Dave Robinson on why It's the 'Chartered IFA Way or The Highway'
Nov 24, 2022
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Dave Robinson, a Chartered Financial Planner, discusses the importance of the IFA profession, his personal journey, business strategies, and advocacy for clients with special needs. He shares insights on fixed fees, time recording, ethical investments, and nurturing talent within the industry. The podcast touches on fair fees, transparent payment models, and the evolution of financial planning, emphasizing client value and independence.
Transparent and fair financial planning fees promote trust and value for clients.
Creating a sustainable financial planning firm involves instilling shared values and goals within the team.
Balancing stakeholder interests is crucial for maintaining transparency and fair fee structures in financial advice.
Specialized financial planning services benefit clients with complex needs, emphasizing tailored approaches and expert advice.
Deep dives
Importance of Transparent Financial Planning Fees
Transparent and fair financial planning fees are emphasized in the podcast episode. Dave Robinson explains the significance of charging clients based on the time and effort involved in providing services. By calculating fees in a clear and objective manner, clients can understand and appreciate the value they receive. Robinson's approach aims to ensure that clients pay for the resources utilized, promoting trust and fairness in the financial planning process.
Creating a Sustainable Financial Planning Firm
Dave Robinson discusses his vision for creating a long-lasting and sustainable financial planning firm. He shares his strategy of instilling shared values and goals within the team to ensure the firm's continued success beyond his own tenure. By focusing on equity ownership and collaboration, Robinson aims to build a culture that prioritizes client value, team satisfaction, and firm profitability.
Balancing Stakeholder Interests in Financial Advice
Robinson highlights the importance of balancing the interests of stakeholders in the financial advice profession. He stresses the significance of maintaining a harmonious relationship between firm owners, clients, and the team. By aiming for a balanced operating profit margin and fair fee structures, Robinson seeks to uphold the principles of transparency and value for money in client interactions.
Focus on Specialized Financial Planning Services
The podcast explores the value of specialized financial planning services within the industry. Robinson's firm, Centurion Financial Planning, prioritizes delivering tailored and quality services to clients, particularly those with complex needs or vulnerable situations. By offering expertise in areas like personal injury claims and tailored fee structures, the firm ensures a client-centric approach to financial planning.
Importance of Independence in Financial Planning
Independence and separation from product manufacturing are crucial in financial planning. The guest emphasizes the importance of being separate from distribution channels to truly provide professional advice. This separation ensures alignment around common standards and ethical practices, essential for a successful financial planning profession.
Training and Development for Future Financial Planners
Establishing an independent financial planning academy is a key focus for the guest. The aim is to train financial planners who are not tied to product providers, ensuring unbiased advice. The guest advocates for creating a path for new entrants in the financial planning sector, emphasizing the importance of professional standards and freedom from product distribution channels.
Benefits of Niche Specialization in Financial Services
The importance of niche specialization in financial services is highlighted, with a focus on providing tailored services to clients. The guest shares personal experiences of niche specialization, emphasizing the need for financial advisors to focus on specific areas of expertise. Niche specialization allows for deeper client relationships and better service delivery.
Support for Vulnerable Clients and Ethical Financial Practices
The guest discusses the significance of supporting vulnerable clients and promoting ethical financial practices. The emphasis is on providing unbiased advice and assistance, particularly for clients facing complex financial situations. The goal is to instill loyalty, trust, and support for clients, prioritizing their well-being and financial stability.
Today's guest is Dave Robinson. Dave is a Chartered Financial Planner for Centurion Financial Planning, and it's IFA or the Highway with Dave!
Pre warning, this is a long episode but well worth it.
We talk about the importance of IFA and why there needs to be an IFA academy. We dive into Dave Robinson's past, and how he got into financial planning - starting out in accountancy and moving across into the financial planning profession.
He digs deep and shares deep and transparently about his business, his charging structure, why he charges what he does, and the plans and the changes that he's looking to make and evolve as a business, become more profitable but continue to add value to the client. We talk about trainees, how they fit within his company, and how he supports them.
We also talk about his eldest son, who has a genetic disorder, and how that gave him a personal interest in working with families who are in a similar situation, a client that he feels can often be exploited by other advisers.
Dave also has lots of other specialist areas which we discuss, such as.
Investment Management for Later Life, Personal Injury, Attorneys, Deputies, Trustees, and Beneficiaries who have Special Needs
personal injury claims
Working with vulnerable clients
Dave is hugely passionate about the IFA profession, and he has some strong views on where it's heading and what needs to be done to ensure that IFA remains.
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