Award-winning IFA Cleona: How I made my start-up a success
Life’s too short to work for the wrong company. Perhaps your current role has a poor work/life balance, maybe you’re tired of outdated processes and technology, or perhaps you’re feeling trapped in your current role and are desperate to make the leap and start your own personal brand. Whatever your situation, if you’re working for the wrong company, it’s time to make some changes so that you can have a career that suits you.
This is the situation that Cleona Maria Lira found herself in a little over five years ago. Working at a bank, she felt that she’d outgrown the environment and instead wanted to venture down the path of self-employment. In this post, we talk to Cleona – who’s now a chartered IFA – to find out all about her IFA business plan and how she moved away from the world of banking and built a highly successful, award-winning financial advice business. Read on to hear her story…
A little bit about Cleona
Before joining national advisory firm 2plan Wealth Management, Cleona worked as a tied adviser for a bank and had no idea what it was like to work as a financial adviser outside of banking. She was used to the latest technology, automated process and systems – and she never needed to do any research to generate new clients as this was all provided by the bank she worked for.
However, despite all this, she knew that being an IFA was the path she wanted to take, and so she joined an IFA firm based in Kent. But the transition from the banking world to a small office was a shock to the system, and she had to teach herself a lot about new systems and processes. After a while, Cleona found that she didn’t like how long it was taking to write business, plus, the poor technology was holding her back. In short, she knew she was in the wrong place!
Then along came 2plan. Their CRM, ethical investment options and slick paperless systems that sped up the advice process allowed Cleona to choose her own charging structure and gave her the freedom to promote her own personal brand. It was the perfect opportunity! Now an Appointed Representative with 2plan, Cleona helps her clients to reach their financial goals while helping them to build confidence in their financial planning.
Taking a relationship-based approach to financial planning solutions, Cleona takes the time to really get to know her clients, adding value to their lives and making the financial planning process as easy as possible. Having worked with 2plan for five years, Cleona has seen year-on-year growth with her IFA business, winning a business quality award and continuing to build up her client base. Here’s how she did it…
Growing your IFA: Cleona’s top tips
- Have a niche
One of the most important things to think about when setting up your own business and putting together your IFA business plan is choosing your niche. There are so many financial advisers out there, each offering a wealth of experience, so standing out from the crowd is becoming more and more difficult. “The best advice I had when I started my IFA business was to learn to walk before you run,” Cleona says, “so I started slow, with a solid foundation of a few really good clients.”
Through this, she discovered her niche: ethical investments where she helps her clients build an investment portfolio that’s in line with their core values. She now also specialises in behavioural coaching, which is where she advises her clients on how to avoid big mistakes. “I really enjoy making it as simple, clear, and engaging as possible,” she says, “helping my clients to understand financial concepts so they feel much more empowered, both about their money and their life.”
When it comes to running a successful IFA firm, offering your clients value is absolutely key. Having a niche, specialist area means that you can offer a lot of in-depth advice in one particular area and become an expert, helping to increase your authority on the subject. As a result, you can build trust, grow your brand, and win new business.
- Show your passion
There’s no point in starting an IFA business if it’s not something you love doing. You need to live and breathe your business, gaining as much experience as you can and continually growing your connections within the industry. A great way to build your authority and show your passion is by posting relevant blog posts that will help potential clients solve some of their problems, bringing more people to your website and exposing you to potential clients.
Cleona says that finding a way to blog and write about the topics she was passionate about helped her to go one step further in adding value to her business. Money, investing, saving and taxes can be quite heavy topics to discuss, so it’s important to try and find an angle to make your blog posts interesting, engaging and helpful. You could even mix in blog posts about other interests you have in order to humanise your business and bring personality to your brand.
- Be present on social media
Cleona also built up her presence on social media with the help of a client who doubled up as a marketing coach. “I started to realise that people check you out on social media before they decide to work with you,” she says. “They need to know you, like you and trust you – so I began to put myself out there.” A strong social media presence is an essential part of any IFA business plan – but how do you grow a following? Engage, engage, engage!
To build up a good following and increase your presence on social media, you have to be proactive in your posting, follow people in your industry, and start conversations. Using relevant hashtags can also help to boost your social media posts and make them more visible to those who aren’t following you yet. Start by spending 15-20 minutes a day sharing other people’s posts, engaging in conversations online and sharing your own content. Over time, as long as you are consistent and persistent, this will start to gain momentum so you can increase your following.
- Go above and beyond for your clients
By going above and beyond for your clients, you will increase the value you offer them. “One of the things that I offer my clients if they need it is listening skills,” Cleona says. Rather than meeting just once a year, she offers to hold more regular meetings beyond the realm of financial advice, building strong relationships with her clients as well as solid connections. Having empathy for your clients as they go through different stages of their life will enhance the relationships you build with them, and regular communication keeps you at the forefront of their minds while offering great value.
- Work alongside a wealth management firm
Joining forces with a well-known and trusted firm such as 2plan means you can give your IFA extra credibility whilst still working for yourself. “What I discovered on joining 2plan,” Cleona says, “was that I have wonderful colleagues who are willing to help me with things. I’ve got the backup and support I need, yet 2plan don’t treat me like a child – they treat me like an adult and just leave me alone and let me get on with it.”
One of the most important things you need to keep on top of as an IFA is the latest rules and regulations on compliance. Not abiding by these regulations could result in negative consequences which will not only harm your credibility but could also lead to more serious offences. Cleona says: “2plan keep me safe. They give me really clear rules and guidelines about what I can and can’t do as an adviser, which is great for both me and my clients. It means I can focus all of my energy on doing my job to the best of my ability and offering my clients high-quality advice while knowing exactly what I’m allowed to do.”
This reduces the risk for both Cleona and her clients, giving her complete confidence that the business she puts through is best for both parties. Plus, she doesn’t have to worry about FCA fees, PI or any other concerns that could cause anxiety: instead, with the support of 2plan, she can just get on with building meaningful relationships with her new and existing clients.
And that’s not all. 2plan also pride themselves on their top-quality technology that helps IFAs create a seamless process for their clients. “When I picked 2plan, I was looking for a company that offered me efficiency with technology because I had been working in a paper-based environment and couldn’t stand it!” she says. Staying up-to-date and organised is absolutely integral to the success of an IFA business and having additional support from a company such as 2plan helps to smooth out the whole process.
Why working with 2plan could be right for you
2plan’s transparency and friendly culture encourages feedback and implements meaningful change to really benefit advisers. Their slick technology, systems and processes are designed to speed up the advice process and reduce the number of errors – in fact, Cleona’s award for highest business quality was contributed to by 2plan’s systems, compliance support and autonomy.
2plan offer their advisers the chance to be an appointed representative or a registered individual, which is a great benefit for IFAs who have a restricted offering. Becoming an AR or RI with 2plan means your PI cover and FCA charges are all taken care of, and all of your invoices are paid daily, too. Additionally, 2plan also has a great working culture, including quarterly meet-ups and yearly awards ceremonies which help to create a great work/life balance.
How to get involved
At Recruit UK, we work with companies such as 2plan to find great candidates for their vacancies. Taking the time to really understand your goals, challenges and objectives, we will find truly great positions for you at a company that matches your skills and experience but also has the same core values. Like Cleona, your IFA business could grow exponentially with a firm like 2plan – so if you’d like to find out more about working with them and how you can develop a successful IFA business plan, don’t hesitate to get in touch with a member of our expert team today.