Talking money

By Graham Trickey, Editor, Prospects.

Financial advisers can earn impressive money from the commission on products that they recommend to clients. After only a year and a bit in the job, Tom Leopold is already tasting success at Welbeck Wealth in London.

Before discovering his talent for financial selling Tom had a spell as a pub manager after graduating from Leeds University in 2005. To avoid being trapped in the pub job, he left – which was when a friend put him forward to work at Welbeck Wealth. At that time he had never thought of working in finance or sales. Now he is well on the way to becoming an ‘associate partner’ and earning up to £100k when he enters his third year at the firm.

‘You’ve got to be hardworking, determined and hungry for the job,’ Tom says. ‘It doesn’t matter if you didn’t do particularly well at university. I got my 2:1 but there are a good few people here who got 2:2s. The people at university who went out and socially networked are the ones who end up doing quite well at this.’

As in sales generally, so also at Welbeck Wealth the financial advisers are aiming to achieve targets – in this case for both the money and the number of clients they bring in. Within Welbeck Wealth’s particular business structure Tom and his colleagues are self-employed. There is a guaranteed income for the first three months after which they are 100 per cent responsible for producing their own earnings.

Targeting the City

‘Welbeck teaches you how to build a business from scratch, so how to prospect your own clients,’ explains Tom. ‘We deal specifically with bankers, lawyers and accountants - high net worth individuals who work in the Square Mile. We call them up cold at work, trying to persuade them to come in and see us. If you are direct with them, some sit up and listen while others tell you where you can stick it. Being rejected is probably the worst part about the job.

‘We are not allowed to ask people specific questions about their finances because it breaches Financial Services Authority regulations - we can only talk about concepts. Selling them on an idea and the overall service we provide will bring them in through the door, rather than magic tricks done over the phone.

‘Initially we’re looking at the clients’ basic financial portfolio, so pensions, savings and protection, making sure that’s all sorted. A lot of people think that because they’ve got a pension through work it will be sufficient but most of the time it isn’t going to provide the income they actually want. With some of these guys earning £200k plus a year, wanting to maintain that income means they are going to have to put a significant amount more away than their employer’s doing for them. We are making them see sense and making them more long-run focused.’

Hitting the phones

Tom describes a typical day: ‘We have an 8.30am meeting every day. As long as you are performing well in the company everyone has a voice about what they think should be done. Then you do a few odd jobs until 10 o’clock when you hit the phones for three hours. We try to speak to about 20 people between 10 and 1, booking about four to five of them to come in. Then there are meetings with clients over the lunchtime and in the afternoon, and maybe a meeting in the morning too - it depends when my clients want to come and see me. There may be a meeting in the evening as well. Sometimes you can get out at 6 o’clock, other times at 8.30.’

The results-oriented culture at Welbeck suits Tom. ‘There’s a big target board in the middle of the room,’ he explains. ‘I’m a competitive person by nature so when I’m doing well I’m having fun and enjoying myself.’

Tom’s colleagues share his outlook so there is quite a buzz about the office. ‘We always have a very good time – we’re never short of conversation and a few exchanges of banter. We have a very relaxed working atmosphere; at the same time everybody knows what’s expected of them because it’s all target based. So it’s up to you to get on and do it.’