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Paraplanner to Financial Adviser – No need to wait! · Financial Planner Life Podcast

• 0:00
  SPEAKER_01: And today's guest on the Financial Planner Live podcast is Lauren Gifford from Butler Toll.
• 0:03
  SPEAKER_01: Lauren has recently stepped into the role of a financial planner.
• 0:07
  SPEAKER_01: She started as a trainee financial planner, but previous to that, she spent a good 10 years in administration, PA, and power planning roles.
• 0:16
  SPEAKER_01: And we talk about the time she spent in those positions.
• 0:20
  SPEAKER_01: Could she have moved into a financial advisor role far quicker than she did?
• 0:24
  SPEAKER_01: Or what would she have done differently if she could go back in time?
• 0:29
  SPEAKER_01: Today, Lauren shares loads of advice on what you could do if you're an administrator or a power planner in a similar position to her.
• 0:36
  SPEAKER_01: She's now absolutely loving a career as a financial planner.
• 0:40
  SPEAKER_01: She just wish you had the confidence a bit earlier to make that transition.
• 0:44
  SPEAKER_01: If you're a power planner or administrator with aspirations of becoming a financial planner, this podcast's for you.
• 0:57
  SPEAKER_01: Lauren, thank you so much for joining me today on the Financial Planner Life Podcast, which is the careers-based podcast for the financial planning profession.
• 1:04
  SPEAKER_01: And you've had an extensive career within financial planning.
• 1:07
  SPEAKER_01: You've weaved your way through pretty much most of the back office type positions, and now you're a financial advisor.
• 1:13
  SPEAKER_01: So I'm really looking forward to digging into your career history, a little bit about your mindset during that period, the ups, the downs, the things you might have done differently.
• 1:21
  SPEAKER_01: So thank you so much for joining us today.
• 1:23
  SPEAKER_01: How are you anyway?
• 1:24
  SPEAKER_01: How are you doing?
• 1:26
  SPEAKER_00: I'm really good.
• 1:26
  SPEAKER_00: Thank you, Sam.
• 1:27
  SPEAKER_00: Thank you for having me on your podcast.
• 1:29
  SPEAKER_00: I've been looking forward to this for a long time.
• 1:31
  SPEAKER_00: So yeah, it'd be nice to uh talk to you and uh expand on my career and how I've achieved what I've achieved.
• 1:39
  SPEAKER_00: Uh ups and downs and all those kinds of things.
• 1:41
  SPEAKER_01: Fabulous.
• 1:42
  SPEAKER_01: Great stuff.
• 1:42
  SPEAKER_01: Oh, I'm glad you've been looking forward to coming on.
• 1:44
  SPEAKER_01: That's really good to hear.
• 1:45
  SPEAKER_01: Right.
• 1:45
  SPEAKER_01: Well, I'll tell you what, Lauren, let's just kick things off because I always love to know how somebody actually originally got into the profession.
• 1:52
  SPEAKER_01: What was your entry point to getting into the financial planning profession?
• 1:56
  SPEAKER_00: So um I qualified as a mortgage advisor um when my daughter was really, she was only two, and I decided that I'd have a career break, but also do some studying.
• 2:07
  SPEAKER_00: So I completed my CMAP.
• 2:10
  SPEAKER_00: Um and then I um unfortunately it was the uh start of the financial crash.
• 2:17
  SPEAKER_00: So mortgages was uh not the best place to be.
• 2:20
  SPEAKER_00: So I kind of put that one on hold and I found a job with a financial planner.
• 2:26
  SPEAKER_00: Um, and she was um part-time, so I could then become her PA, and that really got me into it.
• 2:32
  SPEAKER_00: Um, you know, she was quite an inspiration to me because she was in her late 50s and she decided to set up her own firm.
• 2:40
  SPEAKER_00: So um it was really nice to work with her because she was starting as well as me.
• 2:44
  SPEAKER_00: So um I started off with the general admin day-to-day types, tasks of a financial administrator and also a PA.
• 2:53
  SPEAKER_00: Um, and then it kind of went from there.
• 2:56
  SPEAKER_00: And I thought, actually, I'd like to become a financial planner eventually, but I sort of went through different stages to do that.
• 3:03
  SPEAKER_00: So um, but that's how I started.
• 3:05
  SPEAKER_01: That's how you started out.
• 3:06
  SPEAKER_01: Well, very interestingly, then I remembered obviously the crash.
• 3:08
  SPEAKER_01: I know exactly what crash you're on about because I've got into I got into recruitment at that at that stage.
• 3:13
  SPEAKER_01: Um, so that was like the credit crunch, right?
• 3:16
  SPEAKER_00: Yeah.
• 3:16
  SPEAKER_01: And interestingly, there was because there was a lot of mortgage advisors around leading up to that because of the 100% mortgages and all those typical types of things.
• 3:24
  SPEAKER_01: And mortgage advice was a great role to be in.
• 3:26
  SPEAKER_01: And then all of a sudden the credit crunch happened, all that financial troubles happened, and you couldn't move for mortgage advisors on the jobs boards, and everybody was looking for a new job at that phase.
• 3:37
  SPEAKER_01: And being a mortgage advisor at that time, you couldn't get a job.
• 3:40
  SPEAKER_01: You know, it was really, really difficult.
• 3:42
  SPEAKER_01: It was really, really hard.
• 3:43
  SPEAKER_01: So essentially, there, lost a little, you know, dodged a bullet, essentially, I suppose, because that went on for a couple of years, actually.
• 3:51
  SPEAKER_01: Um, so why mortgage advice first?
• 3:54
  SPEAKER_01: Was that just, you know, you're thinking about mortgage advice, not thinking about financial planning?
• 3:58
  SPEAKER_01: Was that because you didn't know much about financial planning as a profession?
• 4:02
  SPEAKER_01: Or was it just that mortgage advice seemed an easier, easier entry into some form of regulated advice role?
• 4:10
  SPEAKER_00: It was more of a case of falling into it because I didn't realise what it involved.
• 4:14
  SPEAKER_00: I worked for the Chelsea Building Society and was a mortgage advisor for them before I did my CMAP.
• 4:20
  SPEAKER_00: So that was the natural thing for me to do.
• 4:22
  SPEAKER_00: I thought, okay, I'll try and become a mortgage advisor.
• 4:25
  SPEAKER_00: Um, but the financial planning thing um actually opened my eyes to a completely different um industry.
• 4:33
  SPEAKER_00: Um, although they're connected very closely, it's a completely different way of um doing business and and um and helping clients.
• 4:42
  SPEAKER_00: So, and I really I like the fact that you are building relationships with people and um it's ongoing advice rather than transactional business, um, which you know, looking back on it, mortgages are quite transactional, um, whereas financial planning, you'll learn you'll you're going with that client on that journey from early on, you know, when they're accumulating to later down the line when they're starting to decumulate.
• 5:06
  SPEAKER_00: So um that that's really what I was thinking actually, that's what I'd rather do.
• 5:10
  SPEAKER_01: Okay, so moving from Chelsea Building Society.
• 5:12
  SPEAKER_01: What were you doing at Chelsea Building Society?
• 5:14
  SPEAKER_01: I used to do a lot of work with them.
• 5:17
  SPEAKER_00: I was the mortgage advisor.
• 5:18
  SPEAKER_00: Um, I started off as a branch sales consultant, yeah, um, selling uh, you know, savings accounts and things like that, and then moved on to be a mortgage advisor.
• 5:26
  SPEAKER_00: Yeah.
• 5:27
  SPEAKER_00: So um, but I decided, you know, once I've had my child, it was a bit, I just underbreak, actually.
• 5:34
  SPEAKER_00: Put some time out.
• 5:34
  SPEAKER_01: Yeah, no, absolutely.
• 5:36
  SPEAKER_01: The thing was, though, fantastic environment working for branch in a branch, you know, whether it's a banking branch or a building society branch, it is an excellent place to build that experience, if you like, that will kind of springboard you into more of a regulated role.
• 5:49
  SPEAKER_01: Um, I mean, the banking environments aren't like what they used to be in respect to their training and development towards role roles within financial planning.
• 5:56
  SPEAKER_01: There's a lot less financial advisors in banks these days due to RDR.
• 5:59
  SPEAKER_01: Um, however, a great springboard, and obviously you use that to your advantage.
• 6:03
  SPEAKER_01: So moving into this PA position, then essentially, you were a personal assistant to a financial planner.
• 6:08
  SPEAKER_01: Um, a female running a business, very uh, very unique, especially 15 years ago, right?
• 6:15
  SPEAKER_01: So she's running this running this business and as a personal assistant.
• 6:18
  SPEAKER_01: Did that give you a real insight into the world of financial planning supporting her?
• 6:24
  SPEAKER_00: Yeah, it did, because I mean I used to have to do everything because it was just me.
• 6:28
  SPEAKER_00: Um, so I ended up learning a lot about investments and rap platforms.
• 6:33
  SPEAKER_00: Um, you know, very early on, we used to use those.
• 6:37
  SPEAKER_00: Um, she was very forward-thinking with thinking about cash flow planning and and that kind of thing.
• 6:43
  SPEAKER_00: So it was, you know, I did a bit of everything really.
• 6:46
  SPEAKER_00: It gave me such a broad knowledge of the financial service industry and what you know, what different contracts are, what different things are.
• 6:54
  SPEAKER_00: So it gave me a really good insight into that.
• 6:56
  SPEAKER_01: Moving from mortgage advice into that financial planning world, but starting out as a personal assistant, are you kind of glad you went in there at that entry level at that point in time?
• 7:06
  SPEAKER_01: Do you feel like if you would have transitioned straight from mortgage advice into financial advice at that period of your life, it would have been quite difficult?
• 7:13
  SPEAKER_00: Definitely, because I was still raising a small a young family, so it kind of fitted in really well with me, but it was also a really good grounding for my future.
• 7:23
  SPEAKER_00: So I think that if I'd have gone straight into it, I probably would have been really overwhelmed because it was so different to mortgage of mortgage and mortgage advice, really.
• 7:33
  SPEAKER_00: So yeah, definitely um it was good to do that entry-level role.
• 7:37
  SPEAKER_00: I definitely think that was a good grounding.
• 7:39
  SPEAKER_01: It was a good route in, good grounding for you.
• 7:41
  SPEAKER_01: So you you were you were classed as like a personal assistant, but were you sort of how long were you there for?
• 7:47
  SPEAKER_00: I was there for four years, um, but then I need I wanted to then move into um a more of a technical role.
• 7:54
  SPEAKER_00: So then I looked into power planning type role, um, which wasn't going to be an option there.
• 8:01
  SPEAKER_00: So I sort of decided it was moved to move on to a bigger company because she was only a small company to where there would be more opportunity for me um to then become a power planner.
• 8:11
  SPEAKER_00: And I started off as a training power planner and then did that for a few years as well.
• 8:17
  SPEAKER_01: So did you find that when you were in that personal assistant role though, you were being exposed to power planning type tasks, or were you more of a PA and that was your sort of area?
• 8:31
  SPEAKER_01: Were you PA administrator?
• 8:33
  SPEAKER_01: Were you a power, were you sort of doing power planning roles?
• 8:35
  SPEAKER_01: Because even back then, really, people weren't calling that type of position a power planner.
• 8:41
  SPEAKER_01: You know, that was quite early days for power planners, wasn't it?
• 8:44
  SPEAKER_00: Yeah, that's right.
• 8:45
  SPEAKER_00: I mean, I I didn't um I didn't even know what paraplanner was really until I started in that job.
• 8:50
  SPEAKER_00: And I realized that there was a different because there was such a difference between a paraplanner and administrator.
• 8:56
  SPEAKER_00: But you know, in the yes, in those days it was like you're an administrator, you take on some of the power planning tasks, like research, uh analysis, but you don't necessarily do the report because the advisor might do the report in those days and didn't she'd actually you know she did the reports, but I I kind of realized that actually I could do that.
• 9:15
  SPEAKER_00: Um, and I and I wanted to do that, and I felt that it was a good way to um, you know, I hadn't really thought about being an advisor at that stage, but I thought this is the next natural step for me.
• 9:27
  SPEAKER_00: So um that's sort of you know, it got me into it because of thinking I don't want to just be an administrator, not that there's anything wrong with that, it was I needed more, so that was how I kind of went into that.
• 9:39
  SPEAKER_01: Did you feel like you might have stayed in that personal assistant sort of administrator role a bit longer than you you you you you do you think you stayed in it longer than you should have?
• 9:48
  SPEAKER_01: Do you feel like you were ready to progress into power planning, maybe a year, two years into doing that role?
• 9:53
  SPEAKER_01: Because you were a PA for what, four years?
• 9:55
  SPEAKER_00: Yeah, I I think I did.
• 9:57
  SPEAKER_00: I mean, I to be honest with you, I really liked working for her.
• 9:59
  SPEAKER_00: And I think that sort of went a long way to me going, actually, do I want to take that leap of faith into something different?
• 10:07
  SPEAKER_00: Um, and that's sort of a confidence thing, I think, as well for me.
• 10:11
  SPEAKER_00: Um, so yeah, I I I could have probably gone on uh sooner than I did, but it was tight, you know.
• 10:17
  SPEAKER_00: At the time it was like, okay, that's what I'll do now.
• 10:20
  SPEAKER_01: Do you think looking, you know, looking back on it?
• 10:22
  SPEAKER_01: Let's just give somebody an idea.
• 10:24
  SPEAKER_01: Let's say someone's listening to this podcast and they've they want to come into the financial planning profession.
• 10:28
  SPEAKER_01: Maybe they've got aspirations to become an advisor, okay?
• 10:30
  SPEAKER_01: Now, they might step in early doors into an administration position.
• 10:34
  SPEAKER_01: What do you think about how long someone should be in an admin role before they start pushing an employer to move them in more to power planning or at least some kind of trainee power planner role?
• 10:50
  SPEAKER_01: What's an adequate amount of time do you think to gain experience as administrator before you move into that next stage of your career, which is power planning?
• 11:00
  SPEAKER_00: I think if you're if you're starting off entry level, no experience, I would say two, 18 months, two years, because you do you learn a lot, a hell of a lot doing um administration, because you learn about how people, you know, the providers work, what the compliance needs are, all those kinds of things.
• 11:18
  SPEAKER_00: Um, so I think that yeah, that would be 18 months to two years.
• 11:23
  SPEAKER_01: 18 months, two years.
• 11:25
  SPEAKER_01: So that's a good time scale, really, isn't it?
• 11:26
  SPEAKER_01: For someone to get their feet under the table to fully understand it.
• 11:29
  SPEAKER_01: Now, during that sort of two-year period, do you think it's wise that somebody would do their qualifications during that period as well?
• 11:34
  SPEAKER_01: Start taking some exams.
• 11:36
  SPEAKER_00: I think if you're if you really want to do it, then definitely.
• 11:40
  SPEAKER_00: I think there's, you know, start, start off, start doing it, start the learning because you have to do the learning all the way through.
• 11:47
  SPEAKER_00: So it's, you know, actually makes you better at your job, but it also gives you an idea of actually you have to do this as part of your job if that's if that's what you want, serious about what you're doing.
• 11:57
  SPEAKER_00: Um, but it also makes, you know, you understand a lot more if you do the learning as well.
• 12:02
  SPEAKER_01: But also when you move into a power planner position, most companies are looking people looking for uh candidates that have actually got qualifications.
• 12:09
  SPEAKER_01: Now, if you see power planning roles advertised in firms nowadays, there's usually a requirement of a minimum of level four diploma qualification when you become a power planner.
• 12:20
  SPEAKER_01: So that's what they're looking for.
• 12:21
  SPEAKER_01: Unless there's something like a senior admin role or a trainee power planner position being advertised where they might want some of the qualifications done and a specific amount of experience.
• 12:31
  SPEAKER_01: Like you said, 18 to two, 18 months to two years is usually the inadequate amount of time before progressing and stepping up into that role of power planning.
• 12:38
  SPEAKER_01: Um, when did you start your qualifications then in your journey?
• 12:41
  SPEAKER_01: Were you doing it when you were in that PA role, or did you do it when you joined as a power planner at the next company?
• 12:46
  SPEAKER_01: When did qualifications become a big deal for you?
• 12:49
  SPEAKER_00: I started I actually did start in that PA role.
• 12:52
  SPEAKER_00: I started doing the CF um exams.
• 12:55
  SPEAKER_00: Um so I got to I think I got to C F one, two, three, and four, and then it became apparent that actually if you want to, you know, progress into anything else, you need to get onto the diploma.
• 13:11
  SPEAKER_00: But um I so I started the exams then straight away, really, because I carried on sort of studying as I was working and and everything, which was tough because you're raising a young family, you know, but fitting it all in is is really pretty tough.
• 13:24
  SPEAKER_00: But I did it, um, you know, and it is yeah, it makes you strong uh makes you very organized with your time, let's say.
• 13:29
  SPEAKER_01: Um but do you think the qualifications are a necessity when it comes to financial, like especially around power planning?
• 13:39
  SPEAKER_01: Do you think having level four qualifications do you think it adds value to the role that you're in, as in like what you learn, is it transferable to the practical day-to-day doings of the job?
• 13:56
  SPEAKER_00: I'd say yes, definitely.
• 13:57
  SPEAKER_00: Um, it it's important to have and it's important to for employers to know that you're committed to actually being a really good at your profession, um, you know, it's so it's important.
• 14:08
  SPEAKER_00: And it's also you there's so many things you come across as a power planner that you know you might need to know that technical information.
• 14:16
  SPEAKER_00: And if you've already done it in an exam, it's a case of revisiting that.
• 14:20
  SPEAKER_00: Because obviously, unless you're doing something day-to-day, um, you're not gonna remember everything you do in an exam.
• 14:27
  SPEAKER_00: But if you know a little bit about it, you can always go back and go, Oh, yeah, now I know in real terms what that means.
• 14:34
  SPEAKER_01: Okay.
• 14:34
  SPEAKER_00: So definitely.
• 14:36
  SPEAKER_01: Fantastic.
• 14:36
  SPEAKER_01: So you moved into that power planner role then.
• 14:38
  SPEAKER_01: And how how long were you in that role for then as a power planner?
• 14:42
  SPEAKER_00: Um gosh, uh, I was there for about three, four years, I think, because I remember.
• 14:49
  SPEAKER_00: Um, and then I kind of I did that for a bit, and there was it was not really, there wasn't really much progression for me in that firm to be an advisor.
• 14:59
  SPEAKER_00: But there was another opportunity to be go back to mortgages, and I did that for a bit, and then I realized that was not the right move for me at all.
• 15:08
  SPEAKER_00: Um, so then it was you know, moved on to the next um uh next job.
• 15:14
  SPEAKER_00: But I really wished um if I could if I could go back, I would have wish I'd have pursued doing actually completing my diploma and then becoming a training advisor because I kind of just treaded water for a bit.
• 15:26
  SPEAKER_00: And that was just for me not believing in myself that I could do it a hundred percent.
• 15:32
  SPEAKER_00: Um, I didn't have any confidence in myself.
• 15:35
  SPEAKER_01: So that was so you you you you created your own barriers to your own career progression.
• 15:40
  SPEAKER_00: Yeah, I did, definitely.
• 15:42
  SPEAKER_00: Um, and and I I can see looking back on it now, I can see that.
• 15:45
  SPEAKER_00: But it's very easy to go, oh well, you know, I'm not gonna do it then, I'm not good enough, or I'm I'm just I'm just not gonna be that person.
• 15:53
  SPEAKER_00: And then you can look back and think, yeah, I could have done it all that time, but I just said, no, I'm not gonna do it.
• 15:59
  SPEAKER_00: So yeah, you you kind of did your I my own barriers were there for sure.
• 16:03
  SPEAKER_01: Was there but sometimes, you know, we need encouragement, don't we?
• 16:06
  SPEAKER_01: Sometimes we need encouragement.
• 16:08
  SPEAKER_01: And sometimes if you're in an environment which is all about growth, that growth mindset environment, and you've got people around you that are encouraging you to take that next step or bringing you into client meetings and especially this power planner, because you could be a power planner, sat out the back doing report writing and never sitting in in a client meeting, or you could be a client-facing power planner, even if you're coming into the meetings and actually, you know, taking the notes and maybe providing some of the um explanations to some of the technical issues or asking questions of the clients.
• 16:35
  SPEAKER_01: I think this is great ways where companies can upskill their power planners and their administrators by bringing them into those environments.
• 16:42
  SPEAKER_01: And once they're in there and they're seeing it and they're hearing it, they get a different perspective to the job.
• 16:46
  SPEAKER_01: And it's amazing how much that type of thing fires somebody up to then want to make that next progressive step into say financial advice or into a more senior power planner role or to take on more responsibility to do some more exams and get some better learning around it.
• 17:00
  SPEAKER_01: So sometimes the environment can hold us back a little bit.
• 17:02
  SPEAKER_01: Did you experience that at all in your career where the environment was holding you back a bit as well?
• 17:07
  SPEAKER_01: And you were thinking, I really like this, but it's not, it's not nurturing my ambition to want to granted, you did say that you held yourself back as well, but sometimes an environment can bring it out of you, can't it?
• 17:20
  SPEAKER_00: Yeah, I think that um people are very uh like to put you in a box.
• 17:25
  SPEAKER_00: And sometimes, you know, you can sit in that box and go, yeah, okay, I'll sit in your box.
• 17:30
  SPEAKER_00: But then you realise actually, no, that's not what I want to do.
• 17:33
  SPEAKER_00: And you I did I did come across that where people just saw you in a certain role and that was it.
• 17:38
  SPEAKER_00: And when you asked for, okay, I'd like to go and do my exams, or you can support me financially in that, and they said no.
• 17:44
  SPEAKER_00: And it's like, well, then you go, they that's that's time for me to go then, because you obviously don't see me in progressing in this company in the way I want to progress, which which is a bit short-sighted in my opinion.
• 17:57
  SPEAKER_00: Um, but no, I and I do.
• 17:58
  SPEAKER_00: I think people I I've experienced it that yeah, it put you in a certain box, you fit in that box, or leave you there.
• 18:05
  SPEAKER_00: And I'm like, well, I'm not gonna stay in your box.
• 18:08
  SPEAKER_01: So what was it then?
• 18:10
  SPEAKER_01: What was this penny drop in moment where you recognized that not only perhaps the environment that you were in wasn't one that was going to allow you to progress, or maybe you didn't have the coaching or the mentoring or the support to get you through to the next stage?
• 18:26
  SPEAKER_01: You decided to take the mirror out and take a look at yourself, didn't you?
• 18:29
  SPEAKER_01: And you started looking at your own thinking and your own mindset and your own beliefs.
• 18:33
  SPEAKER_01: When was that sort of penny-dropping moment?
• 18:35
  SPEAKER_01: You thought, you know what?
• 18:36
  SPEAKER_01: I want to actually progress to become a financial planner.
• 18:39
  SPEAKER_01: When was that?
• 18:41
  SPEAKER_00: I would say I I'm in my late 40s now, a couple of years ago, I thought, if I don't do it now, I'm not gonna do it.
• 18:48
  SPEAKER_00: I'm gonna sit there and not be happy in my job and not in not realize my full potential or anything like that.
• 18:56
  SPEAKER_00: And I thought, I'm gonna have to, I'm gonna do this now.
• 18:58
  SPEAKER_00: I'm gonna find the right firm and I'm gonna move on.
• 19:01
  SPEAKER_00: And that was what I did.
• 19:02
  SPEAKER_00: Um, but yeah, it took me a long time to do that, just to actually go, this is what I really want.
• 19:08
  SPEAKER_00: Um, because I could have stayed a paraplanner forever if I wanted to, but it just wasn't, I wasn't happy doing it.
• 19:14
  SPEAKER_00: I just felt I could add, I could, you know, I I love my job now.
• 19:18
  SPEAKER_00: I love speaking to people, I love going to see people, even if it's a difficult conversation, you know.
• 19:23
  SPEAKER_00: And if you're talking about, you know, mortality and things like that, I still I love to have that face-to-face contact with people and be able to empathize with them.
• 19:32
  SPEAKER_00: And I, you know, as a power planner, I just didn't get any of that.
• 19:35
  SPEAKER_00: It was very much write a report.
• 19:37
  SPEAKER_00: My name's not even on the report, it just goes to offer to the advisor to present.
• 19:41
  SPEAKER_00: And I just thought I don't want to do that anymore.
• 19:43
  SPEAKER_01: Bit like a mushroom, innit?
• 19:44
  SPEAKER_01: Feeding it and keep them in the dark.
• 19:47
  unknown: Pretty much.
• 19:50
  SPEAKER_01: So it's like feeling like at that point, not feeling part of the process as well.
• 19:54
  SPEAKER_01: Um, and that can often make us feel like we're not valued, right?
• 19:57
  SPEAKER_01: And then when we don't feel valued, then that kind of triggers in us a kind of feeling of low self-worth, I think.
• 20:03
  SPEAKER_01: You know, so when you're working in an environment where somebody values you and encourages you and tells you, look, you can do it.
• 20:10
  SPEAKER_01: Here's an environment you can grow in.
• 20:12
  SPEAKER_01: The opportunity is there for you.
• 20:14
  SPEAKER_01: Then you're going to grab it with both hands and get enthusiastic about it.
• 20:16
  SPEAKER_01: But for you, that sort of defining moment was I've spent a long time in the profession.
• 20:22
  SPEAKER_01: I've been power planning, doing it well, enjoying it, recognizing that it is a completely viable career route within financial planning that pays well.
• 20:30
  SPEAKER_01: It does pay well, it's a good job, it's a profession now within its own right, you know?
• 20:36
  SPEAKER_01: Now, we can question whether or not AI is going to come in and replace power planners in respect of report writing.
• 20:44
  SPEAKER_01: And that's a really interesting one because I had a conversation with someone quite recently about that.
• 20:48
  SPEAKER_01: She said to me, power planning is dead.
• 20:50
  SPEAKER_01: And she believes that power planning is going to be replaced by AI.
• 20:55
  SPEAKER_01: And that some companies at the moment have got like four power planners that look after a phenomenal amount of clients, but are using AI to be able to do it.
• 21:05
  SPEAKER_01: So that's a very interesting subject, maybe for another podcast episode.
• 21:09
  SPEAKER_01: But what you learned within that power planning arena was you enjoyed it.
• 21:12
  SPEAKER_01: It was a great role, but it did run its course for you a little bit, did it?
• 21:16
  SPEAKER_01: You felt a bit bored or a bit um what what was it about power planning where you when you hit that wall?
• 21:22
  SPEAKER_01: What was it that you you felt that you were missing?
• 21:25
  SPEAKER_00: I just thought I was unfulfilled in uh by career.
• 21:28
  SPEAKER_00: I thought I've got more to give, but it wasn't in a power planning role.
• 21:32
  SPEAKER_00: It was more actually, I know I can be an advisor.
• 21:36
  SPEAKER_00: I need to just go find the right role for me to develop into that role, which I have, and and actually I'm thriving in it and I love it.
• 21:43
  SPEAKER_00: And it and it comes across, you know, even my bosses are going, you can tell how much you love this job because you just have it and yes, it's challenging, of course it is, but it's you know, I just Enjoy it so much.
• 22:01
  SPEAKER_00: Um, I really do.
• 22:02
  SPEAKER_01: Okay, so you moved on from power planning.
• 22:04
  SPEAKER_01: Okay, you got out there and you looked for a new job opportunity as a financial planner.
• 22:08
  SPEAKER_01: So just tell me a little bit about that.
• 22:10
  SPEAKER_01: What when you went out there and searched for that new job opportunity as a financial planner, what were you searching for?
• 22:14
  SPEAKER_01: Trainee financial planner roles?
• 22:16
  SPEAKER_01: Were you hoping to go directly from power planning into financial advice?
• 22:20
  SPEAKER_01: What was your transition from power planning to financial advisor?
• 22:23
  SPEAKER_01: Because a lot of people sitting in power planner roles right now would love to hear that.
• 22:27
  SPEAKER_00: Yeah, I mean, it was really difficult, I'm not gonna lie, to find a trainee advisor role.
• 22:32
  SPEAKER_00: Um, because they they want they either want you to just go straight into it um uh from a power planner without and then with not with not having that experience of going out on the road and and just you know doing a bit of learning as in client meetings, because I spent a lot of time not having any client interaction, so I needed to learn that.
• 22:52
  SPEAKER_00: Um I didn't think I'd have a problem with it, but I actually didn't need to go out and learn that.
• 22:56
  SPEAKER_00: So that was difficult.
• 22:57
  SPEAKER_00: It took me a while to find the right role who would actually could take on a trainee who I did paraplanning for a bit and then move straight into the um advisor role, training advisor role.
• 23:08
  SPEAKER_00: So um it was it was so I had to find that the firm that was happy to just take me on doing that.
• 23:14
  SPEAKER_00: Um it was a hybrid role for a little bit for about six months and then straight into the trainee role.
• 23:20
  SPEAKER_00: So um it was it was a good way of doing it, I think.
• 23:23
  SPEAKER_01: Well, Lauren, I think that's yeah, absolutely.
• 23:25
  SPEAKER_01: Um lots of power planners would move from a power planning position into a financial planning position whilst they're in a hybrid position.
• 23:32
  SPEAKER_01: It's the most obvious way to do it, um, and it's a really great transition um for everybody involved, essentially.
• 23:38
  SPEAKER_01: But when you did that, when you were out there searching for that job opportunity, how did you go about searching and finding that job?
• 23:46
  SPEAKER_00: So um I'm a nice, lovely lady recruitment uh agent, I know, she uh found me the role.
• 23:52
  SPEAKER_00: So I said to her, uh she'd actually found me a role previously, and I said, This is what I want to do.
• 23:57
  SPEAKER_00: And we had a few different companies come up, and we I went for different interviews, but this and she actually found this role.
• 24:05
  SPEAKER_00: Um, so yeah, she was very instrumental in finding me the right company.
• 24:08
  SPEAKER_01: Fantastic.
• 24:09
  SPEAKER_01: And how many companies were you talking to?
• 24:12
  SPEAKER_00: Um probably about three or four.
• 24:16
  SPEAKER_00: Um, but some of them were just oh, we'll do power planning for two years.
• 24:19
  SPEAKER_00: And I was like, no, I don't want to do that.
• 24:22
  SPEAKER_00: Um, one of them was um a while ago, you know, before I actually got this role, but six months beforehand, it was very much, oh, you can you can do this job for six months and then we'll give you clients.
• 24:32
  SPEAKER_00: And it was like, and actually it turned out to be a power planning role, so it was a bit led up the path with that.
• 24:37
  SPEAKER_00: Um, so you know, that wasn't I wasn't very happy about that because I spent a lot of time and work on the interview.
• 24:45
  SPEAKER_00: But um, no, it was it was really the case of me saying, right, this is the role, and then she went out there to companies and saying, Would you take this person on?
• 24:54
  SPEAKER_00: rather than them advertising.
• 24:56
  SPEAKER_01: Fantastic.
• 24:56
  SPEAKER_01: So looking back on that interview process, what would your advice be to anybody that was in a similar position to you?
• 25:01
  SPEAKER_01: So let's say somebody's a power planner looking for a training financial advisor role.
• 25:05
  SPEAKER_01: What kind of questions do you think they should be asking at interview to make sure that they aren't led down the wrong garden path towards just becoming a power planner again?
• 25:14
  SPEAKER_00: That's basically the question you need to ask is how long will I be training for?
• 25:18
  SPEAKER_00: What's your plan for me?
• 25:20
  SPEAKER_00: And make it really clear that actually what you're happy with and what you're not happy with, and and um make it clear from the start that actually being in a power planning role without any goal to be a financial planner at the end of it is not going to be any good for them.
• 25:35
  SPEAKER_00: Um, you know, they have to have clear guidelines of when you're gonna be hitting those goals to get you out and actually signed off.
• 25:42
  SPEAKER_01: Fantastic.
• 25:43
  SPEAKER_01: So is that what happened with Butler Toll then?
• 25:46
  SPEAKER_01: Did they present something to you which was almost like a career development plan or a roadmap to becoming a financial planner that had time scales attached to it and specific learning events that would trigger you moving to the next level, for instance?
• 25:58
  SPEAKER_01: Is that how it worked?
• 26:00
  SPEAKER_01: Or was it really on the back of a fag box?
• 26:04
  SPEAKER_00: Oh well, I can't say.
• 26:05
  SPEAKER_00: I don't know.
• 26:06
  SPEAKER_00: It was it was it was pretty much okay.
• 26:08
  SPEAKER_00: We we've got um another plan another financial planner who will, you know, mentor me for a bit.
• 26:13
  SPEAKER_00: And I spent and we did have like a sort of time frame for that, and it was sort of hitting those that what you have to do so many meetings with them, so many meetings on your own, review clients, making client contact, um, you know, all of those things that we sort of did a little sort of timeline of how we're gonna do it and when we're gonna do it and how long it will take.
• 26:35
  SPEAKER_00: So, but it was driven.
• 26:36
  SPEAKER_00: I mean, I was pretty, I was very I'm quite an impatient person.
• 26:39
  SPEAKER_00: So I was a bit like, yeah, come on, come on.
• 26:42
  SPEAKER_00: So yeah, I pushed, I did push it.
• 26:46
  SPEAKER_01: You did push it.
• 26:47
  SPEAKER_01: Well, again, you know, is that something that you would recommend somebody to do as well?
• 26:52
  SPEAKER_01: You know, if somebody's in a role and they're feeling a bit stale and a bit uncomfortable, that they should be going towards their managers and then saying, Look, you know, what what does my career progression look like?
• 27:02
  SPEAKER_01: Because reflecting back on your career um today, were there career progression plans in place for you when you were in these back office functions such as power planning, PA, or office management?
• 27:13
  SPEAKER_01: You know, were there career development plans?
• 27:15
  SPEAKER_01: Were there these opportunities to progress your career into different roles, etc.?
• 27:19
  SPEAKER_01: Or was it you were just turning up to work without really understanding what your career looked like and which direction it was going?
• 27:26
  SPEAKER_00: I think there's a bit of both in that.
• 27:28
  SPEAKER_00: I think for me, I probably didn't really have a clear vision of what I wanted to do.
• 27:34
  SPEAKER_00: So it's then difficult for then me to go to a company and go, right, this is what I want to do.
• 27:39
  SPEAKER_00: Um, but I guess you do, you turn up to work and you get so involved in the sort of day-to-day of it, and you don't actually think, um, and I think this is getting older thing that you don't actually think about it so so much.
• 27:51
  SPEAKER_00: You think we'll get through the next hurdle in life, and then maybe I'll think about my career.
• 27:56
  SPEAKER_00: But actually, it should have been think about my career, and then everything else would fit in.
• 28:00
  SPEAKER_00: But that's just looking back in retrospect, really, of how I, you know, I've been over the last few years.
• 28:07
  SPEAKER_00: Um, but I think it's part partially people then not having a strict so much of a plan for you, or partially you're not thinking about your own plan.
• 28:15
  SPEAKER_00: So I think there's got to be bits of both in there.
• 28:18
  SPEAKER_00: You've got to be, you've got to be really driven as well.
• 28:20
  SPEAKER_00: You know, no one's gonna come up to you and go, here you go, you do all your exams, take six months off, do your exams, then I'll give you a role.
• 28:26
  SPEAKER_00: You've got to push, you've got to really show commitment that you want to do it because it hard work at the end of the day pays off.
• 28:33
  SPEAKER_00: But it is very much you've got to drive that.
• 28:35
  SPEAKER_00: No one else can do that for you.
• 28:36
  SPEAKER_01: Let's look at the difference then between power planning and financial planning.
• 28:41
  SPEAKER_01: So you've done the role of a power planner, you know the days in the day in and day out tasks that you had to do, the pressures that you're under in power planning.
• 28:49
  SPEAKER_01: How different is it to be in a financial planner?
• 28:53
  SPEAKER_00: It's different in the respect that you've got to make the decision on things, you know.
• 28:56
  SPEAKER_00: Okay, power planners do have an input in that, but ultimately you're that you're your name on the advice.
• 29:02
  SPEAKER_00: So you've got to make that decision.
• 29:04
  SPEAKER_00: And you also you have to you know the client, you go and see that client.
• 29:08
  SPEAKER_00: Whereas unless you're going into meetings or you're taking the meeting as a power planner, you don't know that client, you haven't had that conversation, so you don't know the soft facts, you don't know their son's getting married in in six months' time, or they've dogs named Daisy or whatever, because you know, you don't you haven't met the client, so those are the differences.
• 29:26
  SPEAKER_00: Um, and also you've got to be really comfortable in um having that interaction with people, and and also being able to take um someone ringing up and going, I'm really disappointed with my portfolio performance.
• 29:39
  SPEAKER_00: You know, you don't get any um training for that.
• 29:42
  SPEAKER_00: You do, but you until you're actually being asked it, it's a bit like, okay, this is a real learning curve, but we'll do it.
• 29:47
  SPEAKER_00: It's fine.
• 29:48
  SPEAKER_00: But in a power planner, you don't get that.
• 29:50
  SPEAKER_00: So that's the difference.
• 29:52
  SPEAKER_01: So being put into things like awkward situations where you might have to deal with somebody who's a bit disgruntled or nervous or anxious, especially when the markets change.
• 30:01
  SPEAKER_01: I mean, you must have had to do a lot of firefighting during the last six to twelve months with the economy the way it is.
• 30:07
  SPEAKER_00: Yeah, I mean, it's it's it's difficult for people who are coming up to retirement and they've got their sort of mindset on oh, this is my pot size, and maybe it's not going to be that pot size.
• 30:18
  SPEAKER_00: It's difficult conversations.
• 30:19
  SPEAKER_00: You have to be very good at at being empathetic to that because yes, I can understand completely where they're coming from because it's their their retirement part at the end of the day, they want to retire.
• 30:30
  SPEAKER_00: So if it's not where they want it to be, then it's you've got to sort of give them empathy and understanding.
• 30:39
  SPEAKER_01: A lot of the time, financial planning, the actual role of financial advisor, client facing, can be put on a bit of a pedestal.
• 30:46
  SPEAKER_01: Um, administration and power planner are like the support act to the financial planner.
• 30:52
  SPEAKER_01: Um, but we know they are careers within their own right, and people can be very happy in those types of positions.
• 30:58
  SPEAKER_01: Now, those power planners that are sitting in their roles that have got ambition to become financial advisors, what advice would you give them if they feel they're not being supported towards that goal?
• 31:13
  SPEAKER_00: I would say, you know, speak to your managers and and and well, be very clear on what you want is first of all, and actually how you want to go about it.
• 31:21
  SPEAKER_00: And I think then then you can work with your line managers or whoever making the decisions, and also ask them where they, you know, what they think your future is with the company.
• 31:32
  SPEAKER_00: And then you can go, right, okay, if you don't see me in that role, then maybe consider something different, or how can I become in that role?
• 31:40
  SPEAKER_00: How can I actually get to the being that role that I want to be in?
• 31:44
  SPEAKER_00: But I would say um if you're thinking about it, go for it, because you probably won't look back and go, Oh, I wish I'd never done it.
• 31:51
  SPEAKER_00: It's always the things you wish you you know you didn't do, isn't it?
• 31:54
  SPEAKER_00: So I think you know, if you're thinking about it, go for it.
• 31:57
  SPEAKER_00: It's definitely.
• 31:58
  SPEAKER_01: It's really important as well to gain some perspective in your thinking.
• 32:03
  SPEAKER_01: Because if you are a power planner sitting there and you are wanting to progress into becoming a financial planner, and you are putting the energy and the effort in in respect of your qualifications, and you're doing really well in a power planning role, you might not be getting the support on an internal basis within the company that you are actually at at the moment.
• 32:20
  SPEAKER_01: So it's well worth you picking up the phone, speaking to like a recruitment consultant, somebody who's got an eye on the market, someone who knows what the different roles are out there, who's hiring and who's not, what the salaries look like, what the expectations are for that applicant who's looking to transition into a financial planning role.
• 32:37
  SPEAKER_01: What are the realistic timescales?
• 32:39
  SPEAKER_01: What are the salary packages?
• 32:40
  SPEAKER_01: What's the expectation?
• 32:41
  SPEAKER_01: What is it you need to bring to the table to display the skill set required to step into that financial planning role?
• 32:48
  SPEAKER_01: When you've had that conversation with somebody who has those conversations day in, day out, it gives you clear perspective.
• 32:54
  SPEAKER_01: And then you can start to actually think to yourself, well, actually, there's an area that I need to work on before I get there.
• 33:00
  SPEAKER_01: So I'm going to give myself six months to get that extra qualification, or I'm going to give myself six months to gain that extra bit of experience.
• 33:07
  SPEAKER_01: But at least then all of a sudden your thought becomes a reality.
• 33:12
  SPEAKER_01: And it becomes achievable, doesn't it?
• 33:15
  SPEAKER_01: That you can go out and do something, especially when you talk to someone who says, look, we've moved power planners into financial advice position.
• 33:21
  SPEAKER_01: It can be done, and it can be done within the next six to 12 months for you if you want it, right?
• 33:28
  SPEAKER_01: So it becomes this kind of no longer in your own head on your own thinking, perhaps talking yourself out of it.
• 33:34
  SPEAKER_01: It becomes this, oh, I can do this and there is an option, and perhaps the environment that I am in isn't serving me and my ambition.
• 33:44
  SPEAKER_01: And I should lean into that uncomfortable feeling, that fear, and go out there and take a good look and have those confidential conversations with companies to gain perspective.
• 33:56
  SPEAKER_01: Would you agree?
• 33:58
  SPEAKER_00: Absolutely.
• 33:59
  SPEAKER_00: And yeah, you you kind of um if if you're not in the role that's supporting, if they're not supporting you to be where you want to go, then you do have to do that because at the end of the day, it's your you and your career.
• 34:10
  SPEAKER_00: Um if if you're not gonna get fulfilled, then you know definitely have conversations with other people and and see where all recruitment agents or you know, see what out what is out there.
• 34:23
  SPEAKER_00: But it is that it's that fear, it's that oh, I'm in a very secure, safe safety zone at the moment.
• 34:28
  SPEAKER_00: I'm pushing myself away out of my comfort zone.
• 34:31
  SPEAKER_00: What's gonna go wrong?
• 34:33
  SPEAKER_00: Anxiety and all that kicks in, but then you go, well, actually, what can be let's focus on what can go right.
• 34:38
  SPEAKER_00: So, you know, that's what you need to focus on because it, you know, it you never know what's around the corner anyway, do you?
• 34:45
  SPEAKER_01: So all those limiting beliefs you had all those times where you would think about becoming a financial advisor and didn't take that plunge, right?
• 34:53
  SPEAKER_01: We can't change time, we can't go back and change it.
• 34:55
  SPEAKER_01: Where we are is where we are, right?
• 34:57
  SPEAKER_01: You're now a financial advisor, so it all worked out well in the end.
• 35:01
  SPEAKER_01: What conversation would you have for yourself five years ago, six years?
• 35:05
  SPEAKER_01: What would you be telling yourself in respect of your mindset?
• 35:09
  SPEAKER_00: I would say if you fail an exam, take it again.
• 35:12
  SPEAKER_00: Don't just don't just say yes, okay, I failed it.
• 35:16
  SPEAKER_00: Um don't, you know, if you don't just don't hold yourself back, really.
• 35:22
  SPEAKER_00: Just have belief in yourself, have confidence in yourself that it you can do it.
• 35:26
  SPEAKER_00: Um you really have to be um, you know, get your big girl pants on and go, right, I can do this, I can say that, or big boy pants, whatever you wear, just go for it.
• 35:38
  SPEAKER_00: Um, you know, have have that confidence in yourself because that's what I lacked hugely, um, and that self-belief.
• 35:46
  SPEAKER_01: Where did it come?
• 35:46
  SPEAKER_01: Where did I intrigued by that?
• 35:48
  SPEAKER_01: I see more confidence lacking often from the women within the financial planning profession.
• 35:57
  SPEAKER_01: And you know, you do have more women in power planning roles, and you do have more women in in in administrative positions.
• 36:04
  SPEAKER_01: And we talk about an advice gap, we talk about like the lack of diversity within financial planning, right?
• 36:10
  SPEAKER_01: I genuinely believe I think it's like 16% of financial advisors at the moment are women.
• 36:15
  SPEAKER_01: There is a huge amount of women sitting in these back office functions, right?
• 36:19
  SPEAKER_01: These admin power planning supporting functions, that with a bit of confidence, a bit of self-belief, with the right education in respect of career development, instead of leaning into the company and seeing that environment as being the be-all and end all, I don't know, and just sort of taking the blinkers off and having a look and speaking to other people, things like the PowerPlanner Club, you know, connecting there, next gen planners, connecting with us here at Financial Planner Life, speaking to us, speaking to our multiple recruitment consultants who day in, day out help people progress their careers, earn more money, feel more fulfilled at work.
• 36:53
  SPEAKER_01: I mean, it's it's those things that will improve the numbers of women that step within financial into financial advice roles.
• 37:03
  SPEAKER_01: And it's women like you that have made that transition that should inspire those other women to also do it.
• 37:09
  SPEAKER_01: I'm not saying that women all lack confidence and men just push on through, but men can be a bit more bullish.
• 37:15
  SPEAKER_01: And I wonder, like, throughout your career, do you feel like the men around you got more support in career development than you did?
• 37:23
  SPEAKER_01: And do you think being a female was a part of that?
• 37:27
  SPEAKER_00: As I said, I think you I I you know you get put in a box, and I think that it is such it's a very male-dominated industry.
• 37:34
  SPEAKER_00: Um, I think it's changing very slowly, but it's a great career for women, and you and you go into, you know, you go to these sort of conferences and it's mainly men.
• 37:45
  SPEAKER_00: Um, and you probably sometimes might feel a bit intimidated by that, but you know, you've got as much right to do the job as as well as a man, you know, it's sort of there's just I think there's there just needs to be that change of actually you can do this, and it might be that you see them the the male as um maybe quite more bit more dominant and a bit more sort of yeah, bullish is definitely a good term.
• 38:09
  SPEAKER_00: It's sort of, oh yeah, it's a male, it's a man's job.
• 38:12
  SPEAKER_00: I mean, I did come across a client and said, You said I thought you were just a secretary, and I was like, really?
• 38:19
  SPEAKER_00: But you know, it was this perception of women, you know, he was an older man, and and and that is a perception.
• 38:24
  SPEAKER_00: It's trying to change that perception of but it's actually, you know, can be a man or woman advisor.
• 38:30
  SPEAKER_00: It doesn't mean it just, you know, if you're good at your job, you're good at your job, and that's what it should be about, not whether you're a man or a woman.
• 38:36
  SPEAKER_00: What about age?
• 38:37
  SPEAKER_01: What about age?
• 38:38
  SPEAKER_01: You know, there is again this perception that somebody who comes into the financial planning profession becomes a financial advisor at a very young age, doesn't have enough life experience or grey hairs to be able to be seen as somebody who could give financial advice.
• 38:55
  SPEAKER_01: You know, have you seen that at all?
• 38:56
  SPEAKER_01: Have you did you feel that when you were younger?
• 38:59
  SPEAKER_01: That you but you were that you were too young to do it, or you know, did that ever cross your mind?
• 39:03
  SPEAKER_01: Or do you what's your views on the age of an advisor?
• 39:06
  SPEAKER_01: Can anybody at any age do it?
• 39:08
  SPEAKER_01: Or is it tougher for younger advisors to build that relationship and build that rapport and be taken seriously?
• 39:14
  SPEAKER_00: I mean, I don't obviously I didn't haven't really experienced that, but I know from colleagues that are younger, they would have they have come across that um in terms of people don't think they've got enough life experience, so they don't, you know, they don't know what they're talking about, or they're not old enough to to know about my finances because they're only in their late 20s.
• 39:32
  SPEAKER_00: Well, you know, again, it's it's it's very much a you know, I think it's it anyone, you know, any age, you could if you're gonna be good at your job, you can be good at your job.
• 39:43
  SPEAKER_00: So it it yes, okay, having life experience helps sometimes because it just does.
• 39:48
  SPEAKER_00: You know, I I work with people who are getting divorced.
• 39:51
  SPEAKER_00: Well, I've been through that myself, so it's easy to have that life experience, lived experience of that, what they're going through.
• 39:57
  SPEAKER_00: So, you know, yes, it helps, but I I do think younger people do get a bit of discrimination as well in terms of being an advisor.
• 40:06
  SPEAKER_01: When you transitioned into the role of a financial planner, you've moved from a power planning background.
• 40:11
  SPEAKER_01: So, probably a few years of not really having that client interaction, those relationship building skills.
• 40:18
  SPEAKER_01: Uh, and then also perhaps um I don't know what type of role you are in, whether you're servicing an existing client book or if you're targeted to go out and develop new business, whether that's new clients, referrals, or working with professional introducers.
• 40:34
  SPEAKER_01: Because that's a big part, in it, and that's where the confidence needs to come from is the ability to go out and win people over to work with you or to be represented by you for their advice.
• 40:46
  SPEAKER_01: How did you overcome that hurdle?
• 40:48
  SPEAKER_01: Or were you sort of naturally quite good at the relationship side?
• 40:53
  SPEAKER_01: Did you lean into any training?
• 40:54
  SPEAKER_01: Did you observe anybody?
• 40:55
  SPEAKER_01: Did you have a coach or a mentor?
• 40:58
  SPEAKER_00: I did, um, I went out with one of the advisors a few times, but I kind of felt like it was a natural thing for me to do anyway, um, because I'm quite confident in talking to people um and striking up a conversation with anyone random.
• 41:12
  SPEAKER_00: Um, but and I always used, you know, years ago I used to teach a dance class, so that gave me some really um good confidence skills, really, because you standed up there and they're expecting you to teach them a dance.
• 41:24
  SPEAKER_00: So, yes, that gave me a lot of confidence.
• 41:26
  SPEAKER_00: Um, and that was many years ago, but I it did help help me in you know my role really because it um gives gives me confidence to speak to people, and I'm a people person, so it was quite a natural thing for me to do.
• 41:38
  SPEAKER_00: Although it was, I was so nervous when I went out of my first meetings because you don't know what questions you're going to be asked, um, and you have to put the clients at ease as well straight away.
• 41:47
  SPEAKER_00: So, yeah, that is a big skill to learn, especially if you're starting out.
• 41:52
  SPEAKER_01: Did you sort of lean into any training?
• 41:54
  SPEAKER_01: Did you read any books?
• 41:55
  SPEAKER_01: Is there anything at all that sort of stood out for you that really supported and helped you?
• 42:01
  SPEAKER_00: Um, not really.
• 42:02
  SPEAKER_00: I mean, it was more of going out with other other advisors and seeing how they did it, first of all, and spending time to observe them properly and making notes and seeing what they did was was really helpful.
• 42:16
  SPEAKER_00: Um, but I didn't really do any formal training on that.
• 42:19
  SPEAKER_01: Would you say that the route of administration into power planning and having that level of experience, especially around the technical detail, does that give you confidence when you then step into the role of a financial planner?
• 42:34
  SPEAKER_00: Well, definitely, because you get you've got that technical knowledge, um, which you've already got a good grounding in.
• 42:39
  SPEAKER_00: So, and and and I, you know, until you actually start uh dealing with realistic scenarios with clients, then you really knew, you really do learn it, um, you know, in and out.
• 42:49
  SPEAKER_00: But I think it gives you that ex it does give you excellent grounding in in the in technical knowledge, and no doubt.
• 42:55
  SPEAKER_00: And the process you go through, you know, what what's good, what's involved in that client, first client meeting, the the details you need to take, the detail, you know, what you talk about, risk profiles, all those things.
• 43:08
  SPEAKER_00: If you know the start, the process from start to finish, then it gives you a really good idea when you actually become an advisor.
• 43:15
  SPEAKER_01: Yeah, it almost prepares you for the compliance side of it, doesn't it, as well?
• 43:18
  SPEAKER_01: The responsibility that goes along with giving the advice.
• 43:22
  SPEAKER_01: Um, you get a lot of second careerists now that are coming, you know, they're brilliant relationship builders.
• 43:26
  SPEAKER_01: They might be working in a marketing environment or an account management perspective, they're or sales or something, they're really used to the relationship side, but they don't have any knowledge of the technical side or the process to go through in respect of um the compliance side, you know, the importance around compliance.
• 43:42
  SPEAKER_01: And I think, yes, you could go into a firm and have that support in place.
• 43:46
  SPEAKER_01: And if that support's there and it's brilliant, and they take you through the process and train and develop you around the things you should be asking and all of that kind of stuff, fantastic.
• 43:53
  SPEAKER_01: But I think the grounding that administration and power planning gives you, I think, especially around expectations.
• 44:00
  SPEAKER_01: Around time scales?
• 44:02
  SPEAKER_01: Because I suspect that you know how long it takes to do a report.
• 44:05
  SPEAKER_01: You know how long it might take to get those letters of authority through to phone up those product providers who just have got crap turnarounds, you know, and you're on the telephone day in, day out.
• 44:15
  SPEAKER_01: You know the energy and the effort and the work that goes in.
• 44:18
  SPEAKER_01: Does that also help you then be quite selective around the types of clients that you then work with?
• 44:23
  SPEAKER_01: Have you got a bit of a radar going, knowing that somebody might be a bit of a tire kicker, for instance?
• 44:28
  SPEAKER_01: Um, and you think, do we want to spend that much time on this?
• 44:32
  SPEAKER_01: Is it really going to turn into some business?
• 44:36
  SPEAKER_00: I mean, I'm I'm very much of an opinion that you if you've got someone that comes to you and you you you can help them, then then you could then that's what I would do.
• 44:45
  SPEAKER_00: But it wouldn't be, it would be a case if they came up and just asked you like really technical stuff straight away and just wanted some someone asked us to sign something off straight away without you know it's like you know that that's they're not gonna be a client really, they just want you to do something without doing the proper compliance.
• 45:02
  SPEAKER_00: So you kind of have to take that on board and go, well, actually, no, we're not gonna do that.
• 45:07
  SPEAKER_00: Um, but I mean, I haven't to be honest with you, I haven't come across that much of that yet.
• 45:12
  SPEAKER_00: I mean, there's always time.
• 45:14
  SPEAKER_00: So um, but I I like to help people at the end of the day if I can.
• 45:19
  SPEAKER_01: In respect of your actual first year now as a power as a financial advisor, you've you've been you're now a financial advisor, you've you've moved away from power planning.
• 45:28
  SPEAKER_01: How has it been?
• 45:30
  SPEAKER_00: It's been really good.
• 45:31
  SPEAKER_00: It's been a massive learning curve, and I love it.
• 45:34
  SPEAKER_00: Um, and I've got there's still lots to learn, there always is.
• 45:37
  SPEAKER_00: Um, I'm kind of finding out where my niche is and where I want to focus my next level of learning, how I want to develop as a financial advisor.
• 45:47
  SPEAKER_00: Um, so that's really exciting for me because then I know I can specialise in things, but I needed that year to actually find out who I was an advisor, who I'd like to work with, and then build from there.
• 45:59
  SPEAKER_00: So that's exciting for me because I'm I'm looking at sort of like working with people who are going through divorces and things like that and trying to help them through that situation.
• 46:07
  SPEAKER_01: I also think from a female perspective, that's a huge area.
• 46:10
  SPEAKER_01: You know, one in two marriages are breaking down, aren't they?
• 46:15
  SPEAKER_01: There's a lot of females that obviously go through that process and predominantly more male financial advisors.
• 46:23
  SPEAKER_01: Women are going to be wanting to speak to women when it comes to the sensitive subject matter of divorce, children, pensions, investments, the house.
• 46:32
  SPEAKER_01: They want to feel that connection with a woman as opposed to talking to a man, especially if that situation they've gone through has been quite difficult.
• 46:39
  SPEAKER_01: Maybe they didn't want to sit down with a man.
• 46:41
  SPEAKER_01: So there is a massive growing area, isn't there, for women.
• 46:44
  SPEAKER_01: There's a huge amount of opportunity.
• 46:45
  SPEAKER_01: I think they're like there's going to be more female millionaires than male millionaires.
• 46:49
  SPEAKER_01: You know, that's come, you know, that's that's a statistic that's knocking around.
• 46:52
  SPEAKER_01: 53% or something like that.
• 46:54
  SPEAKER_01: Um, more women are responsible for the household income than men.
• 46:58
  SPEAKER_01: So women are seeking financial planning and financial advice more so than ever, and they're seeking out women to do so.
• 47:05
  SPEAKER_01: Have you thought about positioning yourself as a female financial planner to the female, you know, to the females out there?
• 47:11
  SPEAKER_01: Or are you no, I don't want to niche down that hard.
• 47:14
  SPEAKER_01: I want to be somebody that can offer advice to anybody regardless of male, female at all.
• 47:21
  SPEAKER_00: I mean, I think I that's definitely the way I want to go with, you know, working, but I don't I don't want to just be just be just working with women.
• 47:28
  SPEAKER_00: I mean, I do want to be able to work with everyone, but yeah, I think if if I was going to market myself, it would be on that, I think, of you know, working with people and women who who just want to deal with a woman, I think.
• 47:40
  SPEAKER_00: Yeah.
• 47:40
  SPEAKER_00: Um, and I do, as you said, uh if you're going through an acrimonious split um and you're not in a good place, you might not want to deal with a man.
• 47:48
  SPEAKER_00: I'm not saying you won't, but you might not want to.
• 47:50
  SPEAKER_00: So that's where I think that we come in, you know, with our the way we have empathy and and maybe a little bit more, um, is is going to be very helpful to someone in that situation.
• 48:01
  SPEAKER_01: Lauren, if there's a power planner listening to this right now and they are moving into a financial advice position quite soon, tell us a little bit about what to expect in year one.
• 48:12
  SPEAKER_00: In year one.
• 48:13
  SPEAKER_00: Um, expect to be challenged uh and expect to learn, have to learn a lot more than you already know.
• 48:20
  SPEAKER_00: Um, and expect to um have to do things that you think, oh, I don't really shouldn't be doing that because it's not really my role.
• 48:27
  SPEAKER_00: But actually, you're just doing it because you want to do a good job.
• 48:30
  SPEAKER_00: And, you know, and it just I going the extra mile for someone, it just means.
• 48:34
  SPEAKER_00: I mean, this week I had a text off a client who I managed to help him get his new car because he had to take some money out of a pension.
• 48:41
  SPEAKER_00: He sent me a picture of his new car on holiday, and that was the best feedback I could get.
• 48:46
  SPEAKER_00: And he was really happy and I've done a good job.
• 48:48
  SPEAKER_00: And it's like, you know, just by maybe getting on to that provider to go, come on, where's that?
• 48:54
  SPEAKER_00: Sort this out.
• 48:55
  SPEAKER_00: It's just doing that, go that extra mile with people because they really appreciate it.
• 48:59
  SPEAKER_01: So it's no longer just this is your job, it finishes here.
• 49:03
  SPEAKER_01: What you're saying is actually what to expect is you've got to go above and beyond within your first year to make a difference.
• 49:09
  SPEAKER_00: Definitely, yeah, definitely.
• 49:11
  SPEAKER_01: Well, fantastic.
• 49:12
  SPEAKER_00: And you know, be prepared to take advice off people as well who already been in the business, you know, and listen, listen to what they say and listen to the biggest one is listening to people, you know, listen to what they have to say and let them talk.
• 49:25
  SPEAKER_00: Because it's really important to to build that rapport because then you you know you listen to what they want to do, you know.
• 49:32
  SPEAKER_00: Don't go in there with a mindset of, oh, I'm just gonna do this, just listen to what they say.
• 49:36
  SPEAKER_00: Um, and that'll that will really be good for you to, you know, as a as a first year, just listen.
• 49:42
  SPEAKER_01: Oh, I love it.
• 49:42
  SPEAKER_01: I think that's great advice.
• 49:43
  SPEAKER_01: I think the the power of listening is huge.
• 49:48
  SPEAKER_01: You know, it absolutely you learn so much just from listening to others.
• 49:52
  SPEAKER_01: And I think that's absolutely sound advice for anybody that's entering a world that's that's the unknown.
• 49:57
  SPEAKER_01: Don't think you know it all.
• 49:59
  SPEAKER_01: Listen to the client because the client will tell you how they feel and just become very clever at probing questions, opening them up and getting to the root cause of the problem.
• 50:08
  SPEAKER_01: Because giving them a safe space to open up and talk, you just fill yourself up with knowledge, don't you?
• 50:13
  SPEAKER_01: And you start to learn how to soothe that individual to solve the problem, to recognize the fear, the money mindset, the beliefs that they might have, and um guide them through the process and get them that car.
• 50:24
  SPEAKER_00: Exactly.
• 50:25
  SPEAKER_01: Lauren, thank you so much for your time today.
• 50:27
  SPEAKER_01: I really appreciate you sharing your career journey.
• 50:30
  SPEAKER_01: Um, and it's great to hear somebody that has reflected on their career and recognize that sometimes it's themselves as well as an environment that can hold them back and to have that confidence to progress their career forward, to step outside of the box, as you said, and to ask for opinions and ask for advice and just go for it because there's so many people, lots of women, sitting in these administration and power planning positions that can increase those numbers of financial advisors that are out there, the women, right?
• 50:59
  SPEAKER_01: Take it from 16% all the way up to like, let's get it 50-50.
• 51:03
  SPEAKER_01: And they're sitting there, and maybe they're not feeling the confidence.
• 51:06
  SPEAKER_01: Maybe they sat in the same place that you did, Lauren.
• 51:09
  SPEAKER_01: But you're living proof that you can step out of it, you can progress your career, and what once became quite stale sounds like it's got a new lease of life, and you're looking forward to the future of financial planning.
• 51:22
  SPEAKER_00: Absolutely, 100%.
• 51:24
  SPEAKER_01: Fabulous.
• 51:24
  SPEAKER_01: Thank you so much for your time, Lauren.