Financial planner profile – Williams makes his Mark in planning

Name:

Mark Williams

Name:

Mark Williams

Job title:

Financial Planner

Dealer Group:

Bleakleys Ltd.

Age:

43

Qualifications:

B.Bus, CPA, DFP8, PKE & Registered Tax Agent.

Number of clients

Approximately 600 of which 70 are active financial planning clients.

Remuneration:

65% Commission, 35% Fee for service.

How long in profession?

2 ½ years.

What attracted you to financial planning?

As a CPA, I noticed clients getting ordinary advice from other Financial Planners, when not considering other professional specialisations such as effective tax planning and structuring. I therefore saw financial planning as an important part of adding value to my clients by addressing their needs in a wholistic manner. I also saw the future limitations of unlicensed accountants providing financial planning advice.

Background:

Since 1978: Bank, Building Society, Finance Company, Merchant Bank, Stockbroker & Accounting Practice since 1990.

Who is your target market and how do you reach them?

Those individuals looking to utilise the comprehensive nature of our services, being Personal Financial Planning, Accounting and Taxation and Business Development. We reach our Financial Planning clients via our Accounting and taxation database, however more clients are coming to us as a result of personal referrals.

Do you have any superannuation clients?

Majority of clients are Superannuation clients. Practice also has 100 SMSF clients with assets between $50,000 to $1.5M

List the top five issues currently facing financial planners:

Top Five Issues:

Finding ways to add value with more knowledgeable and aware clients.

Professional specialisation in a rapidly changing environment.

Succession Planning

Maintaining Professional Standards and ethics.

Access to information and the use of Information Technology.

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

I believe that these will still be issues as competitive forces and more sophisticated clients will demand far more from us in delivering value to them.

What motivates you as a financial planner?

Problem solving and lateral thinking as part of adding value to clients overall circumstances.

What has been your best and worst move for a client?

Best Move:

Recognising the need for individuals to work within niche areas to provide more specialist advice. Then recruiting a Full time Financial Planner and Paraplanner to manage and organise our Financial Planning division.

Worst Move:

Not treating myself as a client and not listening to my own advise by getting sidelined by some penny dreadful stocks.

How long is your working week?

Between 45-50 hours per week.

How much money under your direct advice?

Approximately $11 million (and growing rapidly).

Best marketing tip for attracting new clients?

Love your existing clients (of the type you want) with highly personalised service and seeking referrals from them.

Do you use any portfolio management technology? If so, which one(s) and why?

Currently use FPI for modelling and reviewing portfolios, however Bleakleys as a dealer group are in the process of moving to Lonsdale as a preferred provider. Without specialist software, providing recommendations and modelling would be extremely difficult and we could not service our clients as well.

Any outsorcing or external services used?

Having taxation, compliance and business development advice within our practice, we are able to provide a comprehensive range of services to our clients and therefore outsource very little.

Any 'clients from hell'?

No, we deliberately began with the end in mind and have been selective in our choice of clients. We are not afraid to sever ties with clients if they do not meet our selection criteria when reviewed periodically.

Do you have any role models?

No, however I do admire those that have developed a 'core values' approach that underpins everything they do.

Any extra industry involvement or activity?

No involvement at present as I have jealously guarded my time between my young family and my clients. However, it is something I intend to give back to the industry.

Any pet hates?

Mostly bigger organisations that are not serious about a wholistic approach to clients investments based upon detailed life planning and adherence to compliance issues. In particular, those firms that are driven by sales targets or one/two product or service peddlers.

What other issues create success for you?

We have had great success in implementing a full Financial Planning Division within our practice and having it be profitable within the first year. We have found that many others are seeking to do similar, however are unsure of exactly how to do this. The issue of other accountants providing financial planning advice in a profitable manner also creates success for us as we can help them do it.