one of which is a lawyer, I would have scoffed in their face. I cannot congratulate myself too much though as I am extremely aware of the importance of the specialist support at 2plan's head office and the blanket of protection their services provide. Paraplanning is a wonderful thing - I just have to document client circumstances, and then their aspirations. You use your experience and knowledge to select the suitable conduit and then an 'angel of mercy' arranges the entire minutia in between. I am mystified by the people in our industry who have the professionalism and drive to become qualified and expert but don't want to directly advise. If of a more spiritual persuasion I would mention them in my prayers most evenings.
I read the report emailed for verification and it is already perfect. I am amazed how capably they provide this remote service. The client doesn't know it, but my colleagues in Leeds have just ensured I can spend another 2 or so hours really understanding their needs and ensuring best advice. The client gets value from our time together, not from me spending hours writing a report. This is the perfect division of labour.
Thursday
I think I am having a heart attack. A message on my 'Crackberry' says "your email account settings are no longer valid". No God, please don't do this to me. Strike me down but not my email. I arrive at the office to be informed the server itself is not working. Now I know my world is ending.
A phone call later, and with head office on the case the problem is solved - the advantage of being part of an efficient and sophisticated national IFA.
Off to Royal Tunbridge Wells to meet a broker with around 1000 clients wishing to make introductions to a pensions and investment specialist. He turns out to be the pleasantest of chaps, professional but not too serious, and I look forward to working with him. And with 1000 untapped clients, he is right up there with the paraplanners in tonight's prayers.
Friday
The diversity of my work brings a smile to my face. Today I will meet a cabin crew first time buyer looking for a flat in Brighton, two electrical contractors who want to further consider making limited company contributions to a SIPP and some established clients for a review of their portfolios.
On the way to the first meeting the Blackberry informs me that a client mortgage application has been stymied by a massive down valuation. It's easy being a valuer today; you just think of a random number and then halve it. I'll deal with this later. Its 9.24am and today's 'to do' list already has 22 entries. I check the calendar for the next bank holiday.
* Reproduced courtesy of Financial Adviser