Martin’s Blog

As February draws to a close and I manage to survive another month I look back on what has happened over the last few days and reflect how things have gone and whether it’s really much different being a freelance paraplanner than an employed paraplanner.In many ways the job is exactly he same with the exception that you not only have to do the paraplanning work but you also have to run a business and think about the business side of things. You certainly don’t switch off at 5.30; you are constantly thinking about work and ways to improve or finishing that piece of work you have to do. In all cases though working for yourself makes you realise just how important the relationship you have with your clients is. By ‘clients’ I mean everyone you interact with.

Now I’ve been in the industry long enough to realise that I wont get along with everyone, there will be some people who I get on better with than others however throughout my career in spite of this, I’ve always tried to adopt the maxim ‘ treat people as you would expect to be treated yourself’.

The other consideration I always try to remember is that we are generally always dealing with a client’s money and in many cases this may well be their life savings. So what we do, how quickly we get things done and the efficiency we show when we do things will all have a bearing on how people perceive us.

Unfortunately, for us as paraplanners and advisers, we are invariably stuck in the middle of the client and the institution into which they have invested their money. I do get the feeling that sometimes the individuals who work at these institutions forget whose money it is and without the clients actually investing with them they wouldn’t have a job (which is precious commodity in the current economic climate).

I had the misfortune to telephone the Halifax to obtain information about a client’s ISA investments. The client was known as ‘Phil’ (not his real name but it will illustrate the point). His wife, Doris (again not her real name) also had an investment made at the same time; they lived at the same address. We duly completed a Letter of Authority for each client and they signed and dated it and it showed the correct policy number, their correct address and was in date as it had only been signed a couple of days previously.

We received back details of the wife’s investments within a couple of days but nothing came back about Phil. I waited just over a week and then I telephoned the number that was printed on the top of the wife’s letter (this was actually a different department and I was passed from pillar to post before I eventually got to speak to someone who dealt with the ISAs). After explaining what I was phoning for I was told that ………………………………… wait for it……………………………………..

They couldn’t send us information as the name we had typed on the letter of authority was not the same as the name on the plan!!!

I asked what name they had on the plan but they couldn’t tell me because I didn’t have authority!!!

As the client was over 70 and had not changed his name at all as far as I was aware I can only assume that because we had typed the name he was known as ‘Phil’ and not the name he took the ISA out in (presumably Philip) the Halifax refused the accept the letter of authority; even though it was the correct signature, correct address, correct policy number and correct surname and arrived at the same time as his wife’s.

The best bit about it all was though that it had taken Halifax 8 working days to write us a letter telling us that we didn’t have authority because it had to go off to someone else to write!!!

Finally, I did ask to speak to the telephone operators manager but was told that he was in a meeting (why are all managers in meetings when you want to discuss a problem with them?). I then asked to speak to the manager’s manager but was told that I couldn’t because HE DOESN’T SPEAK TO PEOPLE ON THE ‘PHONE.  Why? Unbelievable!!!!!!!!!!!!!!!

Now, I’m all for Data Protection and completely agree that it is important that we make sure that nobody’s personal details get into the wrong hands but I do think that sometimes the attitude of companies and individuals is one of arrogance and prevention rather than one of trying to work with people to find an acceptable solution to a problem. If a company has a particular way of doing things then let’s work together to resolve the issue FOR THE CLIENT. Not just take the attitude that ‘everything on the Letter of Authority is correct but the name typed on it is a shortened version of the name he took the plan out in’ – even the signature (arguably the most important bit) was the client’s signature and the same as the application form!!!

Unfortunately for them, I wont be recommending Halifax as a place for anyone to put their money even if they did have the best rates available as I will always tell my clients (IFAs who make recommendations to their clients) that the service you receive is shocking. And that is all based on the service I received on a single day.

If you have had any similar experiences (and I can’t believe you haven’t), add them as a comment or start another thread in the forum. Similarly if you have found a company who gives brilliant service and is always happy to help tell us all. Let’s make all our lives easier.