Suzanne finds planning to her taste
1. Name:
Suzanne Sutherland Smith
1. Name:
Suzanne Sutherland Smith
2. Job title:
Authorised representative and director of the practice
3. Dealer group:
CIS Financial Services
4. Age:
33
5. Qualifications:
Certified Financial Planner,
Diploma Financial Planning
6. Number of clients:
420
7. Remuneration:
Business income is both fee income and trail commissions. All advis-ers are paid fixed salaries to encourage focus on the servicing and retention of existing clients.
8. How long in profession?
Tenth anniversary fast approaching!
9. What attracted you to financial planning?
My introduction to the financial services industry was via the insur-ance industry where I worked as an agent, but my expectations were not met. I became motivated to provide more wholistic planning for clients, only later realising what an exciting growth industry this is.
10. Background:
Media and advertising sales and a family wine business prior to join-ing AMP. I marketed myself under the "financial services for women" banner. I concentrated on risk planning, which I now appreciate as a worthwhile specialisation, because very few planners have a good grasp of insurance planning. I became a multi-agent for several years with IFMA , before joining CIS, initially to service the risk regis-ter, but within six months was well into my apprenticeship as a plan-ner. Four years on I was invited to buy into the practice, partially to address succession issues. Last year we merged our business with CWM Financial Services.
11. Who is your target market and how do you reach them?
Small business and professionals referred through existing clients and their accountants. Affiliations with several credit unions give us extensive exposure, particularly to the education sector, marketed predominantly via seminars.
12. Do you have any superannuation clients?
The majority of clients use us for superannuation strategies and products. Historically, CIS has provided do it yourself deeds right back to 1978. We also have a number of medium sized corporate plans.
13. List the top five issues currently facing financial planners:
1-3 Growing, managing and monitoring our businesses. 4. Adjusting our services and systems to accommodate changes in technology and infor-mation. 5. Succession planning issues & hand over of clients to other advisers to service.
14. Do you think these issues will be paramount in 10 years time?
Fundamental business planning issues will always exist, but the ex-tent of strategic planning that we all do now will determine how big an issue it is then. With the pace of change, new issues are sure to surface.
15. What motivates you as a financial planner?
My daily contact with ordinary people and making an enduring and positive improvement to their lifestyle. Knowing that I can make the difference for people is a big buzz. For example, qualifying for, or not getting a pension.
16. What has been your best and worst move for a client?
Best move:
We make good moves every day for clients. Registering transitional reasonable benefit limits is one strategy that comes to mind.
Worst move:
Failing to motivate two investment clients to implement disability insurance after recommending it to them. The following year I watched one have a stroke, and then his business partner's debilitating can-cer and the effect on their families.
17. How long is your working week?
Too long but we're in a big expansion phase of the business. I often work more than 55 hours a week.
18. How much money under your direct advice?
$27 million.
19. Best marketing tip for attracting new clients?
Promote your association with the FPA and benefit from its high pro-file. Personal referrals are the best leads.
20. Do you use any portfolio management technology? If so, which ones and why?
Majority of my clients' investments are in a master trust environ-ment, mainly Asgard.
21. Any outsourcing or external services used?
Business planning and consultants for staff training is now the main focus of external assistance. We use ASSIRT research, Proquest risk profiling and Integra Text for our planners.
22. Any clients from hell?
Fortunately very few, but they tend to have very little money, demand the most of your time and listen to way too many people for advice.
23. Do you have any role models?
Deidre Wardrop was the first female to pave the way to a planner ca-reer that I witnessed. I count my role models as those who have con-scientiously serviced their clients, with great care and integrity as well as business partners like John Keeble.
24. Any extra industry involvement or activity?
Not to date, but I intend to in the future.
25. Any pet hates?
An advisers success being judged by funds under administration.
26. What other issues create success for you?
Strategic planning is critical so that changes in our industry do not catch our business by surprise. I have a terrific support team, in-cluding systemisation of all operations so that we can cope with ex-pansion. Using paraplanners is another key to success. Appointing a marketing graduate to help develop our business was also a boon. Pro-moting a corporate image rather than the individual adviser. Embrac-ing technology in our business and finally networking with centres of influence.
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
