Jo Wall explains how to empower clients to trust their own choices

At the upcoming session of Tools & Tactics, taking place at 9.30am on Thursday 21st March, Jo Wall of Joyful Wealth will join IFW board member Lorraine McFall to open the topic ‘How to empower clients to trust their own choices.’

You can book here for the March Tools & Tactics.

The idea for this topic arose from Jo’s IFW Showcase, when I asked how the way she works with clients has changed since she joined the IFW.

Jo replied: “I am more focused on the wellbeing and the happiness that can be found through financial wellbeing. My conversations are now much more open and varied. I have always felt that money is the facilitator rather than the point. Since joining the IFW, I’ve been able to develop my skills to have more meaningful conversations with clients. I empower my clients to feel confident and trust their own choices.”

That answer really chimed with me!

I asked Jo a few additional questions to find out more about this.

How have financial wellbeing tenets benefitted your business?

It is the absolute bedrock of my business and my proposition. I can absolutely do the technical stuff and talk specifics, but the IFW has given me the confidence to spend a decent amount of time talking about the person behind the money.

Most clients (regardless of age or life stage) have few avenues to discuss their finances, the stresses and the worry that comes with it. By being able to be that person, and the safe, judgement-free space for clients, has meant I have really good relationships with them and from a business perspective my conversion rate is in the high 90%’s.

How have clients responded?

I work with clients who are on average aged around thirty, so for them there is so much societal pressure to do this not that, or do what their parents did as it worked for them blah blah blah. But I am now able to give them an opportunity to cut through the noise and societal pressures to figure out what makes the most sense for them, their situation and what they want to achieve. There is a lot of financial education and increasing financial literacy in what I do and that, I think is where the power is and I am passing that on to the client rather than them being fully reliant on me.

A piece of feedback I had this week from a client via email:

“Thank you Jo! And thank you so so much for today – what a relief to get started and know I am already on the path to feeling financially in control. Feel stronger already. “

This was after I spent an hour and a bit going through her bank statements with her and filling in a spending plan to help her understand where her spending was going. We didn’t get time to go through anything other than that in the meeting. But she needed someone to virtually hold her hand whilst she did it because she was too scared to do it on her own. This is a successful business woman in her 40s who doesn’t have ‘assets to manage’ and so wouldn’t be able to seek financial advice elsewhere.

That’s what I do this for.

Is there anything you’ve learnt since launching your business that you’d like to share?

I think the biggest thing I’ve learnt is that this industry has more amazing and generous people in it than you realise. I have reached out to a few planners and coaches (a few of whom are IFW members), for help or advice when I felt overwhelmed or unsure of what to do next. And given my experience in the industry, I didn’t for a second think that every single one of them would be so generous with their time and help. You hear all the time about building networks with accountants and solicitors for new clients, but actually I’ve been lucky enough to have referrals from other planners and coaches which I was not expecting at all.

So for anyone who is starting out on their own, lean on the industry and don’t be afraid to reach out to people you admire. More often than not, they will make time to give you a helping hand. I have had more support from other members in the industry in my year of self employment, than I ever had whilst employed.

How has making these changes enriched your day-to-day experiences of working as a financial planner?

For me, being able to help clients who don’t fit the general industry mould has been so rewarding. I feel really fortunate to be able to be a coach and a planner, and a wealth manager all in one. Using all the different skill sets as and when needed for my clients.

What brings you joy in your role at Joyful Wealth?

All of the above really. Being my own boss and being able to work in a way that works best for me. Being able to plant small seeds with my clients and watch them grow as their understanding and confidence grows.

Book here for the March Tools & Tactics.

Hope to see you there!