Putting systems and values at the heart of the business

The first network to achieve certification to BS 8577, RockWealth’s Tim Horrocks reveals how he is successfully winning clients and members over through their unique investment philosophy, fee structure and focus on client outcomes. 

Tim Horrocks set up RockWealth in 2013 and has grown it to five financial planners in their Cheltenham office with seven offices throughout the UK. He has totally smashed all projections and many people have had to eat humble pie because his vision was so big. 

Tim puts the success down to developing a solid low-cost, evidence-based, client-centred investment philosophy. Once that whole system is in place, it drives everything from there.  

Tim put fixed fees in place for clients which, although difficult to implement, was a journey worth doing because it worked best for the clients. It means that shaping the business values, technologies and positioning around the client became second nature. 

Personalising Communication

Having a great philosophy in place is one thing but communicating it with clients is critical. It’s not enough to have all these tools. It’s so important for clients to understand why they are being advised on one route or another.  

However, the clients are not going to take that information just from us. There’s a fantastic documentary – The 12-step Recovery Process for Active Investors – that helps inform them in a comprehensive way. Not just that, we use leading experts. People who have no vested interest in talking about the core principles of investing. Communicating these messages via experts, often and well, has been a cornerstone of our communications strategy. 

What’s more, communicating in person is critical to nurturing that relationship and gaining the trust and belief that is key to any successful relationship. We make a point of sitting down and talking with clients at least every couple of years. Even if it’s only possible online. That information should be personalised because these long-term personal relationships are critical to the success of the business. 

The Network Effect

Spreading the communications and marketing costs around a wider network means it gets easier to produce higher quality content and continue to help more clients more effectively. It’s a win-win. That’s why RockWealth can now afford to think about being more national in their approach and reach rather than remain confined within the local area where everyone is limited to nurturing those personalised connections within a finite geographical area. 

Although Tim has to split up his time with running a large and rapidly growing business network, he still enjoys being very involved as a financial planner and keeps up with all the latest pitfalls and technologies to make sure client communications are always optimised. 

It also means that when onboarding new business owners and financial advisors into the network, they feel more comfortable knowing they’re working with someone who has been there and done that, plus regularly still spends time at the coal face. 

When businesses join the network, they need the comfort and security of knowing that they will be able to access resources and expertise in a collaborative fashion while retaining total ownership of their own clients. In fact, that relationship is the cornerstone of our USP. RockWealth uses Whatsapp groups to enhance relationship-building so that any questions or concerns that arise can get ironed out instantly. The company is always trying to make sure everyone gets to meet up together several times a year in offices or training courses. It’s crucial to know you’re dealing with like-minded people. 

Leveraging A Systematic Approach

When doing the same job, it’s important to understand that everyone is going through the exact same process with the exact same structure, documentation and software so that the client journey is the same whether they’re in Brighton or Aberdeen. 

Building that tribe across sustainable and systematic processes and procedures gives so many financial planners the peace of mind just to get on with the job without worrying about the back office support. It’s all there, laid out and easy to find. Having a network that supports and encourages their growth means they also feel less isolated. 

Having that ‘business in a box’ approach means that financial planners can pick up the philosophy, access the mentorship and knowledge base and run with it all. All the legwork has been done and all the documents, policies, procedures, structures, fees, investment philosophies, website, client communication procedures are all there so that they can on with the job and become really great financial planners and communicators. 

No more waffling or adapting. Just solid structured agendas with ongoing meetings and support, training and mentoring. Obviously, everyone comes into the space wanting to do well and do better than the next person. But it’s the processes, procedures and support that makes the difference between a good financial planner and a great one. 

RockWealth is proud to have achieved BS 8577 in recognition of how systematic we are in our approach to making sure our businesses are kept up to date with best practice at every point of the client journey.