Telford Mann Blog Featuring Toby Trinder Part Two
Over the past few weeks my training has developed somewhat further. I had previously noted in the Telford Mann Blog that I am learning both sides of the job regarding paraplanning and advising.
My understanding of comprising review packages has improved significantly where I’m now at a point where I get given a handful to complete throughout the week and although they still get checked over, I am able to do them independently and proactively without making too many mistakes along the way.
Another element of these review packages involves a state-of-the-art cash flow modelling system we have access too. We use this software to accurately forecast (and visualise in a client friendly manner) how stable a client will be throughout retirement and importantly identify any shortfalls that may occur to enable us to make some appropriate financial plans accordingly. I am undergoing training for this as piecing all the data we have on our system and putting it into the cash flow software is quite a detailed and intricate process. This is tough, but the ability it will give me in terms of understanding the software in depth will make life easier for me down the line when I am presenting to clients, and even able to make changes along the way in the middle of a meeting.
In terms of the advisor element of training I have completed a handful of mock meetings whereby we isolate one element of a meeting and I must present that to a mock client. To start with, I did a couple of ‘Performance Reports’ which is essentially presenting to the client how their portfolio has performed since we last met, and the changes we have made to it which during the pandemic has been quite drastic! I have also been through our ‘Attitude to Risk questionnaire’ which allows us to adopt what is essentially an investment strategy appropriate for the client ranging from cautious to adventurous dependent upon their preferences. These meetings are quite daunting especially from the outset and I’m sure I will continue to feel the same about this for a while but the benefit of their regularity is that I can already feel myself getting a bit more used to them, alongside the instant feedback which I find makes it far easier to learn and make adjustments for whenever the next meeting is.
Keep an eye out for future updates from Toby Trinder regarding his journey in the Telford Mann Blog.