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Rachel Edwards is a modern-day financial planner with Charterhouse Financial. After working in various administrative roles within a financial planning business, Rachel decided to step out on her own as an independent financial planner. She sought to understand what it would take to succeed by working with the Verve Foundation, which helped her explore various technologies to make her business efficient and effective.
In this interview, Rachel shares her journey of becoming an independent financial planner, her challenges, and the Verve Foundation's crucial role in her success. She also discusses why she chose the JustFA platform for her business, how it has streamlined her work, and the importance of technology in providing the best service to her clients. Whether you're a budding financial adviser, someone interested in the financial planning industry, or a client looking to understand how financial advisers work, Rachel's insights will provide valuable perspectives on starting and growing a financial advisory business.
Firstly, before we get into the technology side of things, what motivated you to become a financial planner?
I worked for an IFA years ago and performed all the support roles. And I thought, I love people. Why am I not working in a role that really helps them? So, I had a good start in terms of support, mentors, and training—and ultimately, I just wanted to help more people.
So, altruism is important to you?
I know the usual IFA client is nearing retirement with a few pensions to consolidate, but most of my clients are younger and would like to make a plan before they get to that point – and I want to help them do that and work with them for the next 25 years. I want to add the value of getting people to a point where they've got something. I never had a financial plan when I was starting (I wish I had done so!), and I want to help people get and start what I never had.
That's a really refreshing vision. I know that the Verve Foundation has a similar outlook. You also worked with them—how important were they to getting your business started?
Hugely important. Just last week, I met up with 2 advisers who I met on my first Verve Foundation course; we've stayed in regular contact. I still attend the seminars – it's that safe check, somebody to ask, that community, that knowledge bank, they've got so many answers and support to offer– it's just a great community.
That sounds like a valuable resource, especially in the early days. What obstacles did you encounter while setting up your advisory business?
Every day, there are obstacles. Growing a business from scratch is hard work. I'd say the main thing is asking. There is always something that someone doesn't know, and having the Verve Foundation gives me the resources and space to ask any question and tap into all their knowledge.
I guess they need a lot of knowledge, as there are many technology providers out there! With such a wide range of adviser systems and platforms available, how did you distil all that down to choose JustFA?
Yeah, there were lots and lots of trials! There was a week's trial here and a week's trial there, and, obviously, conversations with people in the Verve Foundation to try and figure out who else was using what tech. There are so many different providers out there.
Why have you chosen JustFA as your platform for your advice proposition? Were there any similar platforms you were comparing it to?
I'm pretty straightforward, and I think if it's easy for me to understand, then it will be best for the client. I came across you guys on a webinar with the VF and thought, "Wow, I need that!".
That will allow me to work with many younger people as I won't spend time going in and out of different systems and re-keying data. That is such a time saver.
The JustFA system also helps from a compliance standpoint, as some tasks require you to take the necessary compliance steps.
That is a great safety check, so I know I cannot advise clients until everything is in place.
Basically, it streamlines everything for me, and I know I am compliant; therefore, the client is getting excellent service and outcomes.
With all technologies, training and embedding the tech in the business are vital. How have you found the onboarding and initial phase with JustFA?
From a support perspective, Linzi and her client services team have been amazing. I trialled some products with other providers, and the support just isn't there, or they go the other way and almost try to force you to use it. But your support team is so dedicated and great to work with.
What do you think is missing within the technology currently available for financial advisers?
Well, I know you guys have your cash flow planning tool coming later this year, which is a bonus for me, and everything will be under one roof.
If I could have one thing, it would be a lead generation tool that connects to JustFA. For me, it's about reaching more people who don't think they need an adviser but could benefit.
8 out of 10 of my clients are younger and haven't got a great deal, but now they've got a financial plan, and now we've got something to start with and to add to and grow. So, for me, connecting with more and more people like that is the biggest win.
Thank you, Rachel. We have no doubt that you will go on to spread your knowledge and guidance to many people, and they will all be much wealthier and healthier for it!