Financial advice in plain black & Whyte

Dealer group: Professional Investment Services

Financial advice in plain black & Whyte

Name: Norm Whyte

Job title: Proper authority holder

Dealer group: Professional Investment Services<B>

Age: 51

Qualifications: Currently completing the FPA financial planning diploma course. I am also an associate of the Financial Planning Association of Australia (FPA).

Number of clients: Our business is located within the Bundaberg-based accountancy practice of Hancock Sawyer Corpe. The majority of referrals come to us from the three partners and twenty-eight team members of the practice. We are also fortunate to receive regular quality referrals from legal firms within the region, as well as other accountancy practices. Client referrals also continue to broaden our 330 client base.

Remuneration: Usually commission from fund managers and stockbrokers, as well as trail income.

How long in profession? I was fortunate to join the industry in the early 80s and to witness the changes as life companies coped with the growing consumer demand for holistic investment advice and service. Then came the 1987 stock market correction which reinforced my belief in the value of sound financial planning advice based on a thorough knowledge of the client's investment needs and expectations.

What attracted you to financial planning? The potential to assist people with wealth creation and financial security.

Background: I spent 20 years in the retail and distribution industries, the latter years of which were spent in Sydney as state manager for a Canadian aluminium company. The need to improve the quality of my family life drove us to Bundaberg where my wife and I ran our own business before joining a life and general insurance company. I completed all the study units then available through the life insurance industry which gave me a sound footing for the transition to financial planning.

What is your target market and how do you reach them? People who need wealth creation strategies, retirement income planning and tax effective investments. I reach these people through professional networking, plus an increasing number of clients refer most new clients.

Do you have any superannuation clients? We provide investment advice and products to many of our self-employed clients who have self-managed superannuation funds, plus several retail rollover and super clients.

List the top five issues currently facing financial planners: (1) Developing business structures and systems which will guarantee a consistent level of advice and service to a growing client base. (2) Time management. (3) Constant feedback and service to the referral network. (4) Producing plans which differentiate you above the rest. (5) A regularly monitored business plan.

Do you think these issues will remain paramount in 10 years time? Yes.

What motivates you as a financial planner? Moving clients from simply knowing they have a lump sum to invest, or from being successful at making money, to having a successful financial plan and long term financial security.

What has been your best and worst move for a client? The best move was to take the tough decision to employ a second assistant so that our clients always have access to the level of communication and service they deserve. The worst disservice we could do for a client would be to not persist with our recommendations to have their estate planning and risk management strategies firmly in place and current.

How long is your working week? About 45 to 50 hours. There also are regular programs of industry reading and study for the FPA diploma.

How much money under your direct advice? $20 million.

Best marketing tip for attracting new clients? Provide quality service to existing clients, organise seminars and promote yourself through newspaper articles.

Do you use any portfolio management technology? If so, which ones and why? The Norwich Navigator master trust provides a very effective funds consolidation service, as well as competitive fee structures and excellent market research and software through FPI.

Any outsourcing or external services used? Our professional network meets our clients' accounting and legal needs. We also have an associated finance provider Professional Finance Services.

Do you have any role models? It is important to learn from other successful people in all walks of like, because the principles for success cross industry boundaries.

Any extra industry involvement or activity? I believe seminars are effective, plus a regular column in the local daily newspaper. Also, I get a buzz from helping genuine people who are keen to make a career in financial planning.

Any pet hates? Planners who don't live up to their promises to clients, especially when it comes to ongoing service. Procrastination and inefficiencies.

What other issues create success for you? Maintaining positive energies within our

business. Consistent and honest advice, and keeping the client and their needs foremost in our minds.