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Sometimes the best way to impress a client is to say no or lower their expectations, according to one firm.
Purely Finance, which won the Editor’s Choice category at the WA Better Business Awards, has built its success by focusing on long-term goals rather than one-off transactions, said director Nick Aves.
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Mr Aves told The Adviser that this sometimes meant advising clients to take a smaller loan – or even refusing to accept the transaction.
Most reasonable clients accepted hard truths and respected the company for being willing to offer them, he said.
The Perth firm’s strategy is to build lifetime relationships with clients by persuading them Purely Finance cares about their long-term financial needs, he added.
“The client comes because they’re excited about buying a particular thing. What they want is the house or the investment property. That’s obviously going to be their focus,” he said.
“The directors here are all ex-bankers and we think we know best, so we take a longer-term view to make sure that the structure of the loan and the way we set their finance is going to work for the long term.”
Mr Aves said the 12-staff operation was founded in 2002 and added a financial planning arm in 2006.
Most new clients are interested in residential finance. That gives the seven brokers the chance to discuss personal protection and refer them to the two financial planners, he said.
