How four business managers run their advice firms

With the professionalisation of advice creating the need for more structure within businesses, this non-adviser role is becoming ever more crucial

Emma Krynauw

Practice manager, Jane Smith

What led you to this role?

I joined Jane Smith Financial Planning in 2012 as a trainee paraplanner, soon realising this was not the career fit for me. Thankfully, with the business being small and accommodating, I was able to use my strengths in other areas, mainly client services.

With the steady growth in client numbers, director Nicola Watts required more client-facing time. She needed to delegate the day-to-day running of the business to someone else. This, combined with the two-year business coaching programme with Standards International, which led us to achieving the BS8577 certification, has brought to me to where I am today.

What is the importance of this role at advice firms?

My role has freed up so much time for Nicola to spend doing what she is best at and loves: seeing clients!

What are your duties?

I look after all aspects of the running of the business, ensuring all policies and procedures are in place and up-to-date. I oversee health and safety, human resources and ensure all memberships and insurances are in place. I prepare for professional indemnity (PI) insurance renewal, Financial Conduct Authority (FCA) Gabriel returns, all recruitment and new staff induction programmes, staff appraisals and building maintenance. I also look after the accounts to ensure they are ready for the end of the financial year and manage the budget. We have a ‘strategy planner’, which is a project spreadsheet, that I maintain and take on ad hoc projects where needed.

How do you plan to develop the business?

We are adding to our ‘strategy planner’ all the time, making sure we never stand still. A key element of my role is making sure the staff are happy, getting the support they need, leading by example and getting involved in all aspects of what they do.

Emma Krynauw

Practice manager, Jane Smith

What led you to this role?

I joined Jane Smith Financial Planning in 2012 as a trainee paraplanner, soon realising this was not the career fit for me. Thankfully, with the business being small and accommodating, I was able to use my strengths in other areas, mainly client services.

With the steady growth in client numbers, director Nicola Watts required more client-facing time. She needed to delegate the day-to-day running of the business to someone else. This, combined with the two-year business coaching programme with Standards International, which led us to achieving the BS8577 certification, has brought to me to where I am today.

What is the importance of this role at advice firms?

My role has freed up so much time for Nicola to spend doing what she is best at and loves: seeing clients!

What are your duties?

I look after all aspects of the running of the business, ensuring all policies and procedures are in place and up-to-date. I oversee health and safety, human resources and ensure all memberships and insurances are in place. I prepare for professional indemnity (PI) insurance renewal, Financial Conduct Authority (FCA) Gabriel returns, all recruitment and new staff induction programmes, staff appraisals and building maintenance. I also look after the accounts to ensure they are ready for the end of the financial year and manage the budget. We have a ‘strategy planner’, which is a project spreadsheet, that I maintain and take on ad hoc projects where needed.

How do you plan to develop the business?

We are adding to our ‘strategy planner’ all the time, making sure we never stand still. A key element of my role is making sure the staff are happy, getting the support they need, leading by example and getting involved in all aspects of what they do.

Mandy Dale 

Director, Hanbury Wealth

What led you to this role?

I started in the profession as an administrator and then a paraplanner around 15 years ago, in two very successful London-based firms. I moved to a firm closer to home as a paraplanner around 10 years ago, and then was promoted to director in 2016.

What is the importance of this role at advice firms?

I work with the compliance, adviser and paraplanning teams to assess the research tools, the client bank, the infrastructure of our advice process and the investment strategy the advisers relay to our clients. This allows the advisers, paraplanners and administration team to focus on the client relationships.

What are your duties?

I head up the investment committee, taking on feedback from the board, advisers, paraplanning and compliance teams to ensure our investment offering is realistic, robust and suitable to our client base. Historically, advisers think differently from paraplanners, which I love and I feel makes our profession so exciting. I have a lot of respect for both opinions and my objective is always to listen to all sides and incorporate that into what we deliver.

I work with the compliance team to design our research processes and analyse the market so that we select the most suitable tools to deliver a service. I also work with introducers to ensure clients are matched up to the right adviser. An example of this was matching a recent divorcee who has no experience in managing her finances, with the adviser who was strongest in Voyant. 

How do you plan to develop the business?

Although we have a core plan that we revert back to on a regular basis, we find the development of the business happens more organically. We grow through strengthening our relationships with our network, our introducers, our clients and our team.

Bhavna Patel

Practice manager, EA Financial Solutions

 What led you to this role?

Our previous office manager left and I took over along with additional responsibilities of managing the website, supporting recruitment, and managing software and systems such as Intelliflo and QuickBooks.

What is the importance of this role at advice firms?

It creates organisation, structure, offers a central point of contact and solves issues.

What are your duties?

I gather information for FCA returns and PI insurance, support and implement the General Data Protection Regulation, and Mifid II, and provide support for all compliance and regulatory requirements. I also deal with office space and supplies, rental and utility bills as well as review supplier costs to keep expenses down. I send newsletters to clients, take on board all new systems, prepare valuations and documents for clients meetings, and liaise with clients and product providers on outstanding documents and queries.

I oversee recruitement and ensure the team carries out all tasks in a consistent manner, including processing new business in line with compliance procedures, and keeping an accurate record of all checks. I do the administration for new and existing business. And review, manage and consolidate commission statements, adviser fees and expenses, and bank statements.

How do you plan to develop the business?

We aim to automate many of our processes such as valuations, commission statements and reports to improve our efficiency, as well as find, implement and use more systems and softwares such as Genovo and FinaMetrica.

We also plan to take on interns and support them with their skills, develop our social media presence and introduce clients to Intelliflo PFP, which they can use via our website.

Fiona Oliver 

Business director, Partners Wealth Management

 What led you to this role?

I led a sales division at Siemens, which gave me exposure to the strategy of running and growing a profitable business. But in 2008 I became a chartered financial planner at Towry. I built a varied portfolio of clients including entrepreneurs and city professionals. But when the opportunity arose to turn around the Guildford office at Towry, I decided to transition my clients to the adviser team and become the head of practice.

Towry later became Tilney and eventually I began to look for a more entrepreneurial environment. I joined Partners Wealth Management as a business director in 2016, and then was invited to join the partnership in 2018. 

 What is the importance of this role at advice firms?

Managing clients can be all-consuming. My role is to complement board members who have the challenge of managing clients and running a business simultaneously. Having no clients to manage, my sole focus is leading the team and ensuring we think strategically, maximising business opportunities.

 What are your duties?

My role is to recruit the very best advisers to join the partnership. Many successful advisers harbour the desire and entrepreneurial flair to take control of their own future, and free themselves from the limitations of employment.

My aim is to help support our advisers on the road to financial freedom, by coaching and offering an independent sounding board. I lead the firm’s professional partnership strategy, working with professional counterparts to serve our clients better.

In 2018, I was also responsible for developing our marketing strategy, with the aim of raising awareness of the Partners brand, and to deliver new client conversations to advisers. This was wide-reaching in its scale, with us becoming a chartered firm, winning multiple awards and creating our social media strategy, as well as a total rebrand of the firm.

 How do you plan to develop the business?

We aim to build on the marketing foundations created in 2018, and to reach out to more clients and professional introducers with powerful ideas to help them and their families achieve financial freedom.

Share this story

More Content

ADVICE

3 Comments Breakfast Club: From offshore oil worker to running an advice firm

Breakfast Club: From offshore oil worker to running an advice firm

Jennifer Ellis runs Wellington Wealth alongside sister Nicola Ellis, emphasising the importance of family and client service

twitter_banner

INVESTMENT