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Unlocking the Power of Focus: Phil Thompson’s Journey to Building a Dedicated Risk Advice Business

Welcoming Phil Thompson onto the Jenesis Gems podcast was an absolute delight. I knew this was going to be a cracker of an episode.  Phil is a seasoned Financial Adviser and the brains behind Skye Wealth. From the moment we began our discussion, it was evident that Phil’s commitment to specialising in risk advice has been instrumental in his success. Our conversation delved deep into the intricacies of this approach, offering listeners a wealth of knowledge and inspiration. Here are just some of the gems that Phil shared with us:

Phil’s Gems

“My tip is, just don’t do anything else. A lot of people say I do this, but then also dabble in other areas. And it’s just so fundamentally, in my mind, stupid.” Says Phil.

“As an example, if you’re an insurance-only adviser, you can confidently, hand on heart, tell clients who want additional advice that you’re not the right fit. But you can also list all the reasons they are the right fit for you when you can assist them.”

“Investing time in other areas, which takes up 10% of your work, distracts you from building clear processes and systems. If you’re not competent in that area, don’t work in it, and don’t give advice on it. “

The best thing you can do at the very beginning is to work out who you are and who you are going to offer it to you. Understanding your why and your who will mean you offer the best level of service and point clients in the right direction when you’re unable to help.

When clients need additional advice, it is important to be confident and say, we’re not experts in this, and then say here is the person who is great at it, and you get to introduce another adviser you trust.

Jenny’s Reflection

I’ve known Phil for many years, and it has been great to see his evolution to where he is today as Director and Financial Adviser at Skye Wealth. Phil’s journey to becoming a dedicated risk advice business should inspire all aspiring financial advisers and those considering the same approach in their advice business. His commitment to clarity, specialisation, and putting clients’ needs first is a testament to the power of focus in an industry that often tempts diversification. Thank you, Phil, for sharing your gems of wisdom with us. Be sure to tune in to the full episode on Spotify here.

For assistance in building your client avatars, connect with Jenny on LinkedIn or book a chat hereTune in to Episode 19 for a wealth of insights on the Jenesis Gems Podcast!

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