They’re in the money ...business
The Entrepreneur
Ian Brewer, 42, is the Managing Director of First Independent Direct. He studied and worked in engineering before being lured into financial advice by an advert calling for ‘trainee millionaires’. Following a successful career in selling life insurance, Ian recognised the huge shop window of Internet transactions. Applying his financial adviser expertise and developing unique technology, he has hatched a new business. His unique product and approach is on online service that allows people to interact face-to-face with an adviser in real time over the Internet from their home or office without them actually being there. A virtual advisor service, if you were to label it.
“When I first saw the trainee millionaire advert all those years ago, I was a bit green, but intrigued. It sounded good and the metallic sky blue Ferrari parked outside the seminar hooked me in. Selling life insurance was very lucrative, however that ship has now sailed. People entering this business now need to be innovative and shape the future. Competition and the increase in distribution channels and red tape have seen to that.
“My idea was to combine the personal service associated in giving face to face advice with convenience and develop an online advice process that customers could not only trust but combine this with up to a 50% commission discount. In short, everything that the customer wants!
“Through the web I can offer all this remotely, using our ‘award winning’ unique technology. I can even transact with people globally. The customer walks through the process, talking to an adviser as they do. The adviser’s picture even pops up on screen, so there’s still the personal touch. Fully compliant with regulations, the system satisfies every audit requirement. Electronic signatures and online reports mean no customer can claim mis-selling, which takes the pressure off my advisers.
“Our approach also helps our advisors to do what they do best, as there’s no travelling involved. This means more time selling lots of policies and earning ‘hefty pay packets’.
“It reminds me of the good old days with a twist and really illustrates the opportunities for creative and technically minded people. Ideas like this are all there for the taking. I thrive on the knowledge that I'm helping people take control of their financial future on their terms and in a way they understand it.”
Top tips for success
- Total dedication to learning and self-development
- Be creative and look for new ways to do business
- Self-belief in your skills and the products you’re selling.
In the limelight. Ian’s creation, First Independent Direct, is the only company to win twice in succession at the BT Financial Innovation Awards. Pictured (centre) with TV presenter Penny Smith at the 2004 award ceremony.
Fast mover
- Name:
- Nic Bain Venn
- Job title:
- Account Executive
- Employer:
- Thomas Carroll (Brokers) Ltd
- Education:
- Completed degree part-time in final year
“With the option of changing my final year to part-time and getting ahead of the other graduates I decided to take my first steps towards my career. Commercial Insurance seemed a natural choice for me as it opens up a huge spectrum of opportunity, be it a Lawyer, Loss Adjuster, Underwriting or Account Executive. Thomas Carroll took me on as a graduate with ambition, vision and achievement, and supported me through my degree and thesis.
“Working here has changed my whole perception of the industry. I now understand the size and complexity of commercial businesses and the opportunities. Moving rapidly from a general administration role to an Account Executive, I’ve now completed my degree and Certificate in Insurance with the CII. One of the great things is that there are so many opportunities to learn and progress. I’m now working towards my CII Diploma and plan to become an Associate. It’s heavy going but interesting with a lot of legal and technical aspects. It’s highly recognised by everyone in the financial industry, improving your personal marketability and salary level.
“My favourite part of the job is the face-to-face interaction with clients. I look after a premium income account worth more than £1 million. The aim of the job is client retention and cross selling of products to minimise the clients exposure to risk. The majority of my clients are based in South Wales but there is call for visits all over the UK. The hours are flexible, I spend most of the day advising and influencing clients decisions. Sometimes this rolls over into the evenings but obviously it includes social events, enhancing client relationships and a great team environment.
“Never undervalue the importance of people skills in finance – they are imperative to success.”
Master planner
- Name:
- Laura Edmunds
- Age:
- 24
- Job title:
- Financial Planner
- Employer:
- Chambers Morgan James Financial Management
- Education:
- Bachelor of Science Maths Operational Research Statistics & Economics
- Route in:
- Paraplanner, mortgage adviser, trainee financial planner.
“The attraction of financial planning for me was the opportunity to be creative and working with something that’s important to everyone. Although there’s some maths involved, it’s more about helping and guiding people. I like the fact it’s not heavily sales focused – I frequently feel like a counsellor, giving people the information to make their own decisions. The cheapest product isn’t always the best. My job is to look below the surface at the product’s structure and what it will give my client in the longer-term.
“My advice to anyone entering financial advice is to throw yourself straight into the study before you lose the momentum. It took me six months to achieve my FPC 1-3 and CeMAP and register as an adviser. Although hard work, it allows you to get stuck in quickly. It’s hard to do financial planning without the experience, so expose yourself to as much groundwork as possible.
“Some clients can make pre-judgements about my age and experience. At seminars I am usually the only female under 25. But a smart appearance and confident attitude helps. The important thing is never bluff or guess an answer. You can’t possibly know everything and it looks more professional to take a client’s details and get back to them. Good thing about this job is the flexibility. I’m responsible for my diary and generating the business. Once established as a planner it can be incredibly fulfilling and financially rewarding. Plus, my friends turn to me for advice. Although talking interest rates down the pub can be a real conversation killer!”
Taking it to the top
- Name:
- Mike Britton
- Job title:
- Deputy Managing Director, Personal Finance
- Employer:
- Black Horse Asset Finance
- Route in:
- Customer facing role
“You don’t have to be an academic to achieve, although it does demonstrate that you can think in a critical way. I got to a certain level in my career and wanted to broaden further, so studied for an MBA in International Business Management. There are many learning and education choices once in the job.
“I started in a customer facing role within a branch. I did everything from tele-marketing to sales and the whole end-to-end process before progressing to branch management. This gave me a fantastic grounding and now means I have retained a good understanding of what it’s really like to be in front of customers. Having been there, I can speak about it with confidence. My last job, as Customer Relationship Management (CRM) Director, was a rich tapestry. It related to many aspects of the business – customer development, products and how we reach our customers to add value.
“Even now I’m constantly learning from people around me. Those at the sharp-end can make such a valuable contribution to how we shape the business. As careers go, finance is far from staid. The products will always be fast moving, ever- changing and interesting.
“My recommendation to people starting out in this business is never be afraid to begin with the customer. Try to be a generalist before a specialist – it allows you to develop skills and spiral your way up.”