There was a timely reminder of the invaluable advisory and guidance interactions we have with so many of our clients when two senior investment professionals noted they too have advisers, when many might assume they ‘can’t need them’.
Perhaps we don’t blow our own trumpet enough in reminding clients how valuable our assistance to them really is, which can sometimes be as simple as being connected to us so they have someone to whom to turn when they have a query.
Or maybe we don’t charge enough because it isn’t valued as much as it should be (don’t worry, we’re not planning increases!)
Of course, there are some people who we can’t help – they just don’t engage and don’t cooperate, even with offers of free help to ensure they are doing the best thing(s) for themselves at that moment.
This has even included encouraging some defrauded investors from the client bank we saved and encouraging them to claim their due compensation, of tens of thousands of pounds in some instances.
This is combined with the new format of mass sales by certain companies which, in reality, aren’t expected (or set-up) to actually give ‘advice’ – they comment generically about their ‘product’, but their investors have to decide what they want to do and what is best based on the specific binary answers and then instruct.
Do the customers of such companies and those using the insurance and investment companies direct realise that? It seems unlikely.
The best value of our help may be when big events and decisions arise – such as retiring or what about market collapses (they happen) – where do these people go for guidance to stop them doing wrong things at wrong times?
The levels of encashments at the next big market rout will likely rocket as these customers will have nobody between them and the big ‘Sell! Sell! Sell!’ red button on their handy phone app showing the ever-declining value of their life savings to crystallise their losses.
Not to mention doing their best to ensure what they actually own is the right portfolio of assets for them in the first place…
We hope our clients know they can trust we are doing our absolute best for them whatever the flack being thrown at us by markets and geopolitical events so they don’t have to worry and have sleepless nights. We are there to take the stress and do what we believe are the best things at the worst of times and they can often be very uncomfortable actions for us too.
Of course all those unengaged people know our fees are too expensive to afford aren’t they? No. Without any obligation to do anything, we provide significant guidance without any specific charges at all, either to participating clients or guiding new prospective clients. Really, it is a case of ‘can you afford not to have guidance?’ The simple answer is ‘no’.
When our founder Philip Milton set-up almost 40 years ago, he set himself a challenge. That was to help any and everybody who came to him for guidance, whether they have lots or little.
This concept does resonate with the ‘converted’ who have recognised the value of being ‘in our Club’ and it is very humbling to us quite often.
This week some long-standing clients wrote in response to our unsolicited review letter of their finances noting how the tax changes from last April are likely to affect them and making some proposed changes to improve their position (changes that don’t incur any special costs for the guidance).
They said: ‘I/we also like your alternative suggestion but as we don’t fully understand all the complexities of these strategies we are going to ask you to make the correct decision for us, after all we have trusted you for over 25 years and feel that you have always had our best interest in mind, so why change now!’
Thank you for those kind words!