When Randall Stout first became a financial adviser, he was looking for a career where every day would be a little bit different.
The KLI Group principal adviser started as an accountant, then transitioned into advice after something his accounting manager said.
“My boss said to me, ‘I know what I’ll be doing every day for the rest of my life’, and I thought, ‘I don’t want that’,” he told Adviser Ratings.
More than two decades later, Randall has built a steady and loyal base of clients and focuses his energy on helping them achieve what’s important to them.
He said he views the adviser-client relationship as more of a partnership, where he is providing options for the client.
“You advise, but the client must take ownership of the decision and you want them to feel confident,” he said.
Navigating uncertainty
As with other advisers, new clients often approach Randall and KLI Group when they are facing uncertainty around what to do with their money or how to achieve their goals.
“People want advice when there’s uncertainty and the only thing that’s been consistent in my career has been uncertainty,” he said.
“There’s always something that would put you off doing it on your own.”
In terms of how he approaches advice relationships, Randall said he puts great emphasis on getting the first meeting right, which means really getting to know the client.
“When people come to me, they generally want to know ‘Am I OK?’ and ‘Am I on track?’,” he said. “If people feel really deeply heard, that does build trust quickly.”
What’s kept Randall up at night
Advisers have had a challenging few years, with rising costs, compliance pressures, COVID-19 and a dwindling workforce to contend with.
For Randall, changes to the profession and flow-on effects haven’t fundamentally affected his business: he’s had a fee-for-service model for a long time and he hasn’t seen a big jump in client demand following the mass adviser exodus.
Like many though, he has been affected by the COVID-19 upheaval.
“I think, like everyone, the isolation and working from home was a real challenge [for me],” he said, while noting he was lucky to be able to still send his children to school in Perth for the most part.
“I was worried about my clients – worried about their financial stress and worried about people losing jobs,” he said.
Given that period is hopefully behind us, Randall hopes it has added a few more resources to the toolbox.
“I think COVID has given us a lesson in resilience…And also different ways to work,” he said.
Making the most of Adviser Ratings
While Randall admits he – like many other businesspeople – is always afraid of a bad review, he now asks clients to share their feedback on Adviser Ratings.
“To be a good adviser, you have to be willing to take on feedback and improve,” he said.
Randall now has the option to leave a review in his email signature and he also shares them on LinkedIn. He said clients are now actively taking the time to put forward their thoughts.
“It’s become encouraging,” he said.
Even though the feedback Randall has received has been positive, he said he’s committed to continual improvement and learning what he can from other advisers.
“For me, the best advisers are the ones who are always trying to do a better job.”
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Comments1
"should have left the business alone in the hands of the life agents. Back in those days 95%of us were honest and if there ever was trouble there was usually an accountant behind it ."
john gillies 17:29 on 08 Feb 23