Lessons from 100 IFAs: advice to my younger self

Our UK Managing Director, Ben Peele, spoke at a conference at the end of last year where he asked over 100 IFAs attending a simple question: “What advice would you give your younger self?”

There were some fascinating answers, but the most common responses can be grouped into three themes.

Money Marketing addressed the topic in their article, The wisdom of 100 IFAs and thousands of years of experience, published on January 6th, 2025.

 

Think big picture and trust your team

Running a business and advising clients is not an easy job: it takes a lot of time and energy to keep everyone happy. But in all the frenetic activity of the day to day, it’s important to take a step back to see where your business is heading and what most needs your attention.

"If you’re taking time out to work on your business, rather than in your business, you need to have faith in your team to get on with the day job"

Not getting stuck in the hamster wheel was a popular response, as well as having clear goals that you and your team can get behind.

Trusting your team and delegating earlier was a popular answer and also falls into this theme. If you’re taking time out to work on your business, rather than in your business (as one IFA wisely urged people to do) then you need to have faith in your team to get on with the day job and keep delivering a high-quality outcome for clients.

For any business owners who struggle to let go, multiple attendees said their firm had experienced a step change once they decided to “stop letting perfection get in the way of progress”.

Client relationships are the most important element of a truly successful business. Invest time to build those relationships

Finally on teams, one adviser said “all your staff members should be allowed to challenge. A fresh pair of eyes often identifies something that could be done better. Or not at all”.

 

Working with clients

Interestingly, much of the advice people would have given their younger selves centred around choosing the right clients.

Being able to segment clients into the types you do (and don’t) want to work with is a key input to help build a successful advice business. And, without stating the obvious, working with the people you enjoy working with feels much more rewarding – possibly not even like work?

“Client relationships are the most important element of a truly successful business,” one adviser opined. “Invest time to build those relationships.”

"What I originally thought was, or should be, important to the client is often not. I need to avoid trying to demonstrate how big my financial mind is!"

Beyond client selection, most client-related pieces of advice had the importance of human connection in mind. For example: “Clients will remember you not for what you said, but how you made them feel.”

It can be equally important to park your ego, as one IFA humbly noted: “What I originally thought was, or should be, important to the client is often not. I need to avoid trying to demonstrate how big my financial mind is!”

 

Self care

Amid the toil of covering clients and building a business, it’s very easy to forget about oneself. A lot of advisers wished they could have told their younger selves to prioritise self care.

"You’re no good to your clients if you burn out yourself!"

One IFA sagely pointed out that advisers spend a lot of time coaching their clients to secure a work-life balance, but do they practice what they preach? “You’re no good to your clients if you burn out yourself,” he said.

The wisdom of 100 IFAs can be distilled into one sentence: Working with trust, intention and balance is the way to a happier, more fulfilling career. What else would you add to the list?