Embedding coaching into the financial planning process is key to help clients understand what they are saving for, according to Lena Patel, founder of ISJ Independent Financial Planning.
Patel spent 17 years with Barclays and later worked with Santander and SJP before setting up on her own in 2016.
She started her career on the cashiers desk and thinks there needs to be more promotion of the profession and entry routes for new advisers.
Now she works with a lot of single clients, who she said have different needs from those in couples.
FT Adviser sat down with Patel for the latest in our Coffee Corner series.
Is there a certain area ISJ focuses on?
Patel said over time she has started to work with more single people, a focus that has come about organically through referrals.
She said: “I didn't start off with a niche, but it has sort of developed and I tend to deal with mainly single people.
“It is often after divorce, bereavement or choice, and they find themselves looking for advice on investments and pensions.”
Patel added being a woman can also attract more clients who are also women.
And she said for single clients, having someone to talk to is part of the appeal.
“When you’re with someone you always have someone to talk to and when you are single you may have no one else to talk to or they may not want to share their personal finances with friends.”
How would you describe your style of financial advice?
Patel said she does not take on clients she feels she will not be able to help.
“It is not just about a product sale, it's very much about financial planning, forecasting and goals-based advice,” she said.
“It is about understanding what they're saving for, when they're looking to retire.”
For the past four years Lena has been embedding coaching into her financial planning work.
“We used to never do things like this but now I embed it in advice, where I know it is the right thing to do.
“The client needs to understand what they are investing for and how it fits with their wellbeing, not just about the money.”
What are the best bits about running your own firm and what would you say to others wanting to do the same?
Patel has around 100 clients on her books and works alone, outsourcing some tasks.
She said she previously thought she would expand but likes the flexibility of being the only adviser.
The flexibility of the career is something she has benefitted from as a single parent of three.
“18 months after starting the business I became single and I just don’t think I could have done it working for someone else because of sales targets,” said Patel.
“Having your own business means you can build slowly and make adjustments as you go along.
“I always had a dream of having a massive practice but now I don’t want to be distracted by managing people, I just love what I do.
“The good thing about this role is that you can do it, and you can outsource some of the work.
