Latest / Financial Planner Life Podcast / Jeanne Mpondo Asked a Room of Women Who Invests. Not One Hand Went Up...

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Jeanne Mpondo Asked a Room of Women Who Invests. Not One Hand Went Up... · Financial Planner Life Podcast

• 0:00
  SPEAKER_00: And today on the Financial Planet Life podcast, we have JM Pumbo.
• 0:03
  SPEAKER_00: She's a partner of St.
• 0:04
  SPEAKER_00: James's Place.
• 0:04
  SPEAKER_00: And we go all the way back to the beginning.
• 0:06
  SPEAKER_00: How did she get into financial planning?
• 0:08
  SPEAKER_00: Why did she join the St.
• 0:09
  SPEAKER_00: James's Place Academy?
• 0:11
  SPEAKER_00: What benefit has it given her in her career?
• 0:13
  SPEAKER_00: We also take a deep dive in the types of clients she works with, and we look at women, women's health and women's wealth within financial planning.
• 0:21
  SPEAKER_00: You're gonna love this episode.
• 0:23
  SPEAKER_00: If you're a female, considering joining the financial planning profession.
• 0:30
  SPEAKER_00: So, Shan, thank you so much for joining me today on the uh Financial Planner Live podcast with this fantastic partnership with St.
• 0:35
  SPEAKER_00: James's Place Academy.
• 0:36
  SPEAKER_00: How are you?
• 0:37
  SPEAKER_00: I'm good, thank you.
• 0:38
  SPEAKER_00: Is the weather in London okay for you?
• 0:39
  SPEAKER_00: Because I know that uh over in Paris it's a little bit different, right?
• 0:43
  SPEAKER_00: It's perfectly fine.
• 0:45
  SPEAKER_00: Super hot.
• 0:45
  SPEAKER_00: Super hot.
• 0:46
  SPEAKER_00: It's a hot week, isn't it?
• 0:48
  SPEAKER_00: Right.
• 0:48
  SPEAKER_00: So today we're going to talk a little bit about your journey at St.
• 0:50
  SPEAKER_00: James's Place and why financial planning.
• 0:54
  SPEAKER_00: And we also dig into the types of clients that you work with who you're supporting, especially women, women's wealth, and different stages of women's life, and when they might need to speak to a financial planner, why that's important.
• 1:04
  SPEAKER_00: Um so first things first though, we always kick off with just trying to understand really how you got into financial planning.
• 1:12
  SPEAKER_01: It wasn't planned at all.
• 1:14
  SPEAKER_01: It's really funny.
• 1:15
  SPEAKER_01: I was uh just thrown into that because I helped somebody in the family, and uh I managed to get you know things done quite you know quickly.
• 1:25
  SPEAKER_01: It was a bit of a drain, but the whole experience after the ordeal, my uncle was so happy about the job I did that I thought about it seriously.
• 1:34
  SPEAKER_01: And then my husband told me, Do you know that actually what you did with that guy, your uncle, was financial planning?
• 1:40
  SPEAKER_01: I said, Really?
• 1:42
  SPEAKER_01: Did you like it?
• 1:42
  SPEAKER_01: I said, Yes.
• 1:43
  SPEAKER_01: He said, look into that, find something.
• 1:45
  SPEAKER_01: How can you do that?
• 1:46
  SPEAKER_01: Then I start looking.
• 1:48
  SPEAKER_00: Very interesting.
• 1:48
  SPEAKER_00: So what was it you you helped your uncle with?
• 1:51
  SPEAKER_01: He was looking for funding for you know long-term care.
• 1:54
  SPEAKER_01: Right.
• 1:55
  SPEAKER_01: So the idea was manage to sell the flat, dealing with your real estate agent, going through the paperwork, and understand, you know, how we can pull it through so that on time you get access to care.
• 2:08
  SPEAKER_01: Okay.
• 2:08
  SPEAKER_01: So that's the background story.
• 2:09
  SPEAKER_01: Yeah.
• 2:10
  SPEAKER_00: Love it.
• 2:10
  SPEAKER_00: So at that point you had to sort of dig into his own personal financial situation as well.
• 2:14
  SPEAKER_01: Exactly.
• 2:14
  SPEAKER_00: Pulled all that information out and then put a plan together, did the research to help him at that difficult time of his life.
• 2:20
  SPEAKER_01: Exactly, that's it.
• 2:20
  SPEAKER_01: And you know, going through the numbers, having a spreadsheet to follow through because it's quite lengthy.
• 2:26
  SPEAKER_01: You feel like, you know, you get in, you get out in three days.
• 2:28
  SPEAKER_01: That's so wrong.
• 2:30
  SPEAKER_00: So your husband noticed that what you were doing was actually essentially help financial planning, helping somebody with their own personal health and well-being, but at the same time, you were planning financially for the rest of that uncle's life, I take it.
• 2:42
  SPEAKER_01: Yes, he put the finger on it.
• 2:44
  SPEAKER_01: Because I was just drone, you know, my head down, not thinking about things.
• 2:48
  SPEAKER_01: So he said to me, you know, look into it.
• 2:50
  SPEAKER_01: You look so happy when you do that.
• 2:51
  SPEAKER_01: I say, okay, I'll do.
• 2:53
  SPEAKER_00: Ah, there we go.
• 2:54
  SPEAKER_00: Excellent.
• 2:54
  SPEAKER_00: So what were you actually doing for a job though?
• 2:56
  SPEAKER_00: What were you doing at the time?
• 2:57
  SPEAKER_00: Because you weren't doing financial planning then, were you?
• 2:59
  SPEAKER_01: I was uh, you know, mostly crunching numbers.
• 3:02
  SPEAKER_01: So I was a senior data analyst at uh S ⁇ P Global.
• 3:05
  SPEAKER_01: So we were, you know, covering private equity markets in Europe and we were preparing documentation for all sorts of operations for clients, corporates.
• 3:13
  SPEAKER_01: Okay.
• 3:14
  SPEAKER_01: So it was great, but you don't see the impact directly on somebody.
• 3:17
  SPEAKER_00: Okay.
• 3:17
  SPEAKER_00: So what sort of impact do you see in a role like that?
• 3:20
  SPEAKER_01: Oh, when your team is able to provide the framework of data that will enable decision making at a high level, you know you're successful because all information provided will have an impact at the table.
• 3:32
  SPEAKER_01: So it's good.
• 3:33
  SPEAKER_01: And if they need something else, they call you back.
• 3:35
  SPEAKER_01: But if they don't, it's even better because they had everything in the first time.
• 3:39
  SPEAKER_01: So you see yes.
• 3:40
  SPEAKER_01: So you can't.
• 3:41
  SPEAKER_00: So it's more data gathering.
• 3:43
  SPEAKER_01: It's it's not that.
• 3:44
  SPEAKER_01: What happened is, you know, we have um some kind of you know issue on the market.
• 3:50
  SPEAKER_01: We don't need, you know, to understand much more than a structure in terms of metrics.
• 3:56
  SPEAKER_01: And because it's empty sometimes, we are the one building up the metrics, making sure that data is clear and available for you know modelisation so that we optimize decision process.
• 4:08
  SPEAKER_01: Okay.
• 4:09
  SPEAKER_01: So is uh backing up everything that people will take as a decision in a boardroom or in an investment desk.
• 4:16
  SPEAKER_00: Okay.
• 4:17
  SPEAKER_00: So it certainly wasn't the type of role where you had to go out and build relationships with new people, discover new markets, and I don't know, sell you yourself and your services, they say.
• 4:28
  SPEAKER_01: Yes, but it wasn't the full length, full you know, breadth of the exercise because you're still dealing with sometimes with portfolio managers, with people, you know, in corporate decks to understand what is the strategy of the company, where are you, you know, concerning the launch of a fan or something.
• 4:43
  SPEAKER_01: But there's no really, you know, deep relationship in the sense that you know exactly the personal plans of the people you're dealing with.
• 4:52
  SPEAKER_01: It's still at a professional level, you see what I mean?
• 4:55
  SPEAKER_01: It's an exchange of information, that's it.
• 4:57
  SPEAKER_00: Okay.
• 4:57
  SPEAKER_01: Nothing personal.
• 4:58
  SPEAKER_00: Nothing personal.
• 4:59
  SPEAKER_00: Or business to business as well.
• 5:01
  SPEAKER_01: Yes, it's business to business, or you know, reaching out to an institution, you know, to prepare, you know, a file for an operation.
• 5:09
  SPEAKER_01: So it's not the same as dealing with people.
• 5:11
  SPEAKER_01: Okay.
• 5:12
  SPEAKER_01: It's different.
• 5:12
  SPEAKER_00: But high levels of detail required, high levels of research.
• 5:16
  SPEAKER_01: Yes, accuracy and following, you know, quite, you know, stringent, you know, standards of data quality.
• 5:24
  SPEAKER_01: That was, you know, the key kind of you know requirement to be, you know, able to go into details and come up to an analysis that will help higher up people at the table taking the decisions.
• 5:36
  SPEAKER_01: So critical.
• 5:37
  SPEAKER_00: Okay.
• 5:37
  SPEAKER_00: Did you get a sense when you're in a role like that, it's quite corporate, it's quite senior, it's quite large sums of money.
• 5:44
  SPEAKER_00: Did you feel like you were connected to the outcome though?
• 5:47
  SPEAKER_00: Did it feel like you were, say, emotionally invested in it and you were celebrating the outcome as much as say you might do if you were in a career within financial planning, helping somebody work out their pension, for example?
• 5:57
  SPEAKER_01: I'll be clear with you.
• 5:58
  SPEAKER_01: There's a sense of teamwork.
• 5:59
  SPEAKER_01: We're all collaborating to the final outcome, which is making sure that information ready and prepare for an operation is the right one.
• 6:08
  SPEAKER_01: So we all focus on the goal.
• 6:10
  SPEAKER_01: And, you know, through that exercise, we build, you know, relationship with people in the team.
• 6:16
  SPEAKER_01: So as a team unit, you get, you know, to be strongly, you know, related to your collaborators and you know, partners and you know, relationship outside the company.
• 6:27
  SPEAKER_01: But it's still at a level where you don't exchange that much emotionally or you don't share about your future, something like this.
• 6:34
  SPEAKER_01: It's related to a goal.
• 6:36
  SPEAKER_01: You know, it's not the same.
• 6:39
  SPEAKER_00: Have you always had an interest in your own personal finances?
• 6:42
  SPEAKER_00: Do you do you do your own personal financial planning in your in your relationship?
• 6:46
  SPEAKER_01: I'll be honest with you.
• 6:47
  SPEAKER_01: It was something I was sharing with my other olf.
• 6:50
  SPEAKER_01: Okay.
• 6:50
  SPEAKER_01: You know, at the time I wasn't that bold.
• 6:52
  SPEAKER_01: I'll be honest with you.
• 6:54
  SPEAKER_01: Now it's different.
• 6:55
  SPEAKER_00: You're more interested in it now.
• 6:57
  SPEAKER_01: Definitely.
• 6:58
  SPEAKER_00: Okay, perfect.
• 6:59
  SPEAKER_00: We're gonna get onto that as well because there's a lot of women out there, aren't they, that kind of lead financial planning departments.
• 7:03
  SPEAKER_00: So we're gonna get into a little bit of detail around women and financial planning and what you're starting to uncover and discover when you're starting to meet wives and uh professional women out there in London and what they're doing about their finances.
• 7:14
  SPEAKER_00: We'll get onto that.
• 7:15
  SPEAKER_00: I just want to go back to that decision for you to help your uncle and then the outcome of that.
• 7:21
  SPEAKER_02: Yes.
• 7:21
  SPEAKER_00: Your husband obviously recognised that look, that's actually part of financial planning.
• 7:25
  SPEAKER_00: Perhaps you should start to look into that as a career.
• 7:28
  SPEAKER_00: Yeah.
• 7:28
  SPEAKER_00: And when you went through that journey with your uncle, did it did you start to change?
• 7:32
  SPEAKER_00: Did you start to think actually this is something that I would I would like to do?
• 7:36
  SPEAKER_00: I'd like to sit down with somebody, I'd like to, you know, help somebody through something that's quite difficult.
• 7:43
  SPEAKER_01: Yes, indeed, because in that particular situation, I was the last resort.
• 7:47
  SPEAKER_01: You had nobody else.
• 7:48
  SPEAKER_01: So, you know, I had to do something.
• 7:50
  SPEAKER_01: But out of urgency, what I've discovered is my skills at analyzing data are transferable and transferable at a human scale.
• 7:58
  SPEAKER_01: And I can see directly the impact on somebody happy because they get peace of mind that actually everything being done as it's supposed to.
• 8:07
  SPEAKER_01: And I feel that it was like uh, you know, this shot of you know, this hormon of being, oh, I did something great.
• 8:16
  SPEAKER_01: I needed that.
• 8:17
  SPEAKER_01: So it was, you know, the right time, the right moment.
• 8:19
  SPEAKER_01: So yes.
• 8:20
  SPEAKER_00: So were you in a situation within your career where you were waiting for something different to come along, or did it just surprise you?
• 8:25
  SPEAKER_01: I think so.
• 8:26
  SPEAKER_01: I think he he feels, you know, probably a need to have this type of you know satisfaction from the job done, something different.
• 8:35
  SPEAKER_00: Um, I'm you know, fantastic.
• 8:37
  SPEAKER_00: I think a lot of the time when we sit down and we have a very personal conversation with somebody, you often find that it gives you a deep, a deeper level of connection to the person you're helping.
• 8:46
  SPEAKER_00: And when you walk away from it, you always feel like, oh my god, that's amazing.
• 8:48
  SPEAKER_00: I'm like, I wish you could help people every single day.
• 8:51
  SPEAKER_00: Because it just gives you that higher sense of purpose and you know that you're adding value to somebody's life.
• 8:55
  SPEAKER_01: Exactly.
• 8:56
  SPEAKER_01: And they rely on you, they rely on you, and uh you create, you know, this bond because you have responsibility, and you know, there's also accountability because you want to do things the right way.
• 9:08
  SPEAKER_01: So it goes both ways.
• 9:10
  SPEAKER_01: You know, it's good to feel that you know they're happy, but the other end of it is you know there's accountability, so you're responsible in a way.
• 9:18
  SPEAKER_01: So this is the weight on the shoulders, but still, still good.
• 9:21
  SPEAKER_00: Yeah, perfect.
• 9:22
  SPEAKER_00: So I'm gonna ask you then, how did you get how did you end up at St.
• 9:25
  SPEAKER_00: James's Place?
• 9:26
  SPEAKER_00: How did that come about?
• 9:27
  SPEAKER_00: So your your partners obviously mentioned financial planning is a career perhaps you should look at, but you know, what was your journey up to St.
• 9:33
  SPEAKER_00: James's Place and how did you end up choosing the St.
• 9:36
  SPEAKER_00: James's Place Academy?
• 9:37
  SPEAKER_01: I know you know there's a galaxy out there of so many names.
• 9:42
  SPEAKER_01: And when you start looking at, you know, where you're gonna end up, there's so many names.
• 9:47
  SPEAKER_01: So we won't, you know, name names today.
• 9:49
  SPEAKER_01: That's not the point.
• 9:50
  SPEAKER_01: But I think that uh St.
• 9:52
  SPEAKER_01: James's Place stands out because to that at the time, because they had a perfect plan.
• 9:58
  SPEAKER_01: Like from you know, the first step to the end, they had a couple of milestones in a like it.
• 10:03
  SPEAKER_01: So step one, three months you're gonna do that.
• 10:06
  SPEAKER_01: Step two, three other months, you're gonna do that.
• 10:08
  SPEAKER_01: So it was, you know, pretty transparent from the beginning.
• 10:12
  SPEAKER_01: And on top of having the support, you know, I was like, okay, I'll go there.
• 10:17
  SPEAKER_01: There's guidance, there's a plan, I like it, it's clear, transparent.
• 10:21
  SPEAKER_01: It's for me.
• 10:21
  SPEAKER_01: That's why, you know, I went for them.
• 10:24
  SPEAKER_00: Okay, right.
• 10:25
  SPEAKER_00: So, quite simply, they put a plan in front of you, a strategy from joining the academy.
• 10:30
  SPEAKER_00: Did it go all the way through to actually exiting the business, for example?
• 10:33
  SPEAKER_00: Did it talk to you about the whole journey of being a planner underneath the St.
• 10:36
  SPEAKER_00: James's Place partnership ecosystem?
• 10:38
  SPEAKER_01: No, you have access to this type of you know scenarios when you got into the academy.
• 10:42
  SPEAKER_01: But I I think that at the beginning, when you're looking to switch, what you're expecting is knowing what will happen the nine first month.
• 10:51
  SPEAKER_01: And St.
• 10:51
  SPEAKER_01: James's Place is one of the rare, you know, companies out there providing you with this clear roadmap.
• 10:58
  SPEAKER_01: And for people that are organized and disciplined is good because it's motivating you to know where you're going.
• 11:03
  SPEAKER_00: What about the qualifications?
• 11:04
  SPEAKER_00: Did that send a shiver down your spine, having to do some qualifications or not?
• 11:08
  SPEAKER_01: I already had some.
• 11:09
  SPEAKER_01: So it was mostly a gap-filled exercise.
• 11:12
  SPEAKER_01: Right.
• 11:12
  SPEAKER_01: And uh they said to me, You could you know start just now because you're, you know, really level for say no.
• 11:17
  SPEAKER_01: I want to do the full experience.
• 11:18
  SPEAKER_01: You know, I'm curious about you know learning how to be an advisor, not only the knowledge.
• 11:24
  SPEAKER_01: Because St.
• 11:24
  SPEAKER_01: James Really is offering as well how to be an advisor, not knowing only the competencies.
• 11:30
  SPEAKER_00: Yeah, okay.
• 11:31
  SPEAKER_00: And what about the qualification training underneath the St.
• 11:33
  SPEAKER_00: James's Planet Place Academy?
• 11:34
  SPEAKER_00: Because Red Mill Advanced, they're a sponsor of ours, actually.
• 11:37
  SPEAKER_00: They are very good.
• 11:38
  SPEAKER_00: I can obviously say that, but what was your experience of it?
• 11:41
  SPEAKER_00: And did it help you uh build confidence to attack those exams in the right way?
• 11:45
  SPEAKER_01: Yes, I think that where they're beating the market, it was they were among the first to have online training.
• 11:52
  SPEAKER_01: And when you're a mum staying at home, guess what?
• 11:56
  SPEAKER_01: It's excellent.
• 11:57
  SPEAKER_01: You're looking for that, this flexibility because you are in your kitchen or you're in your office desk at home and you're in a classroom of 20 other people learning something.
• 12:08
  SPEAKER_01: So it was great.
• 12:09
  SPEAKER_00: Okay.
• 12:09
  SPEAKER_00: So how you you mentioned to me you've got a few children, you've got three in total.
• 12:14
  SPEAKER_00: So going through those qualifications and going through the St.
• 12:17
  SPEAKER_00: James's Place Academy, yeah.
• 12:19
  SPEAKER_00: Uh there's a lot of women out there considering new careers.
• 12:22
  SPEAKER_00: Um, is it well constructed to be able to support a mother going through qualifications and training to become a financial planner?
• 12:30
  SPEAKER_01: Yes, and that's where you know the support manager you'll get from the day one will be critical because they'll be able to explain to you that when you come, you have the liberty to do the most heaviest part of the training at your own pace at home.
• 12:47
  SPEAKER_01: And when you pass that hurdle, because you have some kind of experience, you pass one and you know, five, you know, arrow one, arrow five, you know, you can now be in a classroom with other classmates to follow a certain pace.
• 13:00
  SPEAKER_01: So what they're doing actually is take the time to get the heavy weights out of the way.
• 13:06
  SPEAKER_01: And once you're ready, we're gonna train you to pass the three that are critical for you.
• 13:11
  SPEAKER_01: So even there, you see what I mean?
• 13:13
  SPEAKER_01: There's a thought process to bring you on.
• 13:16
  SPEAKER_00: Okay.
• 13:17
  SPEAKER_00: And so many managing family life whilst doing those qualifications and doing that training?
• 13:22
  SPEAKER_01: Oh wow, talk about that.
• 13:25
  SPEAKER_01: I think that um it's acrobatics, as always.
• 13:30
  SPEAKER_01: You know, you have to be creative.
• 13:31
  SPEAKER_01: So I was lucky enough to be able, you know, to drop some, you know, at an after-class club and everything in DBI school.
• 13:39
  SPEAKER_01: So I, you know, I was able to do, you know, training.
• 13:41
  SPEAKER_01: And from time I have one or two days at nursery.
• 13:45
  SPEAKER_01: So, you know, I managed my calendar around these, you know, kind of, you know, windows of liberty to do the exam.
• 13:52
  SPEAKER_01: And at night, I was just revising.
• 13:55
  SPEAKER_01: So I think that the constraint there is revising at night, but during the day, because it was like, you know, 10 a.m., 2 p.m.
• 14:04
  SPEAKER_01: classes is doable.
• 14:06
  SPEAKER_00: So were you working at the same time as well?
• 14:09
  SPEAKER_01: When I, you know, started doing my academy, I was, you know, already available because I knew that I needed the brain space.
• 14:16
  SPEAKER_01: Okay.
• 14:17
  SPEAKER_01: You see what I mean?
• 14:18
  SPEAKER_01: Because you also have to consider that if you take this path, you want to do it 100%.
• 14:23
  SPEAKER_01: Yeah.
• 14:24
  SPEAKER_01: And having the kids on top, it would be foolish to work having the kids doing the academy.
• 14:28
  SPEAKER_01: At some point you organize your priorities, but it's still you know fairly doable because the agenda is flexible and you have the support there with the managers from the academy.
• 14:38
  SPEAKER_00: Okay, good.
• 14:39
  SPEAKER_00: So you looking back on it, the right decision was to put 100% of your energy and effort into the academy?
• 14:46
  SPEAKER_01: I feel so, because otherwise you're missing out on all the other aspects of the learning program.
• 14:54
  SPEAKER_01: Because I thought it was just passing exams, but really is about know-how and know-how to be.
• 15:02
  SPEAKER_01: Yeah.
• 15:03
  SPEAKER_00: How would you, you know, if someone's listening to this now and and they've got a lot of family responsibility?
• 15:08
  SPEAKER_01: Yes.
• 15:09
  SPEAKER_00: How what advice would you give them when considering a career in financial planning or or even considering the St.
• 15:15
  SPEAKER_00: James's Place Academy?
• 15:16
  SPEAKER_00: What advice would you give somebody who's got quite a lot of home responsibility kids?
• 15:19
  SPEAKER_00: What what things worked for you and what things didn't work for you?
• 15:22
  SPEAKER_00: What would you do differently?
• 15:23
  SPEAKER_00: What would you advise they do?
• 15:25
  SPEAKER_01: I I feel that uh we we go by the personality at St.
• 15:29
  SPEAKER_01: James's Place.
• 15:31
  SPEAKER_01: It's not, you know, the type of studying you did before, it's not about the type of career you did before.
• 15:37
  SPEAKER_01: It's about as a human being, what can you bring to the table?
• 15:40
  SPEAKER_01: What can you bring to the academy and to the group?
• 15:44
  SPEAKER_01: And then second layer is how much of your time a day can you spare for studying?
• 15:51
  SPEAKER_01: So if you can spare at least three hours, for me success.
• 15:56
  SPEAKER_01: Because this is what you need.
• 15:57
  SPEAKER_01: And don't forget, we have two steps.
• 15:59
  SPEAKER_01: The first one is having the heavyweight at your own pace, which is manageable, then going into classes following a certain pace.
• 16:08
  SPEAKER_01: So these six months or treatment you reserve for you know passing the most you know heavily studied certification give you the rhythm.
• 16:17
  SPEAKER_01: And when you come to the second step, you're ready for the class.
• 16:20
  SPEAKER_01: So if you have like three to six months to get used to it, after that, you know, it rolls.
• 16:27
  SPEAKER_01: So my advice to women is you know, try it.
• 16:30
  SPEAKER_01: That's the first step.
• 16:31
  SPEAKER_01: Try it.
• 16:32
  SPEAKER_00: Do you think the St.
• 16:32
  SPEAKER_00: James's Place Academy is set up to support people like you coming through the academy?
• 16:39
  SPEAKER_01: Yes, yes, yes.
• 16:41
  SPEAKER_01: And uh that's why during the application process they're so careful to assess your motivation and really see if there's a fit.
• 16:50
  SPEAKER_01: And uh I met an amazing woman.
• 16:53
  SPEAKER_01: I can say her name now.
• 16:54
  SPEAKER_01: Her name is Caroline Robinson, and she was so good because she took a time to know me.
• 17:01
  SPEAKER_01: And I can't thank her enough because she's seen something in me even earlier, before you know I was, you know, ready to, you know, go and be, you know, that as I am now.
• 17:11
  SPEAKER_01: So it depends, you know, which person you know you come across with.
• 17:16
  SPEAKER_01: But normally they take the time to assess your motivations and it's key.
• 17:19
  SPEAKER_00: Yeah, so there's gone some deep assessment in respect of you, your abilities, things like your business plan, the thoughts about how you're gonna win business when you actually become a financial planner, the realities of being a financial planner.
• 17:30
  SPEAKER_00: Do you feel that the way they assessed you and the way that they sat you down to really check your thinking, they do their due diligence as much as you do your due diligence, right?
• 17:39
  SPEAKER_00: Yeah.
• 17:39
  SPEAKER_00: Do you think they did a good enough job?
• 17:40
  SPEAKER_00: Do you feel that they they really identified things within you, maybe that's it?
• 17:45
  SPEAKER_01: I think so.
• 17:46
  SPEAKER_01: Retrospectively I can say yes, because it feels like they're so careful.
• 17:51
  SPEAKER_01: But when you understand what is, you know, uh coming to you down the line, it's so needed.
• 17:59
  SPEAKER_01: Because even though it's an open door policy and we like all the personalities, you also need to have in you a certain resilience, a certain ambition, a certain, you know, vision of you doing the job.
• 18:15
  SPEAKER_01: Because if you don't have that, you're gonna give up at the first difficulty.
• 18:19
  SPEAKER_00: So how did they do that?
• 18:21
  SPEAKER_00: How did they how did they help you identify the vision and the purpose and the market that you might be working in?
• 18:27
  SPEAKER_01: They they try to to you tapping into a memory of you having been through obstacles and how have you overcome, you know, that difficulties?
• 18:37
  SPEAKER_01: What type of resources did you use?
• 18:39
  SPEAKER_01: Are you the type, you know, giving up at the first hurdle, or are you the one you know pushing forward?
• 18:44
  SPEAKER_01: And if so, where do you tap into?
• 18:48
  SPEAKER_01: What is motivating you?
• 18:50
  SPEAKER_01: So and they go carefully to understand what sort of person you are, and also potentially what sort of people environment you're surrounded with.
• 18:59
  SPEAKER_01: So I think it's part of the personality of an advisor as well.
• 19:02
  SPEAKER_00: Okay.
• 19:03
  SPEAKER_00: And was the academy in in in its entirety, was it a lot of pressure?
• 19:08
  SPEAKER_01: Yes, at some point, because as I told you, when you're in the phase of classroom, you have a calendar, you have to pass exam a certain way.
• 19:18
  SPEAKER_01: This is where this pace of being into the academy start to heighten the pressure.
• 19:24
  SPEAKER_01: But it's something you have to manage.
• 19:26
  SPEAKER_01: It's also part of our day-to-day.
• 19:29
  SPEAKER_01: So it comes with practice, you know.
• 19:33
  SPEAKER_01: After you know, the three, six months I mentioned, you're ready.
• 19:36
  SPEAKER_00: Yeah.
• 19:37
  SPEAKER_00: As you're going through that journey though, and like maybe you get a bit wobbly, we all get a bit wobbly on journeys, right?
• 19:42
  SPEAKER_00: Did you feel like as you got wobbly, or were you able to very quickly ask somebody for some support?
• 19:48
  SPEAKER_00: Was support accessible?
• 19:50
  SPEAKER_01: Always.
• 19:51
  SPEAKER_01: Okay.
• 19:51
  SPEAKER_01: Always.
• 19:52
  SPEAKER_01: I think that uh we, you know, we never can't underline or emphasize the role of academy manager at the St.
• 19:59
  SPEAKER_01: James Place because they're the ones sometimes picking the phone.
• 20:02
  SPEAKER_01: Hello Jean, how are you?
• 20:04
  SPEAKER_01: Where's the email I was supposed to receive?
• 20:06
  SPEAKER_01: Is everything okay?
• 20:08
  SPEAKER_01: So, you know, you know, at some point, even friends, because we share so much.
• 20:13
  SPEAKER_01: So I feel that in terms of guidance, that's not what is missing.
• 20:17
  SPEAKER_01: Okay, yeah perfect.
• 20:18
  SPEAKER_00: So a lot of emphasis, and when people think about becoming a financial planner, they think about the qualifications first.
• 20:23
  SPEAKER_00: I've got to get the qualifications, and of course you absolutely do.
• 20:26
  SPEAKER_00: But there's a whole other side to being a financial planner, which are the behaviors, the ability to go out and win clients to understand the products and the services that you actually are um positioning to clients and improving their lives with.
• 20:37
  SPEAKER_00: That second part, so you've got the first part, which is the qualifications.
• 20:40
  SPEAKER_00: So you got through that, that's quite straightforward, you know.
• 20:43
  SPEAKER_00: And if you're an academic person, brilliant.
• 20:45
  SPEAKER_00: But what about the other side?
• 20:46
  SPEAKER_00: What about the kind of the the the the actual giving financial planning?
• 20:50
  SPEAKER_00: They're going out and finding clients, the the winning new clients side of it.
• 20:54
  SPEAKER_00: Did that come naturally?
• 20:56
  SPEAKER_00: Do you get training and development on that side?
• 20:58
  SPEAKER_01: Well, we get we get training on that side because as I told you, and one of my managers told me that a long time ago, you have what you know, which is a knowledge certification, and then you have to learn to be a competent advisor, which is something different.
• 21:12
  SPEAKER_01: Because it's about harnessing the power of what you learn to provide a service to a client to the best of your ability.
• 21:20
  SPEAKER_01: It's not the same.
• 21:21
  SPEAKER_01: And coming into place, commercial skills, understanding of psychology of clients, knowing how to read a room, knowing how to make a phone call, knowing how to follow up with an email, and all these strategies, understanding of clients is something you learn through the academy.
• 21:36
  SPEAKER_00: Okay.
• 21:37
  SPEAKER_01: And um it was interesting to see how many different topics we were able, you know, to just review or discover to be the advisor they had in mind because you know it's also a vision about you know the academy in San James Place.
• 21:52
  SPEAKER_01: So yeah.
• 21:54
  SPEAKER_00: Moving on to the the the actual becoming a financial planner, okay?
• 21:59
  SPEAKER_00: Because we Yeah, we we look at this.
• 22:01
  SPEAKER_00: There's a couple of options at St.
• 22:02
  SPEAKER_00: James's place.
• 22:02
  SPEAKER_00: You can either be um an employed financial planner, you can be self-employed financial planner, you can sit underneath an existing partner practice, or you can go and run your own partner practice, have your own brand and get out there and build your own business.
• 22:15
  SPEAKER_00: What was your choice?
• 22:16
  SPEAKER_01: Oh, I went for the bold choice, of course.
• 22:20
  SPEAKER_01: I went for you know having my own practice, which if you ask me now, is quite a choice.
• 22:28
  SPEAKER_01: Because after having all this exam, after passing all the certification, being absorbed in a structure that is well established with all the processes and all the clientele already there, you have to serve.
• 22:41
  SPEAKER_01: Since like you know, a direct pipeline, you know, you eat the ground running, you go.
• 22:46
  SPEAKER_01: But when you have to build up your own businesses, you have to think about a business owner.
• 22:51
  SPEAKER_01: So from the ground up, you have to find the client, so business development.
• 22:55
  SPEAKER_01: Where do you find them?
• 22:56
  SPEAKER_01: What type of services you specialize in?
• 22:58
  SPEAKER_01: How do you increase your ability to increase business?
• 23:02
  SPEAKER_01: So these are so many other questions you have, you know, to figure out.
• 23:06
  SPEAKER_01: You need to have a plan for that.
• 23:07
  SPEAKER_01: Going back to square one, when they assess your motivation.
• 23:12
  SPEAKER_01: So if you come strong, this phase, even if it's hard, you'll be able to pass it through.
• 23:19
  SPEAKER_01: That's why all finally all the stages we've mentioned earlier are critical.
• 23:25
  SPEAKER_00: When did you decide though that you would run your own business?
• 23:28
  SPEAKER_00: Was that always in your uh your head before you even went on the journey?
• 23:31
  SPEAKER_00: Was it on it was it in the the exploration stage early on, or did you change your mind along the way?
• 23:37
  SPEAKER_01: No, I didn't.
• 23:38
  SPEAKER_01: I think that from day one I wanted to, you know, to to create something.
• 23:44
  SPEAKER_01: You see what I mean?
• 23:45
  SPEAKER_01: To build something, to to be able to say, you know what, guys, this is my practice.
• 23:51
  SPEAKER_01: Come along, it's open door.
• 23:53
  SPEAKER_01: You know, there's this sense of accomplishment coming from building something.
• 23:58
  SPEAKER_01: And I was like, I have so many ideas.
• 24:01
  SPEAKER_01: When you go to a practice, actually, you fit into a vision.
• 24:05
  SPEAKER_01: And when you build your own, you're the architect of what you're building.
• 24:08
  SPEAKER_01: It's not the same project.
• 24:10
  SPEAKER_00: 100%, I agree.
• 24:11
  SPEAKER_00: But it comes with a hell of a lot more responsibilities.
• 24:13
  SPEAKER_01: Definitely.
• 24:14
  SPEAKER_01: Let's be not naive.
• 24:15
  SPEAKER_00: Yes.
• 24:16
  SPEAKER_00: It's stressful.
• 24:18
  SPEAKER_01: 24-7.
• 24:19
  SPEAKER_01: I won't lie to anybody, but still, what you get as a sense of being, you know, renowned and known for the quality of your service is priceless.
• 24:29
  SPEAKER_00: Did you have an idea in mind of a market that you would work in or a type of client that you wanted to work, a persona?
• 24:36
  SPEAKER_01: You're reading my mind.
• 24:37
  SPEAKER_01: Of course I did.
• 24:39
  SPEAKER_01: Of course I did.
• 24:41
  SPEAKER_01: I was convinced that actually, you know, the whole neighborhood will jump, you know, to the door, and you know, that would be my clientele.
• 24:47
  SPEAKER_01: But life is, you know, is a bit complicated, it's different.
• 24:50
  SPEAKER_00: So who was it you were looking to target?
• 24:52
  SPEAKER_01: So at at first I was thinking, you know, all the people I known in the city easily.
• 24:59
  SPEAKER_01: Then I was thinking, you know, all the neighborhood or something like that.
• 25:03
  SPEAKER_01: So it was both, you know, both kinds of angles I had in mind.
• 25:07
  SPEAKER_01: But the more you go along, the more you discover that these people actually didn't wait for you.
• 25:12
  SPEAKER_01: They had somebody before.
• 25:14
  SPEAKER_01: So you're actually trying to let them out of a good relationship to go to a new one with you.
• 25:21
  SPEAKER_01: They've never seen you before, even though you know at the barbecue, the football match, the birthday parties, you know, they knew you.
• 25:26
  SPEAKER_01: But you as an advisor is a new you.
• 25:29
  SPEAKER_01: So understanding, you know, how to change the image people are used to is also part of you know building up the practice.
• 25:37
  SPEAKER_01: Did you find that challenging?
• 25:40
  SPEAKER_01: Of course.
• 25:41
  SPEAKER_01: You know, if you're known, you know, as being, you know, the mum with the cupcakes and the cookies, you know, the one smiling at the gym and everything, and all of a sudden you come with this hat of financial advisors.
• 25:53
  SPEAKER_01: That's the same person, let's be honest.
• 25:55
  SPEAKER_00: So, how did you position yourself then in a professional way?
• 25:59
  SPEAKER_01: Oh, I I I talked a lot about my you know sense of taking care of people.
• 26:04
  SPEAKER_01: And then I figured out that actually, rather than trying to seduce the one already with an advisor, why not going with people with obvious needs?
• 26:13
  SPEAKER_01: People that never had a clue actually that they could use my services, and also obviously people that are shy away of you know doing it, the women.
• 26:25
  SPEAKER_01: So, you know, by understanding the field you're evolving in, you know, spotting a niche, then you start building up because you are mapping the areas where you'll be the person needed.
• 26:36
  SPEAKER_01: So it's not a game of, you know, come with me, you know what, I'm good and everything.
• 26:41
  SPEAKER_01: It's mostly a question of actually we can do something for you.
• 26:46
  SPEAKER_01: Have you thought about it?
• 26:47
  SPEAKER_01: It's not the same exercise anymore because you're spotting areas where people will see the value of I don't have it.
• 26:54
  SPEAKER_01: Tell me more.
• 26:55
  SPEAKER_00: Okay.
• 26:56
  SPEAKER_00: Yeah.
• 26:56
  SPEAKER_00: And did you and and you mentioned women there.
• 26:58
  SPEAKER_00: Yes.
• 26:59
  SPEAKER_00: So focusing on women.
• 27:00
  SPEAKER_00: Yeah.
• 27:00
  SPEAKER_00: Okay, so talk to me about that then, because you know, 56% I think of the world's wealth is going to be hand in the hands of women from 2027.
• 27:07
  SPEAKER_00: Yes, that's true.
• 27:08
  SPEAKER_00: We've got about 18% of financial planners that are women across across the market.
• 27:12
  SPEAKER_00: Yes.
• 27:12
  SPEAKER_00: There's a lot of females out there that require financial advice.
• 27:15
  SPEAKER_00: Yes.
• 27:16
  SPEAKER_00: So why why women, why did you focus on that apart from those obvious reasons we just talked about?
• 27:20
  SPEAKER_00: Yes.
• 27:21
  SPEAKER_00: What drew you into it and what have you learned from that experience so far that's carried, that's kind of motivated you to carry on into that market.
• 27:28
  SPEAKER_01: Indeed.
• 27:29
  SPEAKER_01: Um when I started doing, you know, my first talk about finance, I noticed that in the room, the ones shying out of questioning or the one just asking questions after the event were the women.
• 27:43
  SPEAKER_01: I was like, why didn't you ask the question during the talk?
• 27:47
  SPEAKER_01: I was shy, I didn't know what they needed to say and everything.
• 27:49
  SPEAKER_01: And then I started understanding that actually the business owners, the senior executive in the city, they have so many questions and there's nobody there for them.
• 28:00
  SPEAKER_01: And also, if you want to catch up with them, you can see them, you know, the weekend, Saturday, you know, birthday parties, or you can see them at the gym, or you can see them, you know, for the after drink when you are, you know, gathering together.
• 28:13
  SPEAKER_01: So this is where we started talking about it seriously.
• 28:17
  SPEAKER_01: And they were also in confidence with me because I'm a woman, I won't judge them.
• 28:21
  SPEAKER_01: So I think it's part experience, spotting areas of need.
• 28:26
  SPEAKER_01: And when you combine the two, and there's a start that you mentioned about great wealth transfer, you build up around it, and then you start segmenting the ones that are divorced, single or not, with kids or not, the ones that are healthy in a certain way, because we talk about midapers as well.
• 28:43
  SPEAKER_01: So all these elements of you know the female clientele are you know really to take care of properly.
• 28:51
  SPEAKER_01: And I happen to be a women advisor, it works.
• 28:55
  SPEAKER_00: So when you speak to women about financial planning, yes, tell me.
• 29:01
  SPEAKER_00: Is that more do you get a better response in a personal setting, like a private setting, but more like down the gym or you know, at the birthday party, at the school gate, wherever it might well be.
• 29:15
  SPEAKER_00: Do you find that you get more response there than you would say going into a networking event in central London?
• 29:22
  SPEAKER_01: I I give you a secret.
• 29:24
  SPEAKER_01: I'm not judging.
• 29:26
  SPEAKER_01: You know what I mean?
• 29:27
  SPEAKER_01: And when they say something to me like, you know, I can't come to the appointment because I have to drop little Tommy at his after school class, I'm not like, really?
• 29:37
  SPEAKER_01: I'm like, I understand, you know, my little one is doing the same on that day, so let's find another another another appointment for it.
• 29:43
  SPEAKER_01: Because I'm so, you know, attuned to the way, you know, their life unfolds that it creates community and it builds trust and credibility.
• 29:53
  SPEAKER_01: So because I understand the reality of the life, it creates a bond.
• 29:58
  SPEAKER_01: They're never gonna have with you know a male advisor.
• 30:03
  SPEAKER_00: Can I ask as well, what's the sort of average age of a of a female client that you would work with?
• 30:09
  SPEAKER_01: Oh, 37-45.
• 30:11
  SPEAKER_00: 37 to 45.
• 30:13
  SPEAKER_01: Yeah, 37-45, because as you know, here in London, we start having, you know, families around 33, 34, and we feel substantially enough having money around 38, 39.
• 30:26
  SPEAKER_01: So that's window, that range, is actually quite interesting.
• 30:31
  SPEAKER_01: Anything above, we you know fall into the the range of retirement talking.
• 30:36
  SPEAKER_01: And before is about how can we build things, how can we save money tax efficiently.
• 30:41
  SPEAKER_01: So Okay.
• 30:42
  SPEAKER_00: So you're kind of helping them whilst they're working, entering the stage of having a family.
• 30:47
  SPEAKER_00: Yes.
• 30:48
  SPEAKER_00: You tend to find that they are more susceptible to talking about financial plans as the pressure upon them becomes greater when it comes to running a family and not having, say, the same level of income that they might be used to.
• 31:02
  SPEAKER_01: In this instance, you're also talking about a certain proportion of women.
• 31:06
  SPEAKER_01: We're talking about, you know, independent business owners.
• 31:08
  SPEAKER_01: And that's who you target.
• 31:09
  SPEAKER_01: Exactly, yes, independent business owners with a certain amount of money at the end of the month, or senior executive, you know, in the city.
• 31:17
  SPEAKER_01: And the women I had, for example, that is a senior executive in the city, came to me because she felt that the guy she had before was a young guy not able to understand her.
• 31:28
  SPEAKER_00: Okay.
• 31:29
  SPEAKER_01: She said to me, You feel like a teenager.
• 31:31
  SPEAKER_00: Yeah.
• 31:32
  SPEAKER_01: So when I speak to you, I can see myself projecting myself in 10, 20 years.
• 31:37
  SPEAKER_01: I want to keep you.
• 31:38
  SPEAKER_01: So it's a matter of when I speak, do you get it?
• 31:41
  SPEAKER_00: Yeah.
• 31:42
  SPEAKER_00: And do you tend to try to find women that are on a similar journey to you?
• 31:45
  SPEAKER_00: So you can grow with them throughout your career and their career, so you're side by side and you've got that level of lived experience.
• 31:51
  SPEAKER_00: You feel that's important?
• 31:52
  SPEAKER_01: I I feel it works, but as a position of an advisor, I also have to be flexible and holistic as you understand.
• 31:59
  SPEAKER_01: So, for example, when I'm discussing with women that are single or divorced, it's not my circumstance, but I understand the concerns about the future.
• 32:08
  SPEAKER_01: Okay.
• 32:08
  SPEAKER_01: I can help build up the vision, I can secure it.
• 32:11
  SPEAKER_01: So it's mostly a matter of do you understand the demographics you're dealing with?
• 32:15
  SPEAKER_01: Because what I do, a male advisor can do it, but it's also need to have the input and the data to do it efficiently.
• 32:21
  SPEAKER_00: And also the lived experience and the emotional intelligence.
• 32:24
  SPEAKER_00: A woman sitting down with another female, a female sitting down with another female is just naturally, hopefully, gonna bond a bit deeper.
• 32:31
  SPEAKER_01: Yes, but we don't want to fall in the trap that if you're a female client, you need a female advisor, see what I mean.
• 32:36
  SPEAKER_01: We try to be, you know, as open as possible because I also have male clients.
• 32:41
  SPEAKER_01: So the point being that I have this extra ability because I understand the journey.
• 32:46
  SPEAKER_01: That being said, with all the competence and all the training we receive, we're universal, meaning that you know, we talk to male clients, we talk to all the male clients, we talk to female clients.
• 32:59
  SPEAKER_01: Okay.
• 32:59
  SPEAKER_01: In my you know, kind of journey, the path feeling limit of female, but I also have male clients.
• 33:05
  SPEAKER_01: I have to, you know, understate that as well, you know, just for you to be to be clear.
• 33:10
  SPEAKER_00: Yeah.
• 33:11
  SPEAKER_00: And do you find that, you know, by being present within the meeting with both the husband and the wife, that you are I don't know, um bringing bringing the wife into the conversation more?
• 33:23
  SPEAKER_00: Because I hear a lot that sometimes men tend to dominate the conversation when it comes to financial planning.
• 33:28
  SPEAKER_00: And when women female ten women, wife, might tend to not get so heavily involved and feel like, well, you know, he he's dealing with that.
• 33:36
  SPEAKER_00: I'll I'll come along and and understand it.
• 33:38
  SPEAKER_00: But do you do you get engagement?
• 33:39
  SPEAKER_00: Are they phoning you up afterwards, ask you more questions?
• 33:41
  SPEAKER_01: And uh I I'll tell you something funny.
• 33:44
  SPEAKER_01: The people I see they come alone.
• 33:46
  SPEAKER_00: They come alone, do they?
• 33:47
  SPEAKER_01: Yes.
• 33:48
  SPEAKER_00: Interesting.
• 33:48
  SPEAKER_00: Yeah.
• 33:49
  SPEAKER_01: Yes.
• 33:49
  SPEAKER_01: The one I'm dealing with now, she said to me, you know, when I'd be ready to present you my husband, because now we're dealing with my portfolio only.
• 33:56
  SPEAKER_00: Okay.
• 33:56
  SPEAKER_01: So the idea is really, you know, when we talk about this type of women I mentioned earlier, is they have their own kind of, you know, stash of cash somewhere and they're trying to build up something.
• 34:07
  SPEAKER_01: And if you're successful enough, then we bring the spouse in because they will say, Look, you see, this is what I'm able to do without you.
• 34:15
  SPEAKER_00: Why do you why do you think that is?
• 34:17
  SPEAKER_00: Why do you think they're doing that more?
• 34:19
  SPEAKER_01: Because historically, for good or bad reasons, because for many households, the male is the main breadwinner.
• 34:28
  SPEAKER_01: The conversation was, you know, led by the advisor towards the spouse, the male spouse.
• 34:35
  SPEAKER_01: And this is a reality we can't fight.
• 34:37
  SPEAKER_01: You know, it's cultural, it's traditional.
• 34:39
  SPEAKER_01: What's changing, the shift is about women working more, women having more promotion in what they're doing, women being business owners, they also have their set of money.
• 34:49
  SPEAKER_01: It's not really related to the husband activity, and they also have their own ideas.
• 34:55
  SPEAKER_01: So the one I'm dealing with are the ones independent enough to say, you know what, I'll try you and let me showcase what you could do without the older elf.
• 35:05
  SPEAKER_01: And at some point, because he's successful, I'll bring him.
• 35:10
  SPEAKER_01: Because in the end, don't get me wrong, when we talk estate planning, is the game they play, you know, being you know two in the vehicle.
• 35:20
  SPEAKER_01: Yeah.
• 35:20
  SPEAKER_01: So we need to have the full picture.
• 35:22
  SPEAKER_00: I would love it if my wife showed more interest in financial planning and running the finances of our relationship because it's boring.
• 35:30
  SPEAKER_00: Yeah, it is a little bit, isn't it?
• 35:31
  SPEAKER_00: Yeah.
• 35:31
  SPEAKER_00: And I would rather she takes care of that side of it.
• 35:34
  SPEAKER_00: I love to see like the plan, you know, I love to see the outcome.
• 35:36
  SPEAKER_00: Yeah.
• 35:37
  SPEAKER_00: Give me the projections and all of that kind of stuff.
• 35:39
  SPEAKER_00: I'm exactly but I would rather somebody else take care of that kind of um conversation and relationship.
• 35:45
  SPEAKER_00: I just want to see the the outcome of it.
• 35:48
  SPEAKER_00: Um so you know, I'm I'm kind of all for that in a relationship sense.
• 35:52
  SPEAKER_00: I'm, you know, I'd much rather my wife take care of the financials.
• 35:55
  SPEAKER_00: At the moment I do.
• 35:56
  SPEAKER_00: Um, but it's much, much, much, much better if she could do it.
• 35:59
  SPEAKER_01: But you know, to say that to me is boring.
• 36:01
  SPEAKER_01: You know, when you go in a meeting and you hear somebody talking about terms you never got to definitions of, it feels like it's you know another language.
• 36:10
  SPEAKER_01: It's a foreign language for them.
• 36:12
  SPEAKER_01: That's why you know I did a couple of seminars, jargon-free.
• 36:15
  SPEAKER_00: Right.
• 36:15
  SPEAKER_01: Just for people to be able to catch what it is about.
• 36:19
  SPEAKER_01: I'll give you an example quite quickly.
• 36:22
  SPEAKER_01: We are in a room of women and I asked them, is there anybody in this room investing in anything?
• 36:27
  SPEAKER_01: Nobody raised their hand one time.
• 36:29
  SPEAKER_01: Then I said, Do you have a house?
• 36:33
  SPEAKER_01: Do you own your house?
• 36:35
  SPEAKER_01: You have a pension, everyone raised a finger.
• 36:38
  SPEAKER_01: Because in the mind of the ladies in the room, having a pension pot or owning your house is not an investment per se, because for them it's passive in the background.
• 36:49
  SPEAKER_01: They're not involved exactly, so they don't see the action of them taking a decision.
• 36:54
  SPEAKER_01: And for them, investing is picking stocks on the market is more active.
• 36:58
  SPEAKER_01: It doesn't have to be.
• 36:59
  SPEAKER_00: Okay.
• 37:00
  SPEAKER_00: So you come in with an education.
• 37:02
  SPEAKER_01: There's an education piece for the one at the beginning of the journey.
• 37:05
  SPEAKER_01: And for the one that are wealthy is mostly a question of as a woman, how do you see your portfolio?
• 37:11
  SPEAKER_01: Because the views are different.
• 37:13
  SPEAKER_01: Sometimes male are more focused on returns and women are more focused on, you know, maybe ESG factors, this type of things.
• 37:20
  SPEAKER_01: So conversation adapt to either the level of wealth or the position on the journey of understanding financial, you know, terms and financial, you know, issues and concerns.
• 37:31
  SPEAKER_01: So you have to be agile.
• 37:33
  SPEAKER_00: I think life stages as well for women are incredibly different to men.
• 37:38
  SPEAKER_00: Um, do you you find that those specific life stages for women come up in conversation?
• 37:45
  SPEAKER_00: So you know, having a child, having a family, retirement looks very different.
• 37:50
  SPEAKER_00: Um, wealth accumulation can look very different, health can look very different.
• 37:55
  SPEAKER_01: Definitely.
• 37:56
  SPEAKER_01: You're spot on.
• 37:57
  SPEAKER_01: Because as you know, having a couple of kids means if you're working, you're out of the workplace.
• 38:03
  SPEAKER_01: And uh for some reasons, you know, when you come back, it's not the same salary.
• 38:07
  SPEAKER_01: Or you miss you know doing your contributions, even at the minimum level.
• 38:11
  SPEAKER_01: So all these factors are impacting the accumulation of wealth you could have at 60 or 65 compared to your male equivalent.
• 38:21
  SPEAKER_01: And sometimes what you have to make clear is how can you accelerate at an age where you have the freedom to work maybe between 30 and 40 or 25 and 35, so that in case this event in life happened, you did well before.
• 38:38
  SPEAKER_01: And also, you know, menopause is a big one.
• 38:41
  SPEAKER_01: You know.
• 38:42
  SPEAKER_00: And what's interesting, I suppose, is when you sit down individually with women to work that out, it gives the space to be completely open and to really have the ability to hyper focus on the woman that's sitting in front of you as opposed to two.
• 38:56
  SPEAKER_00: So you can because it is vastly different to what a man would go through.
• 38:59
  SPEAKER_00: And I'm learning that myself.
• 39:00
  SPEAKER_00: My wife's going through perimenopause at the moment, and it's I'm thinking to myself, God, you know, you have a child, you go back to work, and you know, my wealth accumulation is starting now, really.
• 39:09
  SPEAKER_00: I'm in my forties, so for me, it's like I consider the next 10 years to to build my wealth.
• 39:14
  SPEAKER_00: Yeah, but we we expect women to build their wealth as well within the same sort of uh period of life, but don't take into consideration that stuff like perimenopause, menopause, um, you know, prior to that was the rate, you know, that having the children, you know, going through that, you know, raising the children, and I know that sounds a bit kind of um old school, but women do tend to take care more of the family type side of it as well.
• 39:39
  SPEAKER_00: Um, it certainly was in my family anyway.
• 39:41
  SPEAKER_00: Like I did more work and she did more family looking after.
• 39:44
  SPEAKER_00: But yeah, do you find like by having those conversations about um pen, you know, about menopause and about women's health and about the stages of women's life, do you feel like it kind of opens them up to think about things differently if they weren't expecting it?
• 39:57
  SPEAKER_01: I think you provide a framework that builds trust with the advisor.
• 40:01
  SPEAKER_01: Because what is signal is understanding of the person sitting in front of you.
• 40:06
  SPEAKER_01: You know, it's not something that is sitting aside and not taking care of.
• 40:10
  SPEAKER_01: It's something I'm integrating in my assessment.
• 40:13
  SPEAKER_01: And what is interesting and valuable for us is regardless of the level of income, regardless of the level of assets, it's something that stays.
• 40:23
  SPEAKER_01: A woman with one million plus in asset, and a woman with, you know, 50k something, interestingly, they have the same kind of hardships in life.
• 40:34
  SPEAKER_01: So what's interesting here is by understanding them, regardless of the level of income, we get to a position where planning is fitting, is tailor-made.
• 40:46
  SPEAKER_01: This notion of bespoke takes another layer of you know, understanding.
• 40:52
  SPEAKER_01: Because we're there to cover you whatever happened as the human being you are, understanding your life cycle.
• 40:59
  SPEAKER_01: And if, for various reasons, you're wealthy, tax optimization will be taken care of.
• 41:05
  SPEAKER_01: But we won't forget what makes you you.
• 41:09
  SPEAKER_01: So my understanding now, the more I'm doing that, is regardless of the level of income, we need to be able to see them for what they are.
• 41:17
  SPEAKER_01: Because don't get me wrong, we do the numbers, we come to a plan that makes sense for them, but this trust you mentioned about earlier, the human side of our clients, is something we have to integrate.
• 41:29
  SPEAKER_01: Well, they want to leave us.
• 41:31
  SPEAKER_00: Yeah.
• 41:31
  SPEAKER_00: And is that something you invest in yourself like on the side?
• 41:34
  SPEAKER_00: Is it something that comes naturally to you?
• 41:35
  SPEAKER_00: Do you do training?
• 41:36
  SPEAKER_00: Did SJP give you training around like behaviors?
• 41:40
  SPEAKER_01: SJP is amazing because in the library of the academy, there's so much resources in terms of sociology of the client, behaviorable finance, the last kind of research on iFinancial Advisor, you know.
• 41:55
  SPEAKER_01: So they provide you with so much resources at the end, is like, you know, university of what you should know about what's current, what's trendy for an advisor.
• 42:03
  SPEAKER_01: So we have all the notions about, you know, investments, you know, about the products and everything, but they add this element of understanding, you know, humans as our clients.
• 42:14
  SPEAKER_01: And they did something really interesting when I was there during my academy time.
• 42:19
  SPEAKER_01: They were talking about books around how to be a great, you know, financial advisor.
• 42:24
  SPEAKER_01: They mention your podcast as well.
• 42:26
  SPEAKER_01: Fantastic.
• 42:27
  SPEAKER_01: So what I'm saying is, don't get me wrong, knowing your things investment-wise is good, but all the extra about being an advisor, you know, the know-how, the know-how to be is critical.
• 42:40
  SPEAKER_00: And they support you around that good.
• 42:42
  SPEAKER_00: And did you find that there is a there is a uh a support and training and focus on women's health and wealth?
• 42:48
  SPEAKER_00: Is that is that something that you're kind of feeling like you're being supported on so you can when I when I joined in, they had this thing called um financial well-being.
• 42:59
  SPEAKER_01: And it was, you know, you know, a qualification, you know, standing there.
• 43:04
  SPEAKER_01: I was like, oh, curious, I'll do it.
• 43:06
  SPEAKER_01: And then, you know, now, because of the statistic you mentioned about women, you know, Welsh Chanfer and everything, we had built up something for women because SGP as well is aware of what's going on in the world.
• 43:17
  SPEAKER_01: And this is how, you know, again, they're so special because they move along with what's going on, you know, externally.
• 43:23
  SPEAKER_01: It's not you know an ivory tower.
• 43:26
  SPEAKER_00: So I just want to ask you as well.
• 43:27
  SPEAKER_00: We you know, I had a really um great St.
• 43:30
  SPEAKER_00: James's place advisor on about a couple of years ago, and she she focused on on women divorcing multi-millionaire CEOs.
• 43:39
  SPEAKER_00: Okay, well done, good.
• 43:41
  SPEAKER_00: Kerry Griffith.
• 43:42
  SPEAKER_01: I love it.
• 43:43
  SPEAKER_00: Yeah, very specific.
• 43:44
  SPEAKER_00: Kerry Kerry Griffith.
• 43:45
  SPEAKER_00: Yeah and what she sort of discussed within it as well was that you know, divorce happens, yeah.
• 43:50
  SPEAKER_00: Yeah.
• 43:50
  SPEAKER_00: And for women it's very different to t to men, and that they have to think about the divorce proceedings and the journey and think about their own future.
• 44:00
  SPEAKER_00: And the periods where they weren't earning money, perhaps where they're looking after their families, the husband having more in the pension than them, for example, and what does their life look like after divorce?
• 44:10
  SPEAKER_00: So do you ever come in, do you ever do you ever come in contact with women that are th are are in that situation where they open up to you and are like, you know, I'm actually thinking about going to divorce?
• 44:17
  SPEAKER_00: And if so, what what advice would you would you give women like that?
• 44:20
  SPEAKER_00: And when should they really sit down with you as a financial planner and why basically they should sit with a financial planner, not just a solicitor?
• 44:27
  SPEAKER_01: Thank you for this beautiful question.
• 44:29
  SPEAKER_01: So when women, you know, think about a divorce, usually it's about the house.
• 44:33
  SPEAKER_01: Okay.
• 44:33
  SPEAKER_01: Think about the house, and if there's kids involved, it's about protecting the kids and keeping the house.
• 44:38
  SPEAKER_01: Okay.
• 44:38
  SPEAKER_01: This is the only focus they have usually.
• 44:40
  SPEAKER_01: But the more we work with them, the more we think about the pension assets part of it.
• 44:45
  SPEAKER_01: And this is something that is sometimes, you know, forgotten.
• 44:48
  SPEAKER_01: So what advice I could provide as a guidance to people considering divorcing is you can see somebody, you know, informally, like uh, you know, a couple of months before you start proceedings.
• 44:59
  SPEAKER_01: Why?
• 45:00
  SPEAKER_01: Because it gives you a clue of what is the perimeter of the assets you should have a look at.
• 45:06
  SPEAKER_01: And in coordination with the solicitor, you're working, you had this idea of actually, if I want to get protection after the separation, where do we look so that it's a fair kind of process?
• 45:20
  SPEAKER_01: Because sometimes by focusing on one element, you miss others that would have provided you with the safety that you're looking for.
• 45:27
  SPEAKER_01: Because unfortunately, it's separation, but you still need to be safe.
• 45:31
  SPEAKER_01: And if there's skills involved, you need to know where the principal assets you look at at the end of the process would get in your favor.
• 45:41
  SPEAKER_01: So, and formally, you know, reaching out to an advisor just to understand where you stand, and as we go along, with certainty that you're getting through the end, financial remedy order, financial court order.
• 45:53
  SPEAKER_01: You can then reach out and say, you know what?
• 45:55
  SPEAKER_01: We mentioned six months ago that conversation now is settled.
• 45:59
  SPEAKER_01: What could we do?
• 46:00
  SPEAKER_01: And it's good for us because we have an ability to run a couple of scenarios, build a potential portfolio that will suit you in your new life, even endurance-wise.
• 46:11
  SPEAKER_01: So it's critical to have these before and after kind of meetings.
• 46:16
  SPEAKER_00: Okay.
• 46:17
  SPEAKER_00: So what we tend to find with new financial planners is that they can often get decision paralysis within the first year, and they don't quite know which route to go down to acquire clients and find their clients or to market themselves, and you know, and and there's a lot of pressure upon them to deliver within that first year.
• 46:37
  SPEAKER_00: And nine times out of ten, most financial planners struggle in year one because they're building momentum.
• 46:42
  SPEAKER_02: Yeah.
• 46:42
  SPEAKER_00: And then year two, they start to reap the rewards of those momentum.
• 46:46
  SPEAKER_00: And by year three, it's like, oh my god, it's working.
• 46:48
  SPEAKER_00: But it does, it can take up to three years with some people.
• 46:51
  SPEAKER_00: That tends to be the case with newbies that I'm speaking to.
• 46:54
  SPEAKER_01: You remember what I said the first thing they do, they assess your ability to be resilient.
• 47:00
  SPEAKER_01: I think I can't spell it enough.
• 47:02
  SPEAKER_01: Okay.
• 47:03
  SPEAKER_01: Resilience is the cornerstone of our line of work.
• 47:08
  SPEAKER_01: Because we used to say is no now, but yes at a little time.
• 47:14
  SPEAKER_01: And we need to understand that.
• 47:15
  SPEAKER_01: And if you're only in the moment, all this no's gonna destroy you.
• 47:22
  SPEAKER_01: So the ability to stage the no's to yes on a timeline, yeah, so that at the end, you know, bottom line, end of the year, end of the quarter, you get something.
• 47:32
  SPEAKER_01: That's the key.
• 47:33
  SPEAKER_00: Okay, beautiful.
• 47:34
  SPEAKER_00: So have you got a sort of timeline that you work with?
• 47:36
  SPEAKER_00: Yeah.
• 47:37
  SPEAKER_00: Yeah?
• 47:37
  SPEAKER_01: Yes, of course.
• 47:38
  SPEAKER_01: Because, you know, when you're a business owner, you have running costs, right?
• 47:42
  SPEAKER_01: And you want to say to yourself, at which point in time am I running out of resources?
• 47:47
  SPEAKER_01: And if so, what should I do to come over that need of resources to get by and then to be profitable?
• 47:55
  SPEAKER_01: So this is the type of obsession, you know, positively you have.
• 47:58
  SPEAKER_01: But if you lack the discipline or the ability mentally, you know, spiritually to be resilient, you're gonna crack.
• 48:06
  SPEAKER_00: Yeah, yeah, 100%.
• 48:08
  SPEAKER_00: So you were always employed then before you went down the running your own partner practice.
• 48:11
  SPEAKER_01: I know.
• 48:12
  SPEAKER_00: Have you ever run a business yourself before?
• 48:14
  SPEAKER_01: No, I was running, I was running, you know, what I called, you know, the household.
• 48:17
  SPEAKER_01: I was treasuring chief, you know.
• 48:20
  SPEAKER_00: Well, yeah, okay.
• 48:21
  SPEAKER_01: So I use I used to manage the budget.
• 48:24
  SPEAKER_01: I used to understand, you know, what are the critical decisions you have, you know, to get by.
• 48:28
  SPEAKER_01: And also in my line of work previously, you know, we had budget, you know, we have timelines and goalposts just to make sure, you know, it'll be a successful year or successful quarter.
• 48:37
  SPEAKER_01: But that's not the point.
• 48:38
  SPEAKER_01: I feel that really critically, what we need to be able to is focus, discipline, resilience.
• 48:46
  SPEAKER_01: Okay.
• 48:46
  SPEAKER_01: And uh without these three key qualities, trust me, Sam, it's so hard.
• 48:52
  SPEAKER_00: Strong foundations required that resilience, I get you.
• 48:55
  SPEAKER_00: Uh, being a business owner myself, I know it's all about resilience.
• 48:57
  SPEAKER_00: Yeah, it's absolutely all about resilience.
• 49:00
  SPEAKER_00: Um, because one day you can feel like the world's gonna collapse, and the next day everything just comes off, and you're like, yay, I'm brilliant.
• 49:05
  SPEAKER_01: I know.
• 49:06
  SPEAKER_01: And you know, sometimes people say that, you know, you're so brave.
• 49:09
  SPEAKER_01: No, I'm not.
• 49:10
  SPEAKER_01: I'm standing because I have the motivation to.
• 49:13
  SPEAKER_00: Yeah.
• 49:13
  SPEAKER_01: It's part of the practice.
• 49:15
  SPEAKER_00: But what about sort of just making sure that you've got enough financial security?
• 49:19
  SPEAKER_00: Yeah.
• 49:20
  SPEAKER_00: Because that must come into play.
• 49:21
  SPEAKER_00: Did you decide to have a specific amount of money in the bank before you did something like this?
• 49:26
  SPEAKER_00: Yes.
• 49:26
  SPEAKER_00: Yeah?
• 49:26
  SPEAKER_00: Yes, yes, yes.
• 49:28
  SPEAKER_00: What did that look like for you?
• 49:29
  SPEAKER_01: And it's a very good question again, because you mentioned the two paths, like the advisor route or the partner route.
• 49:35
  SPEAKER_01: I'll say the following.
• 49:37
  SPEAKER_01: If you're not sure about your resources in terms of capital aside to do the journey, go advisor route first because you get access to revenue as you go along, as you learn more on the job, which is excellent.
• 49:50
  SPEAKER_01: Cash flow coming regularly, perfect.
• 49:53
  SPEAKER_01: If you have, you know, a certain amount of capital on the side and you're ready to take a risk on yourself, because being an entrepreneur is, you know, being risk kind of, you know, liking risk.
• 50:03
  SPEAKER_01: Okay?
• 50:04
  SPEAKER_01: If you're ready for that, put aside at least two to three years of resources, as you mentioned, because the span of one to three years, you'll see you grow, you have to spend the money.
• 50:16
  SPEAKER_01: And at some point, if you're solid enough, you get access to financing through, you know, the group, the STP group.
• 50:23
  SPEAKER_01: So I think my little piece of guidance for people considering joining is you know, no resources yet, no worries, be advisor.
• 50:31
  SPEAKER_01: Resources fully with a bank of clients, be a partner.
• 50:35
  SPEAKER_00: Okay.
• 50:35
  SPEAKER_00: Yeah.
• 50:36
  SPEAKER_00: Perfect.
• 50:36
  SPEAKER_00: And just on a final note, because yeah, you know, client finding clients is tricky.
• 50:40
  SPEAKER_00: Yeah.
• 50:41
  SPEAKER_00: It can be quite hard.
• 50:42
  SPEAKER_00: Now, somebody that's maybe sitting there and they're kind of just really struggling to find clients at the moment.
• 50:47
  SPEAKER_00: Yeah.
• 50:47
  SPEAKER_00: Yeah.
• 50:47
  SPEAKER_00: What would you say, based on your experience now of getting out there, running your own business underneath the St.
• 50:52
  SPEAKER_00: James's Place partnership?
• 50:53
  SPEAKER_00: Yeah.
• 50:53
  SPEAKER_00: What would your advice be to somebody if they're really struggling to find clients, they're really struggling to get in front of people?
• 50:58
  SPEAKER_00: What can they do?
• 51:00
  SPEAKER_00: What works for you?
• 51:01
  SPEAKER_00: Yeah.
• 51:01
  SPEAKER_00: Or what do you wish you did sooner?
• 51:03
  SPEAKER_01: Let's be let's be a bit funny now.
• 51:05
  SPEAKER_01: You know, they say to you, be yourself.
• 51:08
  SPEAKER_01: You will work.
• 51:10
  SPEAKER_01: But I'll I'll be I'll be bluntly honest with you.
• 51:12
  SPEAKER_01: What it means is be yourself is finding to you the resources to be, you know, this credible advisor.
• 51:22
  SPEAKER_01: And it took some time for me to resonate at this level.
• 51:25
  SPEAKER_01: Because be yourself is so generic.
• 51:28
  SPEAKER_01: But the idea is really is where do you find the resources to be that authority people can fall back on if they want to take a decision about their finances?
• 51:38
  SPEAKER_01: And you have to find a way to communicate, to present yourself in a way that actually your resources.
• 51:46
  SPEAKER_01: So you are the resource.
• 51:48
  SPEAKER_01: So my piece of advice is if it doesn't bite yet, what can you do differently so that you can attract attention as an authority in the specialization you're looking for?
• 51:59
  SPEAKER_01: Be it the pension advice, the investment advice, the tax advice, what can you do more?
• 52:05
  SPEAKER_01: Networking is also a generic one.
• 52:07
  SPEAKER_01: You have to network, but what does it mean?
• 52:10
  SPEAKER_01: You know, I used to go, you know, and thinking that, you know, you hold your cards, you stand there, something will happen.
• 52:15
  SPEAKER_01: That's so wrong.
• 52:17
  SPEAKER_01: The new idea is how can I be useful?
• 52:20
  SPEAKER_01: How can I bring value?
• 52:22
  SPEAKER_01: Because by going the extra mile, trust me, people sit down with you.
• 52:27
  SPEAKER_01: So I think that it's mostly part of changing the approach.
• 52:32
  SPEAKER_01: So where we are now and it doesn't work, is because you have to change something.
• 52:39
  SPEAKER_00: Do you market yourself?
• 52:41
  SPEAKER_01: I avoid that.
• 52:42
  SPEAKER_00: You avoid it?
• 52:43
  SPEAKER_01: I avoid that because as you said, marketing sounds a bit selfy.
• 52:48
  SPEAKER_01: What I try to do is showcasing what I could do for you if we sit down together.
• 52:54
  SPEAKER_01: It's another way of doing it.
• 52:55
  SPEAKER_01: It doesn't have to be direct.
• 52:57
  SPEAKER_01: I'll give you an example.
• 52:59
  SPEAKER_01: When you're a business owner, you used to say, My business is my pension.
• 53:04
  SPEAKER_01: Okay?
• 53:04
  SPEAKER_01: Or when you're a wealthy person, you're like, you know, we don't need a wheel, we don't need somebody to look into your finance to recover it.
• 53:10
  SPEAKER_01: But then you have to say to them, okay, if you die today, what is in place?
• 53:16
  SPEAKER_01: Do you have anything?
• 53:17
  SPEAKER_01: If there's a silence, a resounding silence, this is your way in.
• 53:23
  SPEAKER_01: Because actually there's a need there standing for you.
• 53:26
  SPEAKER_01: Just push in.
• 53:27
  SPEAKER_01: And you change the sense of the conversation like I'm offering to do this to actually given this new issue or concern you discovered, let's have a chat.
• 53:38
  SPEAKER_01: So you're changing the dynamics all of a sudden because it's not about selling, it's not about, you know, pushing hard.
• 53:46
  SPEAKER_01: It's being there.
• 53:47
  SPEAKER_00: Okay.
• 53:48
  SPEAKER_00: Also just sort of understanding your clients.
• 53:50
  SPEAKER_00: So if you are m able to get in front of people, you don't have to be like pushy pushy trying to sell something.
• 53:54
  SPEAKER_00: It's all about really understanding that person in front of you and uncovering and discovering.
• 53:59
  SPEAKER_00: Because as you go into another meeting and another meeting and another meeting, you're gonna pick up on things right.
• 54:03
  SPEAKER_01: We're serving, I'll be honest with you, Sam.
• 54:05
  SPEAKER_01: We're serving the client's behalf.
• 54:07
  SPEAKER_01: I'm serving my clients.
• 54:09
  SPEAKER_01: I'm there for them.
• 54:10
  SPEAKER_01: And when you're in a position of serving orders, you have to be the one being open.
• 54:16
  SPEAKER_01: You have been you're the one going the extra mile to be of you know use.
• 54:20
  SPEAKER_01: I get a client just because I've noticed an error on a document he sent to me.
• 54:25
  SPEAKER_01: And I said to you, have you noticed the error?
• 54:28
  SPEAKER_01: He said, Oh, really?
• 54:29
  SPEAKER_01: And she went back to the lawyer.
• 54:31
  SPEAKER_01: So the point is because we care, because we pay attention to details, because we showcase that you're here beyond the retribution for our service, they trust us.
• 54:41
  SPEAKER_00: Love it.
• 54:42
  SPEAKER_00: Rejan, listen, thanks so much for sharing your journey with us today on the Financial Panel Life podcast around the St.
• 54:47
  SPEAKER_00: James's Place Academy.
• 54:48
  SPEAKER_00: And now moving into actually being a full-fledged partner, it sounds like things are going really well.
• 54:54
  SPEAKER_00: And it sounds like to me you found a niche that you're working within.
• 54:57
  SPEAKER_00: And um offering those solutions to those fantastic women in the UK.
• 55:02
  SPEAKER_01: Yes, and their husbands.
• 55:04
  SPEAKER_00: And their husbands.
• 55:05
  SPEAKER_00: Thank you so much.
• 55:06
  SPEAKER_01: You're welcome, thank you.
• 55:07
  SPEAKER_00: Cheers.