Overall, it was a big educational piece to help them understand their options.
Cash management
The couple needed some short-term access to cash. We knew they had a fix (of 1.8 per cent) coming up for renewal in two years' time, and Lyndhurst has a cash management service.
We put him into a fixed interest account for 6 per cent. Depending on what happens to interest rates by the time his fix is up, we hope the 6 per cent will at least soften the blow.
We also helped them set up some Junior Isas for their children, and checked the wife's national insurance contributions to make sure these were up to date with her going on maternity leave.
We're monitoring all their savings and plans.
Future of advice
I feel the advice profession in the past may have done naff all for smaller clients or younger clients, as their savings and assets are so low.
If you look at the traditional model for most IFAs, helping clients overpay the mortgage isn't great for the adviser, right? I mean, there's no money in that. But it is the right thing for the client.
We found the right protection and cash management products for them to help them on the start of their journey.
For me, this is an ongoing relationship - I expect to be working with that client for decades to come and I hope we are at the start of a long-term relationship.
If they succeed, I succeed. In a way, I am treating them in the way that I would have wanted to be treated.
They have given me VouchedFor and Google reviews which is really useful, and they have been a keen cheerleader in that way.
I once heard an adviser say he doesn't have 100 clients; he has 100 friends. Is that how you feel?
Would I go to the pub with my clients? Maybe not - it's a professional relationship at the moment, but do I see it going that way? Yes, maybe in the future.
Sometimes, advisers know more about clients than GPs, so it is definitely the case that the longer you spend working with them, the more you get to know them and their goals become your goals.
What would be your top tip for someone starting out on their journey to become an adviser?
If I were to go it alone I would like to think I could take on these clients and to serve younger clients. I would not like to focus just on the 50+ or those approaching retirement.
So if you get approached by clients with low AUM, it helps to think outside the box as to how to help them meet their short-term as well as their long term needs.
Also, I would say 'swot up' about the profession.
You can do it the same way that I did - by listening to podcasts and asking around. You know you will have to do the RO exams from one to six, so read up on them, and see what is required.
