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Financial Planning Career Testimonial with Rich Weatherburn · Financial Planner Life Podcast

• 0:08
  SPEAKER_00: So, Richard, tell us a little bit about your background.
• 0:11
  SPEAKER_00: So, um, well, for the last three years I've been running my own financial planning firm up in uh Durham in the Northeast.
• 0:17
  SPEAKER_00: Um, prior to that, I had uh about three or four years of experience working within an established SJP practice.
• 0:23
  SPEAKER_00: Um, so yeah, I've I've loved being a financial planner.
• 0:26
  SPEAKER_00: My favourite part about this role is the people side.
• 0:30
  SPEAKER_00: Uh, you know, I like going and kicking doors down and getting new business, and that's where I know that my strengths lie, you know, building up new relationships, professional connections, um, all that good stuff.
• 0:39
  SPEAKER_00: But what I've found over the last few years is that when you're on your own, running your own firm, there's an awful lot of other stuff that you've got to do that typically I think people who are sales-driven financial planners like I am really hate doing.
• 0:51
  SPEAKER_00: You know, the back end, the compliance stuff, um, designing a centralized investment proposition, dealing with the um, you know, the regulation side of things.
• 1:00
  SPEAKER_00: So um tried a number of different things, you know, brought in business partners that didn't work out, tried to recruit our way out of that problem.
• 1:06
  SPEAKER_00: But what I've realized is I just wanted to play to my strengths.
• 1:10
  SPEAKER_00: Um, and I think the other thing that I thought the other day that when you're operating on your own, you are automatically the best person in your firm because there's only you in it, right?
• 1:19
  SPEAKER_00: And so you progress professionally, I've found slows because you've got no one to bounce ideas off.
• 1:25
  SPEAKER_00: Um, and I've I've missed that because, you know, in terms of this profession, I'm still very junior.
• 1:30
  SPEAKER_00: Um, might not look at it, I'm getting nearly as great as you.
• 1:33
  SPEAKER_00: But it's uh the average age is still nearly 60.
• 1:37
  SPEAKER_00: So um, you know, I'm looking forward to getting into a firm where I can lean on that a little bit better.
• 1:43
  SPEAKER_01: Absolutely.
• 1:44
  SPEAKER_01: So isolation comes up a lot when I speak to financial planners who run their own business, and you're absolutely spot on.
• 1:51
  SPEAKER_01: You tend to be, you know, wearing multiple hats when running a business.
• 1:55
  SPEAKER_01: And there's this belief that to be a success, I think, you have to be the person who's running the business and calling the shots and doing absolutely everything, right?
• 2:04
  SPEAKER_01: Yeah.
• 2:05
  SPEAKER_01: Um, so leading up to this point there, when cause obviously you reached out to me a few months back because you'd had enough really of running your own business.
• 2:14
  SPEAKER_01: So just tell us a little bit about what was going through your mind at that time in the situation that you were in.
• 2:19
  SPEAKER_00: I guess I just felt like I was kind of, you know, paddling through mud a little bit.
• 2:23
  SPEAKER_00: It was um two steps forward and three steps back a lot of the time.
• 2:27
  SPEAKER_00: Um, and I wasn't enjoying it anymore.
• 2:29
  SPEAKER_00: I was getting bogged down in the day-to-day compliance and the running of a company as opposed to doing what I enjoy and what I'm good at, which is the client-facing sales stuff.
• 2:39
  SPEAKER_00: Um, so I just figured there's got to be a better way of doing it than this.
• 2:42
  SPEAKER_00: Uh, you know you're very well connected, obviously, known you for a number of years now, and I just thought, well, here's a bit of a project for a recruiter.
• 2:49
  SPEAKER_00: I know it's not a typical scenario.
• 2:51
  SPEAKER_00: I've got a client bank, obviously, which um I was looking to get some equity out of um early in life for many, many reasons.
• 2:58
  SPEAKER_00: I'm expecting my first baby, though.
• 2:59
  SPEAKER_00: That was probably the main one to get a bit of equity out of the hard work of the last three years, um, and then have a fresh start, clean slate, somewhere new where I can build and help them with you know bringing my skills to the table, but also leaning on what they can bring for me.
• 3:12
  SPEAKER_01: So absolutely, you know, you weren't looking to exit the industry.
• 3:16
  SPEAKER_01: Um, you had built an existing client bank up of which there was equity in, and you were hoping to then would somebody buy my client bank from me see the value that I bring to a business, my client focusing ability to go out and win and develop relationships and write new business?
• 3:36
  SPEAKER_01: Could somebody see that in me enough to buy my client bank to give me some money to help me with my family and growth for you to be able to close your business down and move on, and then start to work for that company as well on an employed basis and help that business grow and have the support and the guidance of a team around you.
• 3:58
  SPEAKER_01: And that to you was almost a release.
• 4:01
  SPEAKER_00: Yeah, that's it.
• 4:02
  SPEAKER_00: So it was just uh I felt like that would take a lot of the pressure off.
• 4:06
  SPEAKER_00: Um, it would make me enjoy my work again.
• 4:08
  SPEAKER_00: Um, but I knew it was quite an interesting project.
• 4:11
  SPEAKER_00: I know it's not normally what people do once they've gone and started their own firm, they don't often take what could be seen as a step back.
• 4:17
  SPEAKER_00: Um, but for me, I'm seeing it very much as a step forward.
• 4:20
  SPEAKER_00: I think by joining a much more established company that's offered, you know, outstanding opportunities to grow in the long run.
• 4:28
  SPEAKER_00: This will make me a more successful financial planner and a better one for my clients as well.
• 4:31
  SPEAKER_01: I really love the way you reframed that then.
• 4:33
  SPEAKER_01: You know, instead of it looking at it as being a negative, you saw it as being a positive.
• 4:37
  SPEAKER_01: I wonder how many people get held back from taking the steps that you have to saying, look, it doesn't work for me.
• 4:44
  SPEAKER_01: Is there another route?
• 4:46
  SPEAKER_01: And actually going to explore that and giving up on the running your own business and wearing all those multiple hats and instead joining another firm.
• 4:55
  SPEAKER_01: So I can imagine there's so many people in that situation you're in, and perhaps pride might hold them back a little bit, yeah, you know, to let go.
• 5:02
  SPEAKER_00: I think in this day and age people care far too much about what people they don't know think of them.
• 5:07
  SPEAKER_00: Um I couldn't care less, frankly.
• 5:09
  SPEAKER_00: Um, as long as I know that I'm doing a good job for my clients and I know that I'm doing a good job for me for my future.
• 5:14
  SPEAKER_00: I don't care how it's perceived, I know it's the right move for me.
• 5:18
  SPEAKER_01: Fantastic.
• 5:19
  SPEAKER_01: So, fast forward, okay?
• 5:20
  SPEAKER_01: You've come to use my services.
• 5:22
  SPEAKER_01: What I've done for you is that um I've gone out and I've found companies that would listen to your unique situation that you were in, your needs at the situation in life you were at.
• 5:34
  SPEAKER_01: Um, tell us a little bit about the service that I've delivered for you then.
• 5:38
  SPEAKER_01: I want to hear about me.
• 5:39
  SPEAKER_01: It's all about me.
• 5:39
  SPEAKER_00: Yeah, I'm gonna blow your trumpet, aren't I?
• 5:42
  SPEAKER_00: No, I mean uh I was extremely impressed.
• 5:44
  SPEAKER_00: You know, within like two or three days, I think you'd uh had 30 companies reach out to you, which I said was far too many for me to research.
• 5:51
  SPEAKER_00: So narrow the field down a little bit to what you know what you deem to be the cream from what you know of those businesses.
• 5:57
  SPEAKER_00: Um from there, I believe I've spoken directly to about four, not five.
• 6:03
  SPEAKER_00: Maybe six, six in total.
• 6:05
  SPEAKER_00: Um, and then I've personally narrowed that down.
• 6:07
  SPEAKER_00: I've I've I'm in Bristol today because I've been spending time with one of the firms that's very much down on my short list.
• 6:13
  SPEAKER_00: Um, and yeah, it's been a phenomenal experience from you know, from your customers' point of view.
• 6:18
  SPEAKER_00: Um, and it's definitely going to have a positive outcome.
• 6:21
  SPEAKER_00: So, yeah, you did all right, mate.
• 6:22
  SPEAKER_01: Good.
• 6:23
  SPEAKER_01: What I like to make sure happens to anybody that I represent is that you have a fair reflection of what the market actually looks like.
• 6:33
  SPEAKER_01: You know, we don't shy away from showing you what the opportunities actually are because it allows, I believe, you to see what the good, the bad, and the ugly actually look like out there.
• 6:43
  SPEAKER_01: We've built a network over 15 years through social media.
• 6:48
  SPEAKER_01: You know, all I did was put a post out as well, didn't I?
• 6:50
  SPEAKER_01: You know, and that creates some huge, huge interest.
• 6:53
  SPEAKER_01: So the power that we have and the connections that we have over the last 15 years allows us to do that for you.
• 6:58
  SPEAKER_01: Um, it allows us to then sort of advise you of what we think are the options that would best suit your situation and arrange those meetings, take away the pressure, take away the stress, um, and just really align you with the right companies in the right way to help you with that pure transition over to the next stage of your career.
• 7:19
  SPEAKER_01: So I'm really pleased that we've managed to do that for you.
• 7:22
  SPEAKER_00: Did exactly that.
• 7:23
  SPEAKER_00: You know, um, I was really encouraged when you put that post out to see the level of interest that was there immediately because, like I say, I know that it's quite a unique situation, uh, mine, but uh it was clear very quickly that the way you'd sold me, I think you used the term Ronaldo rather than Alex Ferguson or something like that, which yeah, it clearly were for people.
• 7:41
  SPEAKER_00: Um, and uh the interest was clearly there, and within a few days I knew I had a list of people that would, you know, chat to me.
• 7:46
  SPEAKER_00: And I I knew that once I was through the door, I could tell my story well, and that you know there would be interest, and that's proven to be the case, which is really good.
• 7:56
  SPEAKER_00: Fantastic.
• 7:57
  SPEAKER_01: Am I right to assume weight off your shoulders?
• 8:00
  SPEAKER_00: Yeah, it is.
• 8:01
  SPEAKER_00: I mean, I'm just counting down now my notices in with the network for the next couple of months, so I know what I'll be going to in February now in the new year, so it's a nice clean slit, which is exactly what I asked you for.
• 8:14
  SPEAKER_01: Fantastic.
• 8:15
  SPEAKER_01: Richard, I'm so pleased that I've been involved in a big career change for you, life change for you, and that we here at the Financial Planner Life in Recruit UK have added value to your life.
• 8:28
  SPEAKER_01: That's one of the most important things for me.
• 8:29
  SPEAKER_01: So thank you so much for sort of sharing your journey with us today, and um, of course, we wish you all the success in the future.
• 8:36
  SPEAKER_01: Thanks, mate.
• 8:37
  SPEAKER_01: Really appreciate it.