The personal touch

While it may sound paradoxical, approaching financial planning like a friendship or relationship could be the key to improving professionalism, Nataliya Denisov writes.  

Over the course of many years, our industry has been working tremendously hard on becoming recognised as a profession. Educational requirements have been rising and I am a big supporter of that. Yet still, our profession continues to be subject to a lot of negativity in the media. I understand that we need to make sure that consumers are aware of all pros and cons of our profession. We need to issue good reports representing the success achieved and satisfaction of many of our clients. 

It took me over seven years to complete qualifications in my areas of expertise and this doesn't take into account continuing education requirements. I have been in the industry for over eight years and not for one day I have stopped developing my knowledge through obtaining continuing professional development points that have been assigned by the industry standards.  

There are changes that we financial planners have to be up to date with, so it is impossible to assume that a professional would only complete a week's worth of study to be able to provide sophisticated and appropriate advice to clients. A lot of us have gone through the hard yards of endless assignments and exams for the purpose of gaining the best knowledge that we can use in practice, to help our clients to achieve their dreams.  

So how does one come to be recognised as a professional and does the answer actually lie with the level of education alone? 

To start with I'd like to define the word "professional". To my understanding, a "professional" is a person who not only satisfies the required standards of education and training that prepare him/her with the particular knowledge and skills; but also is subject to strict codes of conduct protecting rigorous ethical and moral obligations. Someone who serves important aspect of public interest and the general good of society. Based on the definition, I think it is important to not only achieve high standards of education but also practise your skills in the most ethical and moral way, keeping clients' interests at heart. In other words, can you sleep at night knowing what impact your recommendations will have to your client's life?  

For me personally, it is crucial to make sure that my clients feel that they are dealing with a professional at the first point of contact. That's a healthy start to a long and lasting relationship. So here are five main key points that I follow in my day to day work: 

1: Put customer satisfaction first 

Understanding and satisfying your clients' needs are the cornerstones of a successful business. Do what is necessary to meet those needs. After all, without our clients, there is no professional. Professionals identify and satisfy their clients' needs. 

2: Make expertise your specialty 

The very word professional implies that you are an expert. Technical competence is essential in our industry. Professionals know their trade. So my advice is to become an expert in the skills and tools necessary to do your job. You have to always perform to the best of your abilities and it is an absolute necessity to keep your knowledge up to date. 

3: Do what you say and say what you can do 

Talking the talk is so prevalent and walking the walk so rare in this age of sound bites. You should "engage brain" before speaking - can you really do what you are about to say? If you can't, the wizard behind the curtain will eventually be revealed and hard-earned trust can be lost. Professionals deliver on promises made.  

4: Communicate effectively 

Excellent communication skills are displayed the way in which the available options are explained recommendations made, total costs are explained, and a complete date for the work assignment. Clients then feel empowered to make the right decisions. Effective communication is ultimately your responsibility - not your clients'. 

5: Keep a smile on your face with the right attitude  

Your attitude must be helpful, objective and constructive. Build confidence in your client and your client will have confidence in you. 

I believe that professionalism lies within us, individuals. No text book can teach us how to be respectful, how to care for others and how to be compassionate. This is something that we may choose to use as our way of living by applying it in our personal life with our families and friends. So why don't we apply the same principles when dealing with our clients?  

Nataliya Denisov is a financial planner at Fiducian Financial Services.