WHEN you go shopping for a new pair of shoes or a tee shirt, you aren’t going to be upset if your retail assistant isn’t perfect.
As long as he or she understands what you’re looking for, is understood by you, is polite and harnesses the subtle power of a charming smile, you’re likely to walk away from that one-off economic transaction defined by “I give you cash, you give me decent stuff” without rancour and, frankly, without any long-term recollection of the salesperson.
But at the other end of the transactional frequency scale are the professionals with whom you have long lasting, repeat interactions with.
In those cases we all set a much higher bar for satisfaction.
THE BEST MAN FOR THE JOB
Technical competence, personal hygiene, intelligence coupled with a warm personality are all markers we look for — consciously or sometimes subconsciously — when assessing and then deciding on our primary long-term service providers.
Those providers usually include our barber or hairdresser, tailor, physiotherapist, tax accountant, lawyer, doctor and dentist.
Also, for those seeking guidance in navigating the rising complexity of our financial landscape, that list might expand to embrace our preferred banker, unit trust consultant, will writer, insurance agent and financial planner.
For each of those vital service providers you probably use a personalised set of preferences as your selection filter.
What may surprise you though is that you may be subjected to a vetting process as well!
In the case of at least some of those professionals including your financial planner if you have one, specific selection criteria also come into play when assessing what types of clients to accept and reject.
This isn’t a subject often dealt with in the mass media so you might wish to pay close attention.
SELECTION CRITERIA
Some of those general selection criteria revolve around geographic proximity, language fluency and personal chemistry. No two planners have identical composite filters.
Soon I will tell you what makes up the metaphoric fibres of my own client filter but first let’s consider what seasoned US financial planner Deena Katz teaches in her book Deena Katz on Practice Management for Financial Advisers, Planners, and Wealth Managers:
“It is good business practice to restrict your advice to those clients with whom
you have an affinity with and whose problems you’re interested in solving. You shouldn’t try to be all things to all people,” she writes.
I began my practice 16 years ago in 2001. I earned my Certified Financial Planner (CFP) credentials in 2002, and put in my application to the Securities Commission for the Capital Markets Services Representative’s Licence (CMSRL) with MAAKL Mutual Bhd as my financial planning principal company in 2004.
My licence was issued in 2005. Later in 2013, MAAKL was bought lock, stock, and barrel by Canadian financial services giant Manulife, which is why my financial planning principal company today is Manulife Asset Management Services Bhd.
Even though it’s been a long, winding, fascinating journey these past 16 years, the three core principles of my practice remain unchanged from 2001.
I still use them as three of the five components of my personal client selection filter. Those principles, which I scrutinise all potential clients for, include :
1. A propensity for delayed gratification;
2. A recognition of the commonsense need to buy low and sell high; and
3. An intense commitment to lifelong learning.
The other two components of my personalised filter are English proficiency and human chemistry.
CHOOSING THE BEST FIT
While I always try to help people who reach out to me with queries about their money and financial planning, my professional client-acceptance filter safeguards my quality of life by ensuring I only accept a few new clients each year who are usually intent on developing long-term retirement funding solutions.
For those who reach out to me needing a financial planner, but who aren’t an ideal fit for my practice, I encourage them to check out my other fellow featured CFP Professionals on the FPAM website. You may find it helpful to do so yourself at: www.fpam.org.my/fpam/cfp-directory/list-of-featured-cfps/
However, if you have been mulling over the idea of working with a licensed financial planner, I suggest you spend some time identifying and writing down selection criteria you care about, such as primary language proficiency, geographic proximity and practice focus.
If you do that extra work you’ll be able to use your customised criteria, whatever they may be, as a filtering shortlist that allows you to narrow your search to perhaps three to five candidates.
There is no reason for you to rush through this process when you check out the FPAM’s helpful list.
You see, chances are high that you have done reasonably (perhaps even tremendously) well managing your money up to now.
If so, then only seek out a financial planner if you believe one is needed for you to optimise the financial path you wish to forge in the years or decades ahead.
Just remind yourself that even as you hunt for your ideal financial planner, he or she will also be assessing you as a potentially perfect client through a complex personal selection filter.
It is likely you will take some time identifying your ideal financial planner.
If so, do yourself a favour: Relish this trek of learning and self-discovery!
© 2017 Rajen DevadasonRead his free articles at
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