Editor’s Column: Why Planning is more than numbers 

I was reminded of this fact, one which marks out Financial Planning as a distinct and different profession, with a story we’ve run this week.

A survey, by the Personal Finance Society which polled 209 Financial Planners, rated personal skills as among the most important attributes trainee planners need for success in the profession.

Technical expertise, naturally, was named as number one but personal skills were seen as almost as essential.

I believe this means more than just being polite and getting on with clients, it means having the skills to introduce oneself, put the client at their ease and build a solid, long term relationship with the client and potentially their families too. In other words, a myriad of personal skills.

Building a good financial plan is only possible when planners can deal with the hopes, fears and aspirations of clients. Digging deep to find out what really motivates the client is a tough job and needs care, experience and good personal skills. 

Trust is also vital and this can only be earned over time by planners doing what they say they will and never letting down the client. Again this comes down to a good personal relationship with the client.

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It is difficult to learn these skills in the classroom or online although both of these can help. The most important learning ‘zone’ if actually the office, another reason why I believe trainee planners will learn faster by working alongside more senior colleagues in an office environment.

There is no doubt the Financial Planning profession has moved over the past decade to elevating technical skills and focusing on improving knowledge. Keeping this knowledge fresh is what CPD is all about.

All of this is positive but training in people skills, however it is delivered, is also vital and it’s good to see senior professionals recognising this.

There is no point in being a Financial Planner if you are not interested in people. My experience is that all the best planners have had very strong or excellent people skills and this should come as no surprise. It’s what makes Financial Planning special.

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