Money Talks: Victor Sacks, VS Associates
Increasing regulatory compliance and rising back-office costs have prompted many financial advisers to take a greater look at the way in which they run their advisory business. As a result of these increases, we have seen a dramatic surge in advice firms of all sizes approaching and joining the ASHL Group networks.
How long have you been in the financial services industry, and what initially drew you to this profession?
I've been advising for 31 years now. What initially drew me to the profession was its potential longevity - I always believed that someone would always want life assurance, a pension and the vast majority would like to talk to someone - I still believe these basic fundamentals are true.
Reflecting on your experience, what significant changes have you observed in the industry since you began your career?
Wow! where do I start? the rise and fall of bancassurance, stakeholder pensions, auto enrolment, lifetime allowance, annual allowance, exams, FCA governance and legislation - the list is endless!
If you could go back and advise your younger self when starting out in this field, what key piece of advice would you offer?
"A lot of noisy advisers will tell you their way is the best and only way - ignore them"
What strategies or approaches do you find most effective in building strong, long-term relationships with clients?
Be the most honest version of yourself - say you don't know, when you don't know - your clients will thank you and appreciate you.
In your opinion, what are the most pressing challenges facing financial advisers today, and how do you navigate them in your practice?
Trying to accommodate regulatory changes, whilst remembering you have human beings as clients!
Can you share a particularly memorable success story or client interaction that reaffirmed your commitment to this profession?
I think the overarching one is from my clients who regularly say "why do we need to review things? we're happy with what you do for us, you're at the end of the phone or email - we'll call you when we need anything" then I have to politely explain the servicing agreement!!
With the rise of digital tools and platforms, how do you integrate technology into your advisory services?
I pretty much outsource everything aside from the factfinding meeting. I am old school with a pen and pad when I see a client - I make notes, complete the factfind and cashflow - then it's off to the paraplanners for all the illustrations etc.
I consider myself the 'Maître d’hôtel' in my 'Restaurant' - I welcome clients, give them a drink/glass of wine, ask what they are looking for - then give it to the 'chefs' before presenting back to the clients! tech is at the back of the house, not the front - it works for my clients anyway.
What do you see as the key issue on the horizon for the industry?
Getting our next gen of planners integrated into independent firms, working with older advisers who can teach the soft and hard sales skills, whereas the younger adviser can teach the older about tech. It could be a perfect match and a way to ensure continuance of that business.
How will you leave your mark? (Either professionally or personally)
I have 4 children - so that's my personal mark! professionally - I don't know - just being a guy who tried to be the best version of himself and that his clients - regardless of investment ups and downs - knew that.
And we end on perhaps the most important question…
What's your go-to Karaoke song?
Jerry Lee- Lewis - Great Balls of Fire won me a few bottles of champagne!
#LeaveYourMark
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