Paid vs. Pro-Bono Financial Planners for Employee Benefit!

Ah, the age-old question that has plagued British businesses for centuries (well, maybe not): should you pay a financial planner to talk to your employees?

It's a decision that could make or break your employees—or at the very least, determine whether they will be nodding off or perking up during the presentation.

The Case for Paid Speakers

On the one hand, paying a financial planner to speak to your employees could be seen as a sound investment. After all, if you're putting your company's hard-earned pounds on the line, you'd expect the speaker to deliver top-notch, tailored advice that will benefit your team. Plus, if they're getting paid, they might be less likely to try and make a few bucks by pitching their products: however...

Potential Drawbacks of Paid Talks

...before you start throwing money at the first financial planner who promises to "revolutionise" your employees' finances, consider this: paying someone to pitch to your team could be a bit like inviting a fox into a hen house. Even if they claim to be impartial, there's always the chance that they'll sprinkle in a few subtle sales pitches for their own products or services. And let's be honest, nobody wants to sit through a thinly-veiled infomercial disguised as a financial planning seminar.

The Allure of Pro-Bono

But fear not, dear reader, for there is another path: the noble route of pro-bono speaking engagements. Believe it or not, there are financial planners out there who are genuinely passionate about helping others, without expecting a single quid in return. These altruistic professionals are happy to share their knowledge with those who may not have a spare ￡100k lying around to become a client. It's almost as if they believe that everyone deserves access to sound financial advice, regardless of their net worth. How refreshing!

Possible Pitfalls of Pro-Bono

Before you start planning a parade for these pro-bono heroes, it's worth considering a few potential drawbacks. First, just because a speaker isn't charging for their services doesn't necessarily mean they're not there to pitch. Some less-than-altruistic planners may view pro-bono engagements as a clever way to get their foot in the door and subtly promote their own products or services. It's like the financial planning equivalent of a free sample at the supermarket—they're hoping you'll come back for more.

Additionally, there's the question of quality. While many pro-bono speakers are undoubtedly knowledgeable and engaging, there's always the chance that you'll end up with a dud. After all, if they're not being paid, they may not feel as motivated to deliver a top-notch presentation. And let's face it, there's nothing worse than sitting through a financial planning talk that's as dull as watching paint dry (unless, of course, you're really into paint).

Considerations for Choosing a Speaker

Of course, whether you choose a paid or pro-bono speaker, it's crucial to do your due diligence. Look for someone who isn't going to benefit financially from their advice, whether it's through product sales, client sign-ups, or kickbacks. If they're not motivated by money, they're more likely to provide honest, unbiased guidance that truly benefits your employees. And if they happen to have a knack for making pension plans sound like the most thrilling thing since sliced bread, well, that's just a bonus.

Employers - Listen Up!

Now, this isn't just for your employees—employers, listen up! Last year, I had the pleasure of helping two companies completely overhaul their pension schemes after they received some rather "creative" advice from their accountants. While accountants are brilliant at navigating the labyrinth of tax laws, it's always wise to consult with a qualified financial planner when it comes to your company's financial well-being. After all, you wouldn't ask your GP to perform open-heart surgery, would you? (If you would, probably speak to me about a very particular kind of insurance you may need beforehand...)

Conclusion

In the end, the decision to go with a paid or pro-bono financial planner for your company talks is entirely up to you - but do get one, at the very least!

Both options have their merits and drawbacks, and what works for one company might not be the best fit for another. The key is to weigh your options carefully, do your research, and choose a speaker who aligns with your company's values and goals.

And if you're feeling particularly adventurous and want me to come speak to your employees (or convince your boss to let me do it), feel free to give me a shout. I promise I won't bore them to tears with talk of compound interest and the intricacies of pension legislation—I'll save that for the after-party.

Where to Go...

Ultimately anywhere you feel comfortable. I'm happy to have a chat with you on a no obligation basis and sign post you to where you would best be suited. I'm not on commission. I don't need to onboard you as a client. I just want you to start the conversation with someone. Happy for it to be me but go where you are recommended and with whom you trust. I won't charge you for a conversation by the way. If in doubt, send a message.

Disclaimer:

This article does not constitute advice