Any self-deprecating virtuoso violinist will tell you that they alone could never rival the completeness of an orchestra. Martin vaughan, senior partner of clear capital management llp (clear cm), believes those working in modern financial services must also look to combine with others for true success.
As the financial services industry has developed it has becoming increasingly apparent that no single person or entity is able to do everything. When I started my career over 30 years ago I was financial planner, marketing manager, paraplanner, administrator and investment manager all rolled into one. But during the course of the past three decades we’ve seen each of these roles develop, requiring much more knowledge. This is particularly true of the financial planner.
The level of technical knowledge, product knowledge and time required to maintain this knowledge - let alone spend time within clients - has increased greatly, and it is now almost impossible to be able to undertake any other of the roles mentioned above as well as that of a financial planner.
Most financial planners will now have a paraplanner or technical resource working with them, helping to conduct product research and then writing and collating the suitability reports. This requirement is equally true of investment management. The need to be able to evidence the way in which a decision has been made, why it has been made and then to be able to show that the solution presented continues to be suitable is becoming more and more time consuming and often requiring support.
As each role has developed and individuals have developed expertise in different areas, new specialist companies have been set up to provide support. So, in order to compete and, importantly, ensure investors are being given the very best advice and results, it is time to use these experts to help your business.
The days of being to operate successfully as a one-man-band, while sad to admit in many ways, are a thing of the past. Likewise, the phrase “Jack of all trades, master of none” has much more far-reaching implications in today’s world of regulations and high expectations. We are dealing with real people who entrust their money with us - so we all have a duty to provide the best service possible.
Clear CM has the necessary skills, technology and expertise to be able to work in partnership with you so that you, as a financial planner, are able to concentrate on the area of your true expertise so that the outcome for your clients is of the highest possible calibre. In short, we could add a few strings to your bow!