S2:E7 Are you giving away financial plans as a loss leader to gain assets under management?

Many financial planning firms 'give away' the financial plan as part of an investment management service or as a loss leader because they are paid a percentage of assets under management.  This puts the emphasis on gaining more assets for the business rather than providing financial plans for clients.  Numerous surveys show a reluctance for the public to pay for advice they seek - this is partly because they do not see the value in what you offer. 

In this week's episode we talk to Warren Shute CFP™, Lexington Wealth about why he built is financial planning business on the premise that all client should have a financial plan.  

We talk about why he believes this is critical to his clients' success and why it is important to make it the centrepiece of your client service proposition.

We also talk about how you can get on TV and why is is important to help educate as many people as possible, whether they become clients or not.

Warren's bio:

Warren Shute MSc. CFP is a fellow of the Chartered Institute for Securities and Investment, and a multi-award winning Certified Financial Planner at Lexington Wealth. Where they practise true financial planning linked to the clients lifestyle; the firms motto “to help clients live life by design, and not default”. 

Warren is passionate about financial education and has for many years taught in schools, educated the public and businesses on the benefits of financial planning. 

 He has an Amazon bestselling personal finance book; The Money Plan, a podcast by the same name and a Sunday Mirror column called Money Talk.  He’s appeared on BBC and ITV and national and local radio all to raise awareness of financial planning in the UK. 

 He says financial planning is ‘the best profession in the world’.