Financial advisors in large cities who want to give their practices a small-town feel could learn a few lessons from Dermid O’Farrell, president of O’Farrell Financial Services Inc. in Kemptville, Ont. O’Farrell runs a successful practice, with a branch office in Brockville and plans to open a third office in Winchester, in the Ottawa Valley.
Keys to success, O’Farrell says, include community involvement and teamwork. And those are important ingredients whether you work in a big city or a small town.
“[We have] a business philosophy that says it is our responsibility to help the communities in which we prosper,” O’Farrell says.
O’Farrell offers these tips to help you give your practice that personal, small-town feel, no matter where you are located:
> Build a strong team
“A business can’t operate without a very good team,” O’Farrell says. “And everything is team-oriented here.”
That means all staff members are keenly aware of their roles and responsibilities. From the front desk clerk to the chief underwriter, each position has a clear job description. As a result, the advisor’s time is spent in front of the client — and not anywhere else, O’Farrell says.
When the advisor is solely dedicated to each clients’ finances — and not distracted by marketing and other demands — the client’s needs receive the advisor’s undivided attention.
> Provide personal service
Giving clients top-level service goes a long way toward establishing loyalty, whether you are practicing in a small community or a large city.
“We develop full financial plans that are revisited every time [a client] comes in,” O’Farrell says. In addition, the firm has developed an archiving system to catalogue each client’s past financial plans and advice.
> Get involved in your community
Whether you are practicing in a large city or a small town, you should develop ties to your community.
O’Farrell is involved in many charitable causes, including the Canadian Association of Retired People. He emphasizes that community work should never be done for marketing purposes.
> Focus on niche markets
Operating an independent practice in a rural area has enabled O’Farrell to develop niche markets that other, larger firms might have overlooked.
Farmers represent a significant portion of O’Farrell’s client base. He offers planning services as well as investment and insurance products that are particularly suited to the needs of that client group.
Says O’Farrell: “We are always building relationships.”