I drove to the conference venue, the Celtic Manor Resort in South Wales, on Sunday evening, on the eve of the conference, with a view to having a relaxing start to the event. Alas I ended up in my room cramming for my latest AF3 exam which I was due to sit in Cardiff on Monday. Perhaps not the best plan to mix a three day annual conference with a difficult exam, but I wasn’t alone as it appears several delegates were doing the same thing.
I was back at the hotel in time for the exhibition opening and this year I was being asked as chairman to vote on the best two stands. The immediate lure was a back and neck massage which was difficult to resist, so I caved in immediately. The exhibition area is an ideal zone to meet friends old and new and I kept bumping into contacts. What became obvious was that those who had left larger organisations for smaller ones or pure self-employment had a sense of calm having gained their freedom.
The next stand was a simulated golf range. As an ex-rugby second row I do prefer a bit of brute force over a touch of finesse. Six strokes and not a single one of them registered on the computer. A tad embarrassing for an Anglo Scot.
There was good feedback from delegates for the afternoon sessions that day although some wanted to ring the changes. It’s always a dilemma to match the needs of long-term serial delegates and the first timers. A change of theme this year led us all into the Caernarfon Suite in the evening for a buffet and some light entertainment as four brave delegates took the stage for the Succession-sponsored “IFP’s Got Talent.” No doubt in 2012 we will have several more acts to consider. Being a judge felt as nerve wracking as being an act, with 600 faces staring at the stage. Well done to all those who took part and to Vincent, the winner.
Tuesday is the conference’s busy day and to do it well takes some organisation. It was pleasing for me to see the new bookstall which was the result of a LinkedIn group. I found a book titled Rework by Jason Fried, very good it is too. It will be nice to see the stall develop in 2012.
John Brennan of Vanguard was our first keynote speaker and my personal notes refer to: “It’s about the who, not the what” so this resonated with me. I used to be a facts and figures man but dropped this approach several years ago and tuned in to the emotive side.
We were next treated to another keynote from Dan Sullivan who kindly provided a free book about his ‘Question’. My notes refer to his point that as Financial Planners we get to ask our clients about everything but do we take advantage of this? In my view, achieving the role of the “trusted adviser” to my client family is the key role, somebody with whom the client can truly open up to without being judged.
As part of my conference role I was to host some of the speakers at the track sessions and I was delighted to listen to Julie Lord CFPCM who explained her transition from transactional sales to fee-based planning. Keywords I jotted down were: simplification; passion and courage and a lot Julie said truly resonated.
A colleague of mine sat in on Professor Merlin Stone’s session and thought it was brilliant. This is another conference challenge - most delegates actually would like to attend all the track sessions.
The main session from IFP chief executive Nick Cann was interesting as he announced the first 25 accredited firms, so well done to all of them. Even among the elite IFP membership there appears to be a few firms breaking new ground and differentiating themselves successfully. There is no room for complacency with RDR around the corner.
On to keynote three Nick Murray, which for me was the highlight of the conference and worth the time and effort. What a joy to watch and listen to him and share his experiences. Whoever taught him his delivery could teach politicians a thing or two. The audience were rapt. Once again my notebook was full of ‘Murrayisms’ like: “When I believe, I am believed” plus “We can influence investor behaviour but can never impact investment returns”.
The Bluefin-sponsored Gala Dinner was a delight, along with the Chepstow Male Voice Choir (I sang along very badly but with gusto) and the casino was the usual hit. My fake money lasted about 45 minutes. Wednesday began with track sessions again and I was with Simon Hellier which was followed by Colum Wilde, both referring to a form of Behavioural Finance which seems to be a budding topic in itself.
Conference was closed by the final keynote from Mike Harris, the founder of First Direct, perhaps a tough gig after last year’s speaker The Apprentice judge Karren Brady.