Wealth Management Pension freedom

Li142why

Amanda.......

dunstonh

How do you feel about receiving unsolicited mail in the post?

Most financial advice firms do not carry out that sort of unsolicited marketing. Generally, firms that do that are considered the less reputable ones. Especially those dealing with pensions and pension freedoms. Far too many scams in that area and you would be associating your company with them.

I was thinking perhaps golf events? Or whisky tasting? If I offered that in a letter would you think I would require an invitation?

A very expensive method of distribution with a relatively low take up. However, I know someone that does that sort of thing and his fees are mouth watering. Scandalous even. He is very profitable and laughs at the level of work I do for my income vs the level of work he does for his.

I won't say the company name - but it's in the FTSE 100 and my husband is very good at his job - it's introducing him to more clients, as he has just set up as a Partner that may be my responsibility and I must say - it's a daunting prospect!

I believe there is only one advisory firm in the FTSE100. There are several financial firms that may have advisory arms but not on an independent basis. For non-independents that means getting the permission of the principal for all marketing methods used. Your use of the word "partner" does suggest a non-independent. As does the fact you refer to him as a wealth manager and not an IFA.

The first thing you need to do is speak to his employer/principal. They will likely have many restrictions in place to prevent you doing some of the things you are looking at as they carry the liability.

Li142why

Hello dunstonh

Thank you for your response - I appreciate it.

With reference to the unsolicited letter - you are right - they had to go through a marketing department of my husband's company. I came up with the letters but to be honest with you, I don't think they are good enough. My next plan is to target company directors. I want to make the right point of initial contact and I don't know if letters are the right way to go about it.

The events are going to be expensive. However, there are two lovely offices I can utilise free of charge and I can make the buffet lunches, so that way may be a good option - especially as food is my passion!

He's not an IFA - and yes - marketing is very closely monitored - which is why I want to do it right. Not just for my husband. I believe in his product and it's the best out there. I just want to make the right impression and when it comes to finances - you are so right - people think they are going to be scammed.

Amanda

dunstonh

I believe in his product and it's the best out there.

I appreciate your enthusiasm and your support of your husband is quite right. Although, if he is not an IFA then that does suggest he cannot offer the best out there as he wont have access to it. Don't put yourself in a position where you market something as the best only to find out that every IFA out there can do it cheaper and better with someone else. It will only be a matter of time before a potential client questions it and is speaking with an IFA as well. And if they do that in a room with a dozen other potential clients, then that could end the meeting. So, have belief but also be aware of your limitations and negatives. Don't set yourself up as the "strong and stable" option as we have all seen how that backfires.

Is the principal firm a network or is it sales outfit like St James Place?

You usually find the principal firm of either tends to have a marketing department where they have people who can support and advise on such things. SJP, for example, despite their massive charges, they do have a very high quality of presentation material. Sales outfits tend to have very strong marketing support. Networks tend to be a bit hit and miss in support. Some will have people to help. Others will just hit you with a list of requirements.

you are so right - people think they are going to be scammed.

It was mainly the area of pensions and pension freedoms. There is actually very little scamming going on with regulated firms. However, in the case of pension freedoms, that is where the bulk of it takes place. That is why cold calling is to be banned in respect of pensions. Although whether that will help as companies willing to scam are unlikely to follow the law in respect of cold calls. The point was that your unsolicited mail targeting pension freedoms would be putting the principal and your husband in the same areas as these scam companies.

To give you an idea of what I mean, if someone came on this site to say they have received an unsolicited communication about pension freedoms and invited to go to a seminar, most posters here would tell that person to not go as there is a high chance it is a scam or even if its genuine, it would likely be a very expensive firm as the genuine firms do not generally use that method. That may seem harsh as firms have every right to market themselves. However, that method has been hijacked by the less reputable.

LHW99

Speaking for myself, any advertising that comes by post gets filed in the bin on the basis that if it has to be sold to me I can't need it.

Then again, I used to tell the kids that if you see it on the TV you won't be getting it for Christmas!

I prefer to research things myself across multiple websites, and generally have a horror of "invited do's" - then again I've probably not got the right profile for your prospective customers in any case.

Number75

Not a company director, but have been married to one and engaged now to another (my type?) - both would have said "junk mail" and binned immediately.

Number75

Also: if I want information I seek it out. I don't want to waste my time drinking whisky or playing golf with a bunch of strangers.
I just want some facts.

A point on marketing also - of course women play golf and drink whisky. But not in the numbers that men do. Sadly female directors are a smaller group than male - but I still think it's worth considering that you could miss a segment of customers!

Personally I'd leave him to drum up his own customers, and develop your own psychology and food passions.

AnotherJoe

amandajeanthomson wrote: »

Hello there

I wonder if anyone can offer me advice about how you would go about seeking financial advice?

Not from anyone who cold called / emailed/ snail mailed me. Personal recommendation the most likely.

amandajeanthomson wrote: »

How do you feel about receiving unsolicited mail in the post?

I'd think "damn how did i get on a scammers list?"

amandajeanthomson wrote: »

I was thinking perhaps golf events? Or whisky tasting? If I offered that in a letter would you think I would require an invitation?

I'd think "the price I'd pay for financial advice will obviously include the cost of all those expensive events plus the cost of lists of rich [STRIKE]suckers [/STRIKE]people, amortised across the few mugs that accept your high priced advice (which it must be or you'd go bust) so since I am not a mug, that's not for me".

sandsy

Wealth manager, FTSE100 company? Every letter I get from SJP goes straight in the bin.

If I was to take financial advice, I'd want to use an independent firm, not one that can:
a) only sell one company's products, and
b) charges a fortune for doing so.

Li142why

..........

sandsy

amandajeanthomson wrote: »

However, I am passionate about the premise behind them. I note you are an independent financial advisor and I've listened to both points of view as a 'potential customer'. I would opt for husband's every time - I just see it (restricted but for good reason and guaranteed advice at that) as a safer approach. However, I am willing to learn - tell me why an IFA is better?

IFA is better because they can search the entire market for an appropriate solution. One firm will never be top of the pile for every product. And a certain FTSE 100 company is renowned for being one of the most expensive companies out there, as well as being rather creative in how they present their charges. I know of no other firm where your pension investment is down by 6% the second you invest. Their headline charges also exclude the fund costs.

As for safer - why do you think it's safer? What value do you think that guarantee offers over and above any other advice firm?